The North Tema Cooperative Credit Union Ltd. has posted strong results for 2022, despite numerous economic challenges faced during the period.
Its assets grew from GH¢49million in 2021 to GH¢62.5million in 2022, an increase of 27.55 percent. The union also saw an increase in deposits during the period under review, mobilizing a sum of GH¢45.7million compared to GH¢37million in 2021 – representing an increase of 23.70 percent.
Similarly, in the 2022 financial year the credit union’s loan book reached GH¢25million from GH¢24million in 2021, representing a 4.77 percent increment. Member’s shares for the financial year also saw a 17.53 percent increase from GH¢2million in 2021 to GH¢2.4million in 2022.
Mr. Aaron Sagoe, Board Chairman of North Tema CoOperative Credit Union, said the last three years have been difficult due to the COVID-19 pandemic, effects of the Russia/Ukraine war and the Domestic Debt Exchange Programme (DDEP).
“Notwithstanding all these, our credit union has withstood the test of time and is growing bigger, stronger and smarter in terms of membership, assets, profitability and technology. It is for this reason that we have chosen the theme North Tema Credit Union: growing bigger, stronger and smarter,” he said.
He said this during the 34th annual general meeting of the union in Tema, and indicated that the credit union is poised to consolidate and grow in the coming years.
The occasion also witnessed the opening of an office complex befitting its status as the leading credit union in the Tema metropolis, and also to serve its growing clients.
“We will continue to improve our services, build our capital, meet our regulatory obligations and, more importantly, serve members efficiently. While we grow the credit union and make it stronger, we will not forget our values and our fundamental purpose of empowering our members economically by providing fair, ethical and affordable financial services,” he said.
As a community-based credit union, Mr. Sagoe said North Tema Cooperative is working tirelessly to be the leading and most dependable credit union in the country: “Our vision is to be the leading and most dependable credit union, and we are on track to achieve this. At the 2022 financial year’s end, our total assets were above GH¢62million; and it is projected that by end of the 2023 financial year it will increase to at least GH¢80million”.
Mr. Sagoe said the credit union has increased its activities in the Tema catchment area, necessitating an increase in staff strength, expanded branch operations and more autonomous branches, all in a bid to serve members in the best way possible.
He said the union has developed a three year – 2023-2025 – strategic plan to make it more reliable and committed. The plan will also focus on its members’ economic empowerment of.
“During the 2022-2023 financial year, Ghana’s economy went through difficulties resulting in high inflation and interest rates, weakening of the cedi and inability of government to meet its domestic debt obligations. As a credit union, the economic crisis affected our activities and ability to maximize returns on our investments.
“We want to assure you our credit union is not leaving any stone unturned to ensure the Domestic Debt Exchange Programme does not affect us, and that we derive maximum benefit from the programme,” he assured.
National Chairman of the Cooperative Union Association (CUA), Dr. Bernard Boawei Bekuni Bingab, commended the North Tema Cooperative Credit Union for their sterling performance, especially in having over GH¢2million as their surplus despite the difficulties of 2022.
As part of its corporate social responsibility, the union donated office furniture, plastic chairs, mosquito-nets and assorted items to the Children’s Ward of Tema General Hospital. In addition to this, the union renovated the library of Redemption Basic School at Community 9, Tema.