UG Co-operative Credit Union posts GH¢20m surplus
The University of Ghana Co-operative Credit Union Ltd has posted a net surplus of GH¢ 20.25m for the 2023/2024 financial year, maintaining its ranking as the single largest asset-sized Credit Union in the country and the West African sub-region.
The growth represents a 23.2 per cent increment from the previous year’s surplus of GH¢ 16m.
It has, therefore, announced plans to expand its growth trajectory and increase its surplus for the 2025 financial year.
Consequently, the union has unveiled new products to accommodate more members who are not directly part of its member institutions.
The Head of Marketing of the union, Akua Afriyie Osei-Assibey, said the products are –spouses and adult children package, informal sector business/registered businesses on campus and non-borrowers account.
With the spouses and adult children account, she said the union would now admit the spouses and adult children of institutional members.
Members who want to open an account for their businesses on campus to save for their businesses, while for the non-borrowers, the union would now open its doors to all citizens who have no affiliation with the UG Co-operative Credit Union Ltd.
However, the head of marketing said non-holders of such accounts would not be eligible for loans but would receive quarterly interest.
The products were launched at the Credit Union's Annual General Meeting (AGM) at the Great Hall last Thursday.
The event, attended by members, management, board representatives and shareholders, featured key discussions, including the approval of 2023 minutes and major expenditures for 2025.
Growth
The union’s total assets increased from GH¢ 308.64 million in 2023 to GH¢ 320.94 million in 2024.
In addition to that, member deposits increased from GH¢ 156.14 million in 2023 to GH¢ 196.74 million in 2024, representing a 16 per cent growth.
The Vice-Chairperson of the union, Professor Jemimah Asabea Anderson, announced that for keeping faith with the union, every member would be entitled to 16 per cent of every cedi held in shares, prorated to match the time of share purchase.
That was after the members adopted the resolution to pay GH¢ 9,718,485.89 of the surplus to members as a reward for deferring consumption for the 2024 financial year.
Returns
She added that the board would continue to invest wisely to maximise the future returns of members' investments.
For 2025, the vice-chairperson said the board had set out to pursue aggressive membership recruitment, improve engagement with members and make the union more visible.
Additionally, she said internal processes would be enhanced, and staff training on member care would receive necessary resource allocations to give members a better experience.
“The capacity of the board and committees will be enhanced to enable them to perform their functions appropriately and continue to review internal controls to safeguard the funds of members.
‘The board will prioritise compliance with all relevant regulations and reporting requirements to other stakeholders,” she added.