University of Ghana Co-operative Credit Union to sustain growth trajectory
A chairman of the University of Ghana Co-operative Credit Union Ltd, Michael Asante Antwi, has pledged the commitment of the board to continue to implement strategies to build on the successes the union chalked in the previous years.
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Consequently, he said the union would now admit spouses and adult children of institutional members, member-owned businesses, individuals and businesses operating on campus among other strategies.
“The board wishes to assure members that sufficient safeguards have been put in place to ensure that gains made over the years are not compromised in the areas of liquidity and low default rates on loans as a result of this expansion drive,” he said, adding that the union would continue to pursue new institutional members.
As a result, he said, the board, committees and staff members were being trained to manage this growth.
The Enterprise Resource Planning system (ERP) of the Union, he said, would also be modified to provide excellent member experiences.
The union posted a surplus of over GH¢16 million for the 2022/2023 financial year.
This represents a growth of 16.78 per cent over the previous year’s surplus of GH¢13.8 million, exceeding the industry benchmark of six per cent of average assets.
Speaking at the union’s Annual General Meeting (AGM) in Accra last Tuesday the Chairman attributed the growth to the volume of loans and operational efficiency of the credit union.
The union’s total assets at the end of December 31, 2023, stood at GH¢254.41 million, up from the GH¢203.27 million it posted at the end of December 2022, representing 25 per cent growth.
Additionally, the value of the union’s shares increased from GH¢42.34 million on December 31, 2022, to GH¢48.98 million as of December 31, 2023, representing a 16 per cent increase.
Outlook
The Manager of the UG Credit Union, Francis Fiayiya, outlined the significant role of technology in pursuing excellence in service delivery for members.