The Wa Community Co-operative Credit Union (WACCU) made a net surplus of GH¢ 130,426.12 between June 2018 and December 2018, immediate ex-Board Chairman
of the Union, Mr Naa Bawa Seidu, has said.
The amount was more
than twice the total budgeted surplus of GH¢ 155,833.92 for the period.
Mr Seidu said this while addressing large crowd of members of WACCU during its 2019 Annual General
Meeting (AGM) in Wa on Saturday for the financial year to render accounts to
contributors.
The AGM was also to elect new executives including Board members, and Supervisory Committee members
to oversee activities of the Union for the next four years.
Within the period,
the Union made a total income of GH¢ 1,883,545.04 which fell short of its target income of GH¢ 2,180,423.59.
But Mr Seidu added that GH¢ 274,510.97 loan loss provision, was made to “cater for our
deteriorating portfolio quality and for risk growth”.
He assured union members that their leadership would not relent on their efforts to explore
available viable means including effectual loan recovery mechanisms and legal
processes to recover overdue loans.
The management of WACCU, according to him, was pursuing ten loan cases in court while 26 others
had been handed over to Purple Holdings Debt Recovery services to recoup monies
due the Union, without resorting to the court.
“These court actions, though expensive to the Union in money and time, are meant to send a
strong signal that the Union will never renege to use the legitimate processes
to defend the rights of its members and secure the Union’s resources,” Mr Seidu
said.
The newly elected
Board Chairman of WACCU, Mr John K. Seidu, pledged that the new board would
work to ensure progressive and sustainable growth of the co-operative Union in
both membership and financial bases.
He said they would
do a feasibility assessment to map out districts and areas to extend their
services and ensure its easy access by WACCU members for their mutual benefits.
As at December
2018, the Wa Community Co-operative Credit Union had 12,208 members with 10,747
fully paid up members, comprising 4,767 females, 5,939 males 1,502 groups and
organisations.
By: Philip Tengzu