Africa-Press – Ghana. The North Tema Cooperative Credit Union (NTCCU) of the Credit Union Association Ghana (CUA) has held its 36th Annual General Meeting (AGM) to assess its growth over the years.
The AGM was held on the theme: “Celebrating Progress; Empowering Members Financially.”
Madam Anthea Ohene Mayne, the Board Chairperson for the North Tema Cooperative Union, noted that, with the financial challenges in the country, the union also faces persistent economic volatility, including high inflationary trends, exchange rate pressures and rising costs of doing business.
Madam Mayne added that despite that, the union remained resilient and has registered massive growth in its operations, adding that membership has increased from 11,564 to 13,930, representing a 17.5 per cent growth.
She urged members and staff to continue educating their families, friends, colleagues and communities about the importance and benefits of becoming members of the cooperative union.
She highlighted some achievements of the NTCU, noting that all key financial indicators have shown significant growth, contributing to the development of a resilient and sustainable union.
The board chairperson added that the union was able to mobilise GHs 48,429,391.55 from loan repayments in 2024, indicating a 35.9 per cent increase over the previous year.
She urged defaulting members to stick to their loan repayment plans.
Madam Mayne explained that CUA, being the mother of all the cooperative unions, has a regulatory benchmark of three per cent limits for all the unions and expressed serious concern over the high loan delinquency by NTCCU members, which currently stands at 19 per cent.
She said that this level of delinquency was not only unsustainable but also posed a significant threat to the financial health and operational stability of the union, reiterating that the board of directors, in collaboration with management, was initiating a comprehensive loan recovery strategy to reverse the trends.
“The board will include stricter enforcement, such as disposing of defaulter’s collateral to repay their outstanding debt to the union and seeking permission to display names and pictures of critical defaulters at various banking halls,” she emphasised.
She expressed appreciation to the members, team and stakeholders for their unwavering support, assuring them that the union remained focused on their mission to promote the financial well-being of their members.
Mr. Dickson Andoh, the Deputy General Manager of the NTCCU, also applauded the members and stakeholders for improving the union and increasing its assets.
Mr. Andoh indicated that the improvement recorded in its finances was good for the growth of the union and advised members to continue saving in accordance with the policy of the union to ensure that members save at least once a month.
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