North Tema Co-operative Credit Union (NTCCU) has held its 31st Annual general Meeting at the Community 11 Apostolic Church Auditorium in Tema, under the theme; “Financial Sector Stability; the role of Credit Unions”.
The AGM brought together stakeholders in the financial sector, representatives from the Department of Co-operatives, National and Tema Chapter representatives of CUA, representatives from other Credit Unions, Board members as well as scores of members of NTCCU.
The impulse for the AGM, was to review the Union’s audited accounts for the year ending 2019, presentation of its 2019/2020 annual budget, set a platform for the adoption of resolution for payment of dividends to its members and also conduct elections to select Board and Committee members to steer the affairs of the Union.
Mr. Dickson Andoh and Madam Anthea Ohene were the masters of Ceremonies. They introduced the Chairman, other dignitaries and also called for fraternal messages from other Credit Unions present at the AGM.
Mr. Kofi Asempa from the Tema Joint Church Co-operative Credit Union gave the fraternal message on behalf of the sister Credit Unions present.
In his welcome address the Chairman of the Board of Directors, Mr. Joseph Odechie Bossman, explained that the theme was deemed appropriate to clear doubts created in the minds of members with regards to the safety of their funds and also assure the of better years in their financial lives as members.
He also guaranteed the Union’s dedication and selfless ambitions to create a vibrant financial institution for its members.
Mr. Kwesi Rockson, the internal Auditor for NTCCU presented minutes of the previous AGM.
Presenting the Annual Report and Financial Statements for the year ended 30th June, 2019, the Board Chairman reviewed the performance, dividends and budget for that financial year.
The financial statement also gave details of operations which included interest earnings, total financial income, and total cost of funds, gross financial margin and finally the total operational expenses.
The former General Manager of the Ghana Co-operative Credit Unions Association (CUA), Mr. Emmanuel Oduro Darko was the Special Guest of Honor. He called on members to have confidence in their union in spite of the chaos in the Ghanaian financial sector and also repay their loans to foster growth in their Union.
Mrs. Yaa Kumi Amponsah, the Regional Director of the Department of Co-operatives in her discourse commended NTCCU for their excellent management practices. She also noted that government efforts to pay locked up funds of defunct fund management agencies will ensure smooth running of Credit Unions since most of them have their funds locked up.
The Assistant Board Secretary, Mr. Aaron Sagoe read the Chairman’s report on his behalf. Also the Board Treasurer, Mary Adwoa Anaman, presented the accounts for the year under review whiles Mr. Dickson Andoh, head of finance (NTCCU) presented the Budget for the 2019/2020 financial year.
Mrs. Yaa Kumi Amponsah, then led the delegation to conduct the elections. Mr. Aaron Sagoe, former Assistant Board Secretary of the Union was appointed as the Chairman of the Board of Directors.
The old Board was dissolved and the newly elected Board as well as members of the various Committees were sworn into office.
Outstanding and dedicated members, staff and the old Board of Directors were presented with various awards.
The newly elected Chairman of the Union, Mr. Aaron Sagoe gave an acceptance speech on behalf of all the elected members.