The Bole Community Co-operative Credit Union in Bole has on Saturday August 27, 2022, organised its 21st Annual General Meeting at the dinning hall of Bole Senior High School.
The meeting was to review their performance and plan ahead of coming years.
Mr Natomah, Chairman of the Board of Directors, in an address said, a look at the financials of the Credit Union showed a continuous growth in profit, liquidity, membership and other operational areas and encouraged the Board and Management to continue with the good policies, programmes and apply same to all members that brought about their annual growth.
The meeting was held under the the theme, “implementing effective and sustainable strategies in the midst of global economic challenges and post-Banking crises”.
Mr Natomah, Board Chairman of the Union welcomed Co-operators and explained the financial performance of the Union.
He said asset growth as at 31/12/2021 is
11,853,527.49 Ghana cedis with a membership growth of 4,970as at 31/12/2021.
According to him loans disbursed as at 31/12/2021 is 12,279,375 Ghana cedis as compared to previous figure of 5,239,796 Ghana cedis thus a sharp increase of more than 100%.
He added that a new Nissan pickup has been procured for the credit union as agreed by members during the last AGM.
Text books valued at Ghc 4,000.00 and
50 bags of cement where presented to Tinga Senior High School and to the Catholic Church to aid in the construction of Poly Clinic respectively as part of the Union cooperate social responsibility,Mr Natomah said.
“There are still some members who are not willing to always pay their loans to the extent that some defaulters use unpalatable words on loan committee and other officers of the credit union,was mentioned as a challenge to the Union.
The Board Chairman indicated that plots of lands are earmarked for Bole and Tuna branch offices to be put up.
According to him total Surplus (profits) as at 31/12/2021 is 699,054.26 Ghana cedis and distributed as follows:
25% statutory reserve 174,763.57,
75% Net surplus 524,290.69
while 50% of the total net surplus (524,290.69) to be paid to members as dividends ( Ghc 262,145.34).
He also mentioned that 50% is for (30% for operational reserve & 20% for building reserve) (Ghc 262,145.35).
“Considering the fact that, a total of 262,145.35 Ghana cedis for the half year and full year, would be shared to members as dividends,It was resolved that, 4.38% be calculated on each member shares for the half year and 19.9%;for the full year and these would be distributed into member shares instead”, Mr Natomah stated.