NAVRONGO, Ghana–Credit unions in this country are being urged to adhere to strict corporate governance and prudent financial management of the savings and investments of their members.
Isaac Amuriyaga, board chair Navrongo Teachers Cooperative Credit Union Ltd. (NTCCU), made the call at the CU’s 18th Annual General Meeting (AGM) here. Amuriyaga noted that since the promulgation of the Cooperative Credit Union Legislative Instrument, which brought all of Ghana’s CUs under the supervision of the Bank of Ghana, it has become imperative that those CUs comply with the new rules, according to AllAfrica.com.
He further pledged that under his leadership, the board would continue to assess the current state of NTCCU and formulate strategic projections and policies targeted at improving the fortunes of the Union for the benefit of all members.
At its AGM the credit union reported membership had increased from 3,680 as at June 2016 to 4,279 by end of 2017, representing an addition of 599 new members, while current savings of the CU stood at GH₵3,782,787.76 from the previous year's figure of GH₵ 3,221,568.97, an increase of 17%. Assets grew from GH₵3,759,885.59 to GH₵4,745,880.50 by end of 2017.
“On loan applications, he disclosed that of the 1,224 received during the period, 46 of them were rejected due to reasons including bad payment of previous loans and dumping or insufficient savings while others got rejected because applicants simply failed to have conference with the loans committee,” AllAfrica.com said.
Amuriyaga said Navrongo Teachers Cooperative CU, which recently spent GH₵ 350,000.00 on the construction of its office complex's second floor, a fence wall and a dual culvert for easy access into and out of the premises, continues to face challenges that include “frequent partial withdrawals, scanty savings, poor attitude towards loan repayments and poor member care by some staff, and pledged the resolve of management to make the Union more viable and attractive to all,” according to the publication.