The Bole Community Cooperative Credit Union has declared a profit of Ghc1.7 million surplus for the 2023 year under review.
This was declared to members of the union during the 23rd Annual General Meeting of the Union.
The Boord Chairman of the Credit Union, Mr Dramani Natogmah Adams, said the total surplus of the year was Ghc 1,757,043.82 as compared to 2022 Ghc 937,333.40 year under review representing an increase of 87.47%
He said the membership of the society has moved from 6,299 to 7259 representing an increase of 15%.
Asset of the BOCCCU has moved from Ghc18,054,429.02 in 2022 to Ghc28,901,675.53 in 2023 representing 60% increase.
With membership savings rising from Ghc 12,567,532.66 to Ghc 22,239,387.10 representing an increase of 76.96%.
Mr Natogmah mentioned among others the acquisition of lands in Tinga and Damongo to build offices and the completion of the Tuna office but was sad to announce the stall of Bole office as a result of a litigation by Ghana Highways Authorities at Tamale High court.
He urged members to save in order to grow the society for the benefit of its members and was quick to admonished members to regularly visit the BOCCCU offices for any inquiries.
The Regional Director of the Department of Cooperatives Mr Stephen Suglo, said members should always not default on their loan repayment.
He said the Credit Union concept is different from the traditional banking though they all do deposit taking but banks are owned by individuals while credit union is owned by every share holder of the society .
The Regional Manager of Credit Union Association, Upper West Chapter, Mr Kenneth Talangmen Abobo, said members should save and buy shares for our future using the ant analogy as a point of reference from the Bible.
He urged members to pick loans as saving doesn’t solve the financial challenges due to increase in inflation and exchange rates.
An election was conducted that retained the old executives for the next four years.
Source: yagbonradioonline
