Ghana: MACCCU Increases Membership to 12,617

17 August 2022
Ghanaian Times (Accra)
By Emmanuel Adu Gyamfi

Mim — Mim Ahafo Community Co-operative Credit Union (MACCCU) has said despite the devastating impact of COVID-19 pandemic,it has recorded an increase in membership of 12,617 between June 2018 and June 2021.

The total membership of the credit union as at June 2021 stood at 20,897, which means that the numbers in the last three years has been growing on an average of 4,206 each year.

Mr Frank KyeiBaffour, the Board Chairman, disclosed these last Friday at the Union's Ninth Annual General Meeting (AGM) on the theme: "building the future together in this post COVID-19 era through co-operation,"at Mim, in the Ahafo region.

The Board Chairman noted that the AGM provided an avenue for shareholders to deliberate on developmental issues and pass resolutions, for the sustainability of the credit union.

He said the credit union made a net surplus of GH¢ 507,875.37 in 2021 compared to GH¢ 37,424.87 in 2020, making a percentage change of GH¢ 1,257.05.

MrBaffour said "our reserves also grew from GH¢ 438,234.59 in 2020 to GH¢ 934,634.45 in 2021. We recorded an increase in shares from GH¢ 534,764.01 in 2020 to GH¢ 623,352.17 in 2021".

He indicated that MACCCU made an increase in savings of GH¢ 5,584,631.10 in 2020 to GH¢ 623,352.17 in 2021, making a percentage increase of 84.04.

The General Manager of the Union, Eric Owusu, said these successes has been possible through the determination, discipline and hard work of Boards, Committees, management and staff of MACCCU, and the co-operation and trust of members.

He stated that some Board of Directors, Committee Members, management and staff of the Credit Union were sponsored for various educational training programmes, to expand their knowledge and expertise

"During the financial year under review, MACCCU encountered challenges namely high loan delinquency, high savings withdrawal, low shares contribution, increased dormant members and resignees among others," MrOwususaid.

He said that the credit union would increase the minimum shares from GH¢100 to GH¢200, fully complete its office accommodation block and improve the living standards of its members.

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