Bank of Ghana Blog Credit Unions Financial Inclusion Micro-Credit Microfinance Rural Banks

ST. GABRIEL CREDIT UNION DISBURSED OVER 50% OF LOANS TO WOMEN

December 27, 2018
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St. Gabriel Co-operative Credit Union (SGCCU) Limited, based in Konongo in the Ashanti-Akyim District of the Ashanti Region has disclosed that about 51.2% (GHS 1,791,337 million) of its total loan disbursement GH¢ 3,498,136.00 million was given to women in Small Scale Enterprises and agriculture to grow their businesses.

44.1% which amounts to GH¢ 1,542,599.00 million was given to men and the remaining 4.7% that is GH¢164, 200 went to groups. These loans were disbursed in four categories; loan within savings (338,893.00), long term loans (GH¢ 2,894,143.000million) hot loans (GH¢100, 900.00) and group loans (164,200.00).

This was contained in the Loans Committee report presented to the Credit Union during its 50th anniversary and 47th Annual General Meeting which was marked by a colorful ceremony which was massively attended at the St. Gabriel Catholic Church Parish at Konongo.

It brought together some Members of Parliament, stakeholders in the financial sector, leadership of the credit union movement in the Ashanti Region, board members, shareholders and members of SGCCU.

The anniversary was labelled, “50 years of Dedicated Service: Past, Present and the Future. The Board Chairman for SGCCU, Mr. Augustine Yaw Nimo in his address assured members of the Union’s dedication and selfless ambitions to create a vibrant financial institution for its members.

He concluded by emphasizing that, “while celebrating our achievements in the last five decades, the Union is determined to use its shortfalls as stepping stones to enhance its operations”.

The Board Secretary, Ms. Leticia Oduro, presented the minutes of the 46th Annual General Meeting which included 2017/2018 performance, dividends and budget for that financial year.

The Member of Parliament for Ashanti Akim Central Constituency, Hon. Kwame Anyimadu Antwi as the guest speaker, in his address, commended SGCCU for their contribution in enhancing the livelihood of many families and businesses through their operations. He called on members to be dedicated to the welfare of the Union and also not default in loan repayment.

The Chairman of the Loans Committee, Mr. Daniel Akoto Nsiah, the Education Committee, Mr. Oduro Akrasi and the Supervisory Committee, Mr. T. K. Amoako presented their annual report on behalf of their various Committees.

The audited report for SGCCU was organized by the Ashanti Regional Division Department of Co-operatives, endorsed by CUA and presented.

The Board Treasurer for SGCCU, Mr. Francis Owusu, presented the 2018/2019 budget which included the adoption of resolution for payment of Dividend and sampling of the views of shareholding members on the resolution for payment. The budget also clarified the financial statement on operations that featured interest earnings, total financial income, total cost of funds, gross financial margin and finally the total operational expenses.

Mrs. Lucy Ababio, a former chairperson and a pioneering member of SGCCU, who has been in with the Union since its inception, received a citation in honor of her good work and dedication. Other pioneers, a former Manager and some Board Members were honored with awards and citations. Some hard working staff and loyal Union members were also rewarded.

A staff of SGCCU, Ms. Leticia Oduro Boatemaa, thanked everyone present on behalf of the Board and Management of the Union. Reverend Emmanuel Mensah said the closing prayer to officially bring the event to a close.

SGCCU was founded in 1968 by Reverend Father Joseph Yeboah for Roman Catholic School Teachers in the Asante Akim District in the Ashanti Region and it operated from the Office of the Head Teacher of the R/C Primary School, Mr. G.K. Yamoah until 2011 when a permanent office was built for its operations.

The Union is affiliated to the Ghana Co-operative Credit Unions Association (CUA) Limited, and properly registered with the Department of Co-operatives. It has an asset base of GH¢ 24,599,153.06, staff strength of 36 and membership of over 6,716.


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