UG Credit Union declares GH¢3.91m net surplus

money-cashThe University of Ghana (UG) Cooperative Credit Union (CCU) Limited, has posted a net surplus income of GH¢3.919 million for the 2015/2016 financial year, an increase of GH¢630,894.25 over the 2014/2015 financial year.

Out this amount, GH¢979,754.07 would be transferred to the statutory reserve fund while GH¢1.76 million – 45 per cent of net surplus-would be paid as dividend to members.

The dividend amount represents a 34 per cent increase over last year’s figure of GH¢1.315 million.

Speaking at the Annual General Meeting of the Union, Dr Jonathan N. Anaglo, Chairman of the Management Board of the Union said the payment of the dividend would result in GH¢0.25 earnings per every GH¢1.00 share held.

“This compares favourably to high yielding investment instruments in the Ghanaian money market,” he stated, adding that management was committed to rewarding its members for their financial interests in the union.

The Union’s total income grew by GH¢2.283 million, a 25 per cent increase over the same period last year.

Total assets also grew from GH¢46 million to GH¢61.7 million as at June 2016, a 33.55 percent increase.

“Return on average assets increased to 7.3 per cent while savings deposits increased from GH¢32.76 million to GH¢42.811 million,” he stated.

Dr Anaglo announced the Union had secured approval from the University authorities to expand its office infrastructure. Works is expected to be completed in June 2017.

Mr Francis Fiayiya, the Manager of the UG CCU, said the union had maintained its position as the largest credit union in the country in terms of asset size and also remained the largest among credit unions in public universities.

He noted that the Union was able to grow its income in spite of delays in receiving remittances from the UG, but added that authorities had assured them of receiving the remittances on time in the future.

Professor Ebenezer Oduro-Owusu, Vice Chancellor of the UG, announced, to thunderous applause, that the University had begun paying the arrears of the remittances owed to the Union, adding that those from August- September had already been paid.

Prof Oduro-Owusu, a member of the Union, urged other members to increase their investments, even with their limited resources, in order to secure their future and that of their children.

He also commended management of the Union for the good work in growing the body and called on members to keep Management accountable for the monies entrusted in their care, and to ensure they were appropriately used.

Mr John F. Nyarko, Acting Registrar of Co-operatives at the Department of Co-Operatives commended the Union for holding the AGM in line with the requirements of the Departments’ bye-laws.

He stated however that the Union, which was the most profitable and largest asset holder among University credit unions, must do more to support cooperation among cooperatives.

He said since the UG CCU had benefitted from support based on cooperation among cooperatives, it was expected to also support other cooperatives to grow.

This could be done by patronising services offered by cooperatives in other sectors such as transport when the needed.

He urged the UG Cooperative credit Union to take the lead on cooperation among cooperatives so that others could benefit from its success.

Source: GNA

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