Shama Cooperative Credit Union declares GH¢150, 000.00 profit

The Shama Cooperative Credit Union (SHACCU) has declared a net profit of GH¢150, 000.00 for this year as against GH¢98, 113.52 in 2013.

The profit represents an increment of 54 per cent over that of last year, while its assets grew from GH¢2.9 million in 2013 to GH¢4.6 million, representing a growth of 59 per cent.

Mr Kwaku N. Addo, General Manager of SHACCU announced this at its sixth annual general meeting (AGM) at Shama in the Western Region. It was on the theme “Credit Unions; Enhancing Cooperative Ideas.”

Mr Addo said deposits during the financial year under review increased from GH¢2.3 million in 2013 to GH¢3.8 million this year, while shareholders fund grew by 63 per cent within the same period.

He indicated that over GH¢3.1 million were disbursed as loans to 1,724 members, comprising 782 males, 931 females; and 15 joint accounts, which went into trading, agriculture, building, payment of school fees, purchase of vehicles and others.

“We helped 600 families with an affordable and convenient school fees loans which made an impact on the community,” he stated, adding that members’ deposits of GH¢3 million were secured.

Membership, he said, grew from 5,902 to 10,902, showing an increase of 85 per cent. He declared the credit union was in partnership with Guaranty Trust Bank of Ghana, which allows members to cash funds at any of its 28 branches.

Mr Joseph Arthur, Board Chairman of the SHACCU, announced that following its best performance, the union was upgraded to the category “A” credit union status, while it was commended for being the union with low loan delinquency rate at a conference in Lesotho.

Mr Arthur, however, advised the members against complacency and asked them to buy more shares to enable the union to complete its complex building at Shama. The board has proposed a dividend of eight per cent share for members with minimum shares, he added.

Mr Seth Kum, Area Manager for Guranty Trust Bank in-charge of Western /Central regions, said in partnership with the SHACCU, automatic teller machines would be installed at vantage points for members to access their accounts and make withdrawals, in addition to designing of cheque books for members.

Mr Kum advised the members to continue saving towards their future in spite of the economic challenges so that they would become liabilities on their families in their old age.

Some beneficiaries of the loan expressed gratitude to the SHACCU for assisting them realise their aspirations.