Prudent Management: Shama Cooperative Credit Union records surplus

The AGM was held at Shama, a fishing community in the Western Region on the theme “ten years of SHACCU; bringing hope to the hopeless”

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The Shama Cooperative Credit Union Limited (SHACCU) has declared a net surplus of GHC246,467.18 for 2015 financial year as against GHC150,777.37 in 2014 representing a increase of about 63 percent.

This was made known at its 10th anniversary and  annual general meeting (AGM) held over the weekend.

The AGM was held at Shama, a fishing community in the Western Region on the theme “ten years of SHACCU; bringing hope to the hopeless”

The Board Chairman of SHACCU,  Mr. Joseph Anokwafo Arthur, said savings granted to members in 2015 amounted to GHC1,033,615.59 representing an increase of 66 percent as against GHC621,756.9 in 2014.

On loans to members, Mr. Arthur said it increased from GH?2,450,221 in 2014 to GH?4,120,409 in 2015 representing 68%.

"Your credit union recorded a loan delinquency rate of 1.4%, and this delinquency is one of the lowest in the country.”

Mr. Arthur also noted that the Union was faced with many challenges like members who are mainly fisherfolks not paying loans on schedule due to low catch. He said the surplus achieved was “due to prudent financial and operational management”. He however appealed to members who have not purchased their minimum shares to do so.

According to to him, it is by purchasing the minimum shares that one can enjoy the benefit of being a member of the credit union. Additionally, he said members should buy more shares so they can receive dividends at the end of the financial year -- this will increase the union’s capital base and enhance financial activities.

According to him, SHACCU continues to grow in strength year on year: “We will continue to improve our services to make them even more friendly”.

He said the Union has opened braches in four areas at Komenda, Aboadze, Sekyere Krobo and Shama, where the head office is located, adding that Automated Teller Machines would be introduced to give members easy access to their money and encourage savings.

Speaking at the same forum, Mr Kweku Nyarko Addo, Chief Executive Officer (CEO) of the SHACCU said the Union started with only five founders ten years ago.  Membership has since increased to current 32,000 with 25,000 members being very active, he further noted.

He also advised members to go in for loans instead of withdrawals, since continuous withdrawal  could collapse the Union. He also made management's intension to open more branches known.

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