Shama Cooperative Credit Union (SHAccu) has recorded an impressive growth as its income rose to GH¢3million in 2017 from GH¢2.7 million recorded in 2016 and
The company also within the same financial period recorded a surplus of slightly above GH¢131 million.
Total assets also rose from GH¢12.4million in 2016 to GH¢14.3 in 2017 representing a significant growth of 15%. The growth in total assets was largely funded by corresponding 19% growth in deposits.
Deposits also increased from GH¢9.4 million in 2016 to GH¢11.5million in 2017. SHAccu disbursed loans totalling GH¢8.5 million to 3,608 member in 2017 which went into commerce, agriculture, education, health and shelter.
Mr. Kwaku Nyarko Addo, Chief Executive Officer (CEO) of SHAccu at the 9th Annual General Meeting (AGM) of the company said, “the significant performance was as a result of confidence members continue to repose in the credit union and also due to prudential financial and operational management in the face of challenging economic conditions during the year under review.”
He stated that SHAccu, in collaboration with the Department of Co-operatives and the Business Advisory Center (BAC) at the Ministry of Trade at the Shama Assembly, is organizing the formation of co-operatives among same crop farmers and people of the same trade to facilitate lending and to improve local businesses.
Mr. Addo added that SHAccu has initiated plans to develop a mortgage product for salaried members; discussions are underway with GHL (formerly Ghana Home Loans) to roll out the product.
To give much attention to rural enterprises, he said the credit union has created the rural enterprise desk to identify and support rural micro and small entrepreneurs to improve on their livelihoods and create employment through training and financial support.
On his part the Board Chairman Rev. John Wesley Acquah stated that, loans to member increased tremendously; it increased from GH¢5.2million in 2016 to GH¢5.8 million in 2017.
“We will always encourage members to repay their loans to improve our delinquency rate” he said.
He stated that staff of SHAccu have undergone various training programmes to upgrade and refresh their skills and efficiency levels in their operations.
“We were able to add one new openings to the existing ones known as ‘Emmanuel Community Credit Union’ that caters for the working class within the Takoradi area with a membership of 1597; so now, we have the head office at Shama and the other branches at Aboadze, Shama township, Komenda, Manso as well as Sekyere Krobo totalling seven”, he added.
He encouraged all the customers to buy the minimum share or increase the minimum shares to improve the financial base for growth and ultimately increase dividends.