Agona Swedru (C/R)-Ghana, June 26, GNA – The Emmanuel Co-operative Credit Union (ECCU) with its head office at Agona Swedru, has recorded significant financial growth with exceptional performance in the financial year under review.
The Union also recorded an annual increase in growth despite the global financial challenges which melted down giant economies.
This was revealed at the Union’s 14th Annual General Meeting, (AGM), which coincided with its 34th Anniversary on the theme: “Secure your future with the credit union in the midst of economic challenges”.
Madam Grace Biney, the outgoing Board Chairperson of the Union, in a report said the Union’s income increased from GHS 177,147.41 in 2019 to GHS 976, 578.34 in 2022, representing a 450.2 per cent increase.
She said total deposits (savings) increased by 72.8 per cent from GHS 8, 186,150. 30 to GHS14, 142, 487. 47 during the period.
The outgoing Chairperson said total asserts also increased from GHS 2, 433, 218. 56 in 2019 to GHS 24, 535, 789.92 in 2022.
The number of shares increased from GHS 593, 457.97 in 2019 to GHS 1, 448,581.17 in 2022, representing a 144.1 per cent growth.
Madam Biney said the Union’s reserve increased from GHS 2, 982, 929. 62 in 2019, to GHS 8, 092, 320. 28 in 2022, representing growth rate of 171.3 per cent of the total asset prior to the payment of dividend.
The membership of the Union increased from 2,746 to 4, 948 within the same period, representing an 80.2 per cent rise and the Chairperson recommended that the new Board and Management to strive to woo more members into the Union.
She said the Union also commissioned a refurbished head office, which was expanded to increase the number of offices and the banking hall to enhance effective customer service.
It also elected a new five-member Board of Directors with Mrs Mercy Juliet Asante as Chairperson, to steer the affairs of the Union for the next four years.
In her acceptance speech, Mrs Asante thanked members of Unionfor the absolute confidence reposed in her and called for cooperation and understanding between management and the board.
She said the new by-laws of Credit Unions gave power to individual Unions to open branches in any region of the country and gave an assurance that strenuous efforts would be made to open new branches in Kumasi and Koforidua, to improve services of the Union.
Mrs Asante called on women traders within the Agona Swedru, Effutu, Gomoa Central and Gomoa East districts, to join the Union to enable them to receive more support for expanding their businesses.
She said the new loans committee members would be empowered to speed up processes and disbursement of these facilities to all applicants.
Mr Benjamin Essilfie, the General Manager of the Union said the management in collaboration with the board, had put in place a strong internal system to ward-off internal and external fraud to sustain their operations.
The Union was working hard to improve upon its products and services including corporate member, individual Susu and group loans, susu mobile banking, and business counselling, as part of efforts to revitalise its operations.
Mr Essilfie therefore appealed to the government to create the enabling environment for the business and financial space to improve efficiency in the sectors of the economy.
