UG Co-operative Credit Union still very resilient - Chairman

The University of Ghana Co-operative Credit Union recorded a net surplus of nearly 50 per cent in the 2018 financial year.

Dr Samuel Nana Yaw Simpson, Chairman of the Management Board of the Credit Union, speaking at its Annual General Meeting, on Thursday, said the net surplus amounted to GHS 4.1 million plus and shareholders would, consequently, receive GHS 0.17 per share as dividend.

“I am glad to inform members that the University of Ghana Co-operative Credit Union is still strong and resilient due to cautious operating practices… the major outstanding difficulty has been the investment in Gold Coast Fund Management Limited,” he said.

Dr Simpson assured members that the Board was exploring all formal and informal approaches and not relenting in its pursuit to recover the funds. He explained that the Union had a reserve of GHS25,193 652, which was 20 per cent of the total asset prior to dividend payment.

“Our total assets increased from GHS 102, 541 409 to GHS 125, 740 820 - an upsurge of 23 per cent. Savings deposit grew from GHS 64, 078 074 to GHS74, 884 870, representing a 17 per cent increase.”

The Credit Union has adopted a system called the Balanced Scorecard, an integrated strategic planning and performance management system, to ensure an efficient organisational development, change management and communications, among others.

The Union has also reviewed its bye-laws to ensure that it does not operate outside the remit of the law governing cooperatives