Prof. Nana Aba Appiah Amfo, Vice-Chancellor of the University of Ghana
The University of Ghana Co-operative Credit Union Ltd held its 2023 Annual General Meeting on April 30, 2024, at the University of Ghana Great Hall.
During the meeting, the Union announced a net surplus of over GH¢16 million for the 2022/2023 financial year, marking a 16.78% increase from the previous year.
This growth exceeds the industry benchmark of 6% of average assets.
Despite economic challenges such as currency depreciation and policy changes, the union attributed its success to loan volume and operational efficiency.
The chairman of the Management Board, Michael Asante Antwi, shared at the Annual General Meeting in Accra that total assets grew by 25% to GH¢ 254,408,193.76, with the loan portfolio increasing by 20% to GH¢ 148,152,347.42 in 2023.
Shares also saw a 16% rise to GH¢ 48,977,802.95.
Members received a cumulative interest rate of 11% on quarterly minimum balances, totaling GH¢ 15,130,100.64 between December 31, 2022, and December 31, 2023.
Looking ahead, the board said it aims to build on past successes by admitting spouses and adult children of institutional members, member-owned businesses, and individuals and businesses operating on campus as savers.
They assured members that safeguards are in place to protect gains, focusing on liquidity and low default rates.
“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 stated.
As part of their corporate social responsibility, the union approved about GH¢ 4 million towards completing a 50-bed capacity emergency center at the University of Ghana Hospital for their 50th-anniversary celebrations.
However, the union is now appealing to stakeholders to allocate additional funds for the final completion of the building.
“However, due to design modification upon expert recommendation and high inflation experienced in Ghana during the construction period, there will be a need for members to vote for additional funds towards the completion and handing over of the project.
The Technical Team estimates that an amount of GH¢1,500,000.00 will be required to complete the project. We, therefore, implore Members to approve this additional request.”
Francis Fiayiya, the Manager, highlighted the role of technology in enhancing service delivery, mentioning innovations like unstructured supplementary service data code (*365*71#), E-banking, and the SmartApp.
The union plans to invest in human capital through continuous learning programs and mentorship initiatives to maintain a responsive workforce.
Vice-Chancellor of the University of Ghana, Professor Nana Aba Appiah Amfo, encouraged the union to expand membership beyond the university community and commended their risk management efforts amidst economic restructuring measures.
The University of Ghana credit union remains open to credible institutions with a provident fund willing to do salary deductions.