Shama Cooperative Union declares profit

The Shama Cooperative Credit Union Limited (SHACCU) over the weekend held its annual general meeting (AGM) and declared a surplus of GHC246,467.18 for 2015 financial year as against GHC150,777.37 in 2014 representing a increase of about 63 percent.

The SHACCU has for the 10 years in existence constructed an office complex from its own resources at the cost of GH?2.5 million with staff strength of 30.

Mr Joseph Anokwafo Arthur, outgoing Chairman of the Board of Directors said savings granted to members in 2015 amounted to GHC1,033,615.59 representing an increase of 66 percent as against GHC621,756.9 in 2014.

The AGM was held at Shama, a fishing community in the Western Region on the theme “ten years of SHACCU; bringing hope to the hopeless”

On loans, Mr Arthur stated that it increased from GHC2,450,221.21 in 2014 to GHC4,120,408 in 2015 representing an increase of 68 percent.

He said the Union was confronted with challenges as economic activities in the area slowed down due to low fish catch by the members who are mostly fisherfolks, thus making it difficult to re-pay their loans on schedule.

Mr Arthur however, stated that the surplus was achieved “due to prudent financial and operational management”.

He said the Union has opened braches in four areas at Komenda, Aboadze, Sekyere Krobo and Shama, where the head office is located, adding that Automated Teller Machines would be introduced to give members easy access to their money and encourage savings.

Mr Kweku Nyarko Addo, Chief Executive Officer (CEO) of the SHACCU said the Union started with only five founders ten years ago and membership has since increased to current 32,000 with 25,000 members being very active.

Mr Addo expressed management’s intention to open more branches and therefore impressed on members to buy shares to make their intention a reality, which would help improve their lot and benefit the entire community.

Mr Addo advised members to always go in for loans instead of withdrawals, since continuous withdrawals would collapse the Union.

Mr William Adu Adjei, Supervising Manager of the Credit Union Association, (CUA) commended the SHACCU on its feat and advised against complacency.

He urged them to adopt good policies as well as customer care in order to achieve more successes.

He urged members to increase their membership drive to buy more shares which was key to making profit.

Nana Kobena Wienu, acting Omanhene of Shama, advised the management to provide their revenue collectors with bicycles to make their work more convenient.