Brong-Ahafo chapter of CUA increases assets base 85% in two years
The Brong-Ahafo chapter of the Ghana Co-operative Credit Unions Association (CUA) Limited has increased its assets base within the last two years, Mr Divine Raymond Amenya, out-going board chairman, said on Wednesday.
He said by the end of 2011, the total assets of all the societies within the chapter had grown from GH¢20,757,504.00 to GH¢38,412,141.62, representing 85.05 per cent increase.
The out-going board chairman said his tenure of stewardship created a sound financial base for the chapter, citing the special fund, a one per cent net operating reserve of each society after audit, which now had a total asset of GH¢32,398.90.
Mr Amenya, who was speaking at the association’s annual general meeting (AGM) in Sunyani attributed the achievement to prudent financial measures and accountability that the out-going board ensured at all levels of operation.
He said the operational performance of individual societies had improved remarkably through training programmes and transparency in the administration of the board.
Mr Amenya noted that “over the years the chapter struggled to undertake meaningful activity because of lack of funds”, but the special fund had changed the situation.
As at the end of 2011 the chapter had succeeded in acquiring a parcel of land at Abesim near Sunyani for the construction of an office complex and “we are pursuing the completion of the documentation process of an acre of land at Yawhima, also near Sunyani,” he said.
Mr. Amenya said the chapter in partnership with CUA organised several training programmes for members, a most recent one being the supervisory committee training in Sunyani and participation in International Credit Union (ICU) Day celebrations in Wenchi and Wa.
He urged co-operative societies that failed to attend those programmes “to turn a new leaf this year”, because “the only way we can operate our societies efficiently is when we have the right information and this is what we share at our meetings”.
Mr Emmanuel Coffie, Regional Manager, in a welcoming address said by the end of 2011 membership of the chapter stood at 45, comprising 30 affiliated societies and 15 study groups.
He said effective communication and regular information flow were among the pillars for the success of any business entity but that was not encouraging in the chapter.
The Regional Manager stressed: “The submission of financial and statistical data to the office by the societies leaves much to be desired”, noting that, the situation even contributed to delays in paying chapter dues before December 31, 2011.
Mr Coffie demanded more conscious efforts from the unions, especially in meeting deadlines and set targets and expressed the hope of rededicating their efforts to make more giant strides in making the Credit Union a household name.
Mr Charles Yaw Assua Yeboah, treasurer of the out-going board and Manager of Berekum Area Teachers Co-operative Credit Union was later elected by consensus as the chairman of a new seven-member board to steer the affairs of the chapter for the next two years.
Mr Kwasi Siaw, Vice- chairman of the old board and Manager of Dormaa Area Teachers Co-operative Credit Union retained his position on the in-coming board whilst Mr. Kwame Adusei, member of the old board and treasurer of Sunyani Area Teachers Co-operative Credit Union is the new treasurer.
In an acceptance speech Mr Yeboah commended the out-going board for doing “a yeoman’s job” resulting in significant steps forward made by the chapter and promised to collaborate with management and members of all societies to move the chapter beyond its current level of achievement.