Due to an impressive improvement in its major performance areas, the University of Cape Coast (UCC) Credit Union has been listed among the few “Class A” Credit Unions in the country.

The outgoing Board Chairman, Mr Emmanuel Paul Owusu, who announced this at its 22nd Annual General Meeting (AGM), said the sustained growth trend of the credit union promised a brighter future as it aimed to become the preferred choice in the country.

The total assets of the credit union grew from GH¢15,839,768.72 in 2016 to GH¢19,433,881.54 in 2017, representing a growth of 22.7 per cent. It realised a net profit of GH¢1,648,144.78, which represented 61 per cent increase over the GH¢1,023,694.55 netted in the previous year.

The Credit Union also made a total income of GH¢3,185,280.14 at the close of the year under review as against GH¢2,247,361.51 in 2016. It also recorded a total of operating expenses of GH¢1.537, 135. 36 as against GH¢1,223,666.96 in the previous year.

The Board, therefore, proposed to pay a 25 per cent dividend on the shares of members, against the 15 per cent and 25 per cent paid in 2013/2014 and 2015/2016 financial years.

Mr Owusu said the credit union also made a 9.3 per cent net surplus on the average asset in 2017, which was above the industry standard and also an impressive improvement over the 7.3 per cent achieved in the previous financial year.

He said a total of GH¢12,607,334 loans were granted in 2016/2017 financial year, representing a growth of 24.6 per cent as against GH¢10,117,496 in 2015/2016.

He said its educational outreach programmes had yielded good results in bringing on board 361 new members, bringing its total membership from 5,263 to 5,624 as at the end of the year under review.

The Board Chairman said despite the successes chalked out, the credit union was faced with the challenges of excessive savings withdrawal and multiple loan requests, thus creating liquidity crisis throughout the financial year.

Going forward, he said the Board resolved to among other things put in place necessary requirements for licensing by the Bank of Ghana by the end of 2017 and implement resolutions as passed at the previous AGM.

The Vice Chancellor of UCC, Professor Joseph Ghartey Ampiah, in a speech read on his behalf commended the Union for helping to reduce the pressure on the University in terms of granting salary advance, car loans and other facilities to its workers.

He underscored the need to save and advised the public to inculcate the character of saving while they reduced the rate of withdrawal.

A new Board of Directors chaired by Mr Eric Mensah as well as Loans, Supervisory and Education Committees were reconstituted respectively.