Emmanuel Co-operative Credit Union (ECCU) has crowned its 30th Anniversary with a colorful and massively attended 11th Annual General Meeting (AGM) at its main office complex at Mandela a suburb of Agona Swedru in the Central Region.
The event is themed,” our memories of yesterday, our joy of today, our hope of tomorrow”, it brought together members of the union from branches across the central region, fraternal institutions, representatives from the Department of Cooperatives and the Ghana Cooperative Credit Union Association(CUA).
It was a climax of a week-long of activities to mark the union’s 30th anniversary and also to render accounts on operations and activities of the past financial year on its 11th AGM.
The event took off with a registration by members, an opening, introduction of dignitaries and the reading of the minutes of the tenth AGM by the Secretary to the Board of Directors, Mr. Dominic Victor Essel.
Madam Agnes Acquah, the Chairperson of the Board of Directors, chaired the ceremony. She welcomed everyone and appreciated members for a high turn up at the event.
She explained that everything under the sun is dynamic, therefore it is important for any human institution to examine its past, present and make efficient projections into the future taking critical assessment of the both the past and present. “Prudent, pragmatic, and purposeful measures and programs have pursed within the period under review to make it productive activity base”
Regarding membership, the Chairperson publicized that although it was affected by factors such as relocation, death, crisis in the financial sector membership increased from 2,479 to 3,331 comprising of 1553 females, 1636 females and 142 groups at the time of audit.
She also noted that total Assets as t 31st March, 2019 had grown from 11,313,021 to GHS 13,177,554.53 indicating an increase of about 18% and member savings in spite of the turmoil in Ghana’s financial sector went up by 4% resulting in a total savings of 7,641,566.88.
“By Statutory demand, our total shares should be 5% of our total assets, however, we have mobilize GHS 539,925.70 as total share which is over 22% of our assets. Our areas of investment includes CUA Central Financial Facility of GHS 553,115.97, Statutory Reserve (CUA) GHS606, 780.00 and a fixed deposit of GHS 1,825,364.43 with various banks.
Total income decreased from 2,019,367.27 in 2017 to 1,974,887.14 in 2018, total operating expenses increased from 1,428,094.68 in 2017 to 1,464,480.31 in 2018, however, net surplus dropped from GHS591, 272.59 in 2017 to GHS 510,406.83
ECCU recorded a fantastic increase in its assets from 9,504, 938.79 in 2017 to 11, 077,109.00 in 2018 and Net Loans Granted increased significantly by 36% to total up to GHS7, 666,789.39. Likewise, interest on loans went up during the year under review from GHS 1,266,002.95 in 2017 to 1,338,258.36 in 2018. Interest on liquid investment rose remarkably during the year under review from GHS 519,025.52 to 344,992.39 in 2018 whiles non-operating income increased from GHS 207,229.60 to 228, 162.79 in 2018.
ECCU as part of its Corporate Social Responsibility donated thirty Led Street lights to lighten up communities within Agona Swedru municipality at an amount of GHS 15,000 as part of its Corporate Social Responsibility during the 2017/2018 financial year.
Dr. Comfort Asare, who represented the special guest of honor (Minister for Gender and Social Protection), commended the union for the immense support and contributions towards poverty alleviation. She explained that through grants and small and medium scale enterprises loans the union created employment, improve the lives of many women and gone a long way improve formal education over the thirty years of its existence.
Mr. Daniel Ansah, the treasurer of the Central Regional Chapter of CUA, bemoaned the frequency of loan delinquency amongst members of Credit Unions.
General Manager of STCCU, Mr. Joseph Acquaye, congratulated ECCU on its thirtieth anniversary and commended management and staff for the good work done. He encouraged member an enumerated some of the developments and improvements credit union brought into the lives of groups and individuals who have joined it.
Citations were presented to members of the dissolved Board of Directors who have efficiently completed their tenure.
An election to appoint new executives was smoothly run with Mr. Solomon Oduro, Isaac Kwesi Nduom and Anthony Obinyim forming the Loan Committee. The Supervisory Committee constituted Isaac Arhinful, Richardson Fio and Solomon Appiah while Mr. Christopher Panford was the Chairman elect of the Board of Director.
The General Manager of ECCU, Mr. Charles Graham, appreciated all present an assured both members and prospective members of improve service in this financial year.