The Apostolic and Associates Co-operative Credit Union (TAACCU) has launched a Pension Plan product for its members at its 13th Annual General Meeting (AGM) observed in the Rhema Apostolic Church auditorium in Community one Tema over the weekend.
The Chairman of the Union’s Board of Directors, Mr. Akwesi Asante Dankwah, explained that “Mahumigyeɛ Mu” meaning “my pension” is targeted at affording their members in the informal sector who are thirty (30) years and beyond to start saving towards their pension. This, he said is key to attaining the objectives of credit union which is to improve the lives of its members and this mission will be more meaningful in the lives of members when they are old and cannot work anymore.
Mr. Akwesi Asante Dankwah explaining the pension product to members
The AGM commenced with an opening prayer and welcome address from the resident Pastor of the Rhema Apostolic Church who doubles as the Vice-Chairman of the Union, Rev. Philip Sampson Addo. He commended members of the union for the massive turnout.
Rev. Philip Sampson Addo giving his welcome address.
The secretary to the Board of Directors and Master of Ceremonies for the meeting, Mr. Desmond Sackey introduced the Chairman for the AGM, Mr. Akwesi Asante Dankwah. He revealed that, although the financial crisis in Ghana triggered a lot of panic redrawal earlier this year, TAACCU was able to survive. Mr. Dankwah attributed this to the efficiency of the Ghana Co-operative Credit Unions Association (CUA) and the Department of Co-operatives.
He further explained that, unlike the banks, Credit Unions have products and services tailored to alleviate poverty, provide financial support for Small and Medium scale enterprises (SMEs) and promote sustainable development within the micro economic sector.
The Treasurer for the Board of Directors, TAACCU, Mrs. Comfort Awuah presented the Audited Report and the Financial Statement of the Union’s Financial position as at 30th June, 2018. She published that the Total Assets stood at GHS 10,427,256.74 in 2018 as compared to GHS10, 490,495.13 in 2017. Income statement for the year ended 30th June, 2018 recorded GHS2, 051,603.96 as compared to GHS1, 764, 2777.10 in 2017. Net surplus for the same period was GHS 289,388.89(2018) against GHS 294,113.90(2017). Cash flow for the year ended 2018 went a few GHS up (2,186,303.61) against GHS 1,903,867.88 in 2017.
Interest on loans for the audited period 2018 shot up from (GHS 1,303,498.02) in 2017 to GHS 1, 669, 641.25 in 2018. However, interest on liquid investments fell in the year under review from GHS 352,779.69 in 2017 to GHS274, 323.14 in 2018. On the other hand, interest on Statutory Reserves and Dividend on CUA shares appreciated from GHS 18,891.86 in 2017 to GHS25,077.57 in 2018.
In spite of the crisis in Ghana’s financial sector, TAACCU’s interest on member savings went up from GHS 267,557.20 in 2017 to GHS 313,276.15.
In her keynote address, the representative for the Registrar of Greater-Accra Director of Co-operative (DOC), Mrs. Yaa Kumi Amponsah elucidated that her outfit is impressed with the cheap source of credit TAACCU is providing to improve the lives and businesses of its members.
She nevertheless, bemoaned loan delinquency which has become a major setback for the development of most credit unions in Ghana and called for formidable networking in all of its branches for proper monitoring.
Mrs. Amponsah, urged the supervisory committee of TAACCU to educate members and guide them on best practices in utilizing loans for the purpose for which they acquire the facility.
The Tema Area Manager for CUA, Mrs. Stella Tarsa Mawunyo admonished Credit Unions to take a cue from happenings in Ghana’s financial sector and pay critical attention, do proper checks on financial institution before investing with them.
The General Manager for TAACCU, Mr. Stephen Ayisi launched a shares promotion with rewards intended to increase the union’s asset base. The promotion is made of three categories; Gold which requires a shares investment of GHS500, Silver (GHS250-499) and Bronze(GHS100-200). A grand finale which requires a total investment of GHS 2000 and above will present members with prizes which includes motorbikes, fridge, 42 inches flat screen televisions.
Mr. Stephen Ayisi launching the Shares Promotion
In the Chairman’s closing remarks, he thanked the members for a high turnout to the AGM and called on them to introduce the union to others so they can also benefit from its services and improve their lives.
The union was founded in 2008 by the Tema Women’s Movement leaders and Deaconesses met at their usual quarterly prayers and fasting meeting at Kpone. The idea of establishing a long term welfare scheme for the women was proposed. It was during the open discussion on how to manage such a scheme that the Credit Union concept came up.
Intended to mobilize savings from members with the purpose of ensuring that members build up savings for a better standard of living both now and in the future, TAACCU is currently improving the lives of many within and outside the Apostolic Church.