Ghana: Credit Union Records Net Surplus

10 December 2019

The Ghana Water Company Accra East Credit Union, has recorded a net surplus of GH¢ 241,809.96 this year against GH¢179,959.98 it recorded last year.

The Board Chairman of the Credit Union, Mr Henry N.S.Quarcoopome who disclosed this at the 9th annual general meeting held in Accra said members share grew by 29 per cent, bringing an inflow of GH¢135,443.28 largely as a result of increase in the minimum share from GH¢100 to GH¢300.

He said to preserve the capital base of the credit union and ensure compliance with regulatory requirements, the Board had recommended for the approval of 18 per cent dividend to be paid shareholders.

"Savings grew up by 20 per cent amounting to GH¢ 943,313.26 from GH¢ 4,686,689.24 to GH¢ 5,630,002.50.

"But for huge partial savings withdrawals of GH¢1,447,427.54 our total assets would have hit GH¢9,000,000.00 instead of the GH¢7,134,499.95 recorded as at June 30, 2019,"Mr Quarcoopome said.

He said in a bid to diversify members' investment portfolio to enhance services, the board had introduced two new products, namely special deposit and youth savings.

Mr Quarcoopome explained that the special deposit was introduced with the aim of decoupling savings from investment, stressing that the product was an investment vehicle that required a minimum amount of GH¢5,000.00.

"With the youth savings, a minimum of GH¢20 per child per month from birth to age 17, the accounts opened in trust of the minor shall cater for emergency purposes such as medication and school fees," he said.

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