Credit Union Ambassador lauds HCCUL for improved performance
The Goodwill Ambassador for Credit Unions for Africa, Emmanuel Oduro Darko, has lauded the management of Hydro Co-operative Credit Union Limited (HCCUL) for protecting its integrity with good policies and programmes to ensure the growth of the union.
“The management of the Hydro Co-operative Credit Union Limited is very well-composed and is managing the system very well.”
“I have followed its activities for many years and I pray for them to continue with the same performance and not be envious of people’s money and do things that will mar their good deeds.
You must protect your integrity and think of improving the lives of the members,” he said.
Mr Darko made the commendation as the guest speaker at the 44th Annual General Meeting (AGM) of 2024 HCCUL held at Akosombo last Saturday.
The event was on the theme: “Moving forward in transformation: Building a stronger Hydro Co-operative Credit Union”.
HCCUL membership
The HCCUL, established in 1971, is a financial institution owned, controlled and financed by the staff of the Volta River Authority (VRA) in March 1971 with a mission of helping members to attain lifetime financial freedom.
The credit union now has a membership of 14,748, including VRA, GRIDCo and Bui Power Authority staff who form the majority. Other members include public and private workers, individuals, churches and small and medium-scale enterprises (SMEs) with total assets of over GH¢160 million.
Financial performance
The Chairperson of HCCUL Supervisory Committee, Emmanuel A. Sarpong, who presented the financial statement for 2024, said the union currently had a total asset of GH¢ 209, 335,005.28, total shares of GH¢ 32,521,006.91 and a net surplus of GH¢11,511,113.60.
The members’ savings amounted to GH¢109,976,482.49, with equity of GH¢ 97,173,087.51.
He said the HCCUL demonstrated a strong commitment to serving its members and improving its financial performance.
He added that the Union continued to evolve and adapt to changing market conditions, hence it was essential to maintain focus on innovation, member engagement and financial sustainability for its members and the communities it served.
Assessment
Mr Darko, who has been at the helm of affairs in the credit union space for the past 47 years in 24 different Africa countries, however noted with concern that many a time members of the credit unions came to the AGM to listen to the reading of the accounts, took their packages and went away, stressing ‘’that is the only thing that needs to be improved for them to believe that credit union education at AGM’s is key’’.
He said the objective of credit unions in general was to change the lives of people - regardless of their level of education, whether educated or not - including farmers and others, helping them attain economic freedom."
Key message
Ambassador Darko said for the past 44 years, HCCUL had seen the green light which enabled most of the members to build their own houses, educate their children and expand their business, among other things, but woefully failed to tell or educate others that they could use credit union to develop themselves.
He said they should be able to convince those who were suffering and did not have anything that their savings with credit unions would be a big investment in the near future for their own good, saying, “if you consume all your income, leaving nothing, your chances of being able to provide for yourself at old age is doubtful”.
The Chief Executive Officer of Credit Union Association, Ghana, Cypring Bassin, who was represented by Desmond Kuranchie-Mensah, congratulated the members who had kept faith with HCCUL for all this while which had strengthened the union.
He said regardless of what was happening in the financial sector, HCCUL was able to help members develop themselves through attractive products and services that HCCUL had.
“If you look at the credit union industry, HCCUL remains one of the credit unions that stand very tall in terms of access, deposit mobilisation as well as shareholding”, he added.
The outgoing chairperson of the IMC, Vivian Mantey Nartey, urged the members to remain committed and continue to take more loans to grow their businesses for the credit union also to grow.
