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NATCCU doing well despite financial crisis - Board Chairman

The Navrongo Teachers’ Cooperative Credit Union [NATCCU], has held its 19th Annual General Meeting [AGM] in Navrongo, capital of the Kassena-Nankana Municipality in the Upper East Region.

Date Created : 1/21/2019 4:03:32 AM : Story Author : Peter Atogewe Wedam/Ghanadistricts.com

The event which came off over the weekend was under the theme, “Credit Union, Reliable Place to Sustain Your Future”. The most-immediate previousAGM of the Union was held on February 17, 2018.

Board Chairman of the NATCCU, Mr. Isaac D. Amuriyaga who presented the Board of Directors’ Report covering the period 1st July, 2017 to 30th June, 2018, announced that, the Union managed to pay interest on members’ savings to the tune of 285,828.80 Ghana Cedis [GHs] despite the adverse financial sector crisis that caused some big banking institutions to fizzle out of the system. This he noted, indicated a rise in interest payments compared to the GHs 282,807.91 figure paid in the 2016-2017 financial year.

Mr. Amuriyaga disclosed further that within the period under review, the Union’s prudent management skills and adherence to the Cooperative Credit Union Legislative Instrument, LI 2225, increments were experienced in many other financial indices. He said for instance, the Union’s Total Assets rose from GHs 4,410,820.43 in 2017 to GHs 5,319,567.48 in 2018 whilst its Total Income also shot up to GHs 1,052,384.42 in 2018 from the previous year’s figure of GHs 983,763.26. Meanwhile, Total Expenditure for the period was reduced from GHs 719,382.76 in 2017 to GHs 689,354.14 in 2018.

The Board Chairman’s report also revealed that the Union’s Share Capital recorded a growth of 18.6 percent depicting a rise from the 2017 figure of GHs 254,105.47 to GH?301,382.08 in 2018 likewise a rise in Deposits from GH?3,619,662.18 to GH?4,164,396.24 for the same period. He however observed that, loans recovery efforts for the period was not too encouraging and charged Management to do more to recollect all outstanding loans with their corresponding interests so as make the Union more solid and vibrant. He added that, a debt collections expert known as Advance Debt Recovery Ghana has been contracted to assist in recovering all outstanding loans owed the Union.

On Corporate Social Responsibility, Mr. Amuriyaga said the Union had done its own bit in giving back to the community whose citizens form the basis for its existence. In that regard, the Union spent GHs 4,470.00 in support of the Ghana Education Service in both the Kassena-Nankana Municipality and Kassena-Nankana West District as well as extended some financial assistance to the Catholic Church among other beneficiaries.

According to him, the Union has a staff strength of 15, whilst its membership grew steadily from 4,147 in 2017 to 4,447 in 2018. A branch opened in the Manyoro area, had also recorded a membership of 77 with a mobilisation in its coffers amounting to GHs15,288.00.

He observed that challenges the Union faced during the period included rampant withdrawals, irregular loans repayment, the dumping of deposits purposely for loans and insufficient shareholding. He appealed to members to buy more shares and also allow savings to grow.