Akosombo, Dec. 15, ritefmonline – Hydro Co-operative Credit Union, a leading credit union in Ghana, held its Annual General Meeting on Saturday, 15th December 2018 at the forecourts of the Union at Akosombo in the Asuogyaman district of the Eastern region.
Madam Love Grace Ofori, Board Chairperson of the Hydro Co-operative Credit Union Limited, provided a healthy membership status and financial statement of the Credit Union.
She said the total assets of the union rose significantly from GH¢ GHS 53.7 million to GHS 72.2 million while its reserves also increased from GH¢ 17.5 million to GH¢ 22.07 million.
According to Madam Ofori, the total membership of the Union which stood at 7170 rose to 8,335 in 2018 representing a 1,165 increase in membership, adding that despite the prevailing difficult economic climate, the Union nevertheless had a successful year with continued growth in all aspects of their operations.
Speaking to a large number of enthusiastic patrons of the Union, the Board Chairperson disclosed that Members’ total savings which as at July 2017 stood at GHS 32.4 million at the end of the financial year, recorded total savings of GHS 44.4 million representing 61.5 percent of its total assets as compared to 80 percent of the industry standard.
While net loans to members at the beginning of the year under review stood at GHS 28.3 million, she said at the end of the year, net loans to members also leapfrogged to GHS 38.04 million, adding that despite unfavorable macro-economic conditions, Hydro Credit Union managed to pay interest of GHS 3,722,577.05 million on members’ savings as against GHS 2,687,543.6, representing an increase of 38.5 percent.
Further, the Union’s stated share capital grew from GHS3.7 million to GHS 5.6 million, representing a significant increase of 51.80 percent at the end of the 2017/2018 financial year.
Madam Ofori also added that during her tenure, the Credit Union Association of Ghana (CUA) declared the Hydro Credit Co-operative Union Limited as the second best performing Credit Union in the country.
As part of their social responsibilities, Madam Ofori noted that the Hydro Co-operative Credit Union which takes pride in being a member of its host communities said it has started giving back to the community including assisting the Asuogyaman Girl Child Education Programme, re-construction of the Kyease Primary School Canteen, renovation of a computer lab for Akosombo R/C Primary School and the provision of recreational facilities for Akosombo Methodist Primary School.
She underscored the functions of the leadership of the credit union including its responsibilities to direct while keeping it sustainable and viable.
“As an elected board of directors, we are the representatives of you, our members. It is our role to steer the strategic direction of Hydro Credit Union, ensuring your Credit Union is focused on what matters to you, and sustainable and viable for future generation of members,” she asserted.
On paid dividends, Madam Love Grace Ofori disclosed that a total amount of GHS 931,884.16 dividend was paid for the 2016/2017 financial year as against GHS 495,412.48 paid for the 2015/2016 financial year.
Hydro Credit Union won two awards at the 2018 Biennial Conference in while. It may interest you to know that our Manager has also been adjudge the
Best Chief Executives Officer of the Credit Unions in Ghana for 2016/2017 financial year and further proposed for the consideration of the meeting a 20% dividend amounting to Ghc 1, 131, 930.17.
Launch of youth school saving club
The event also witnessed the launch of the school saving’s club. The club, according to Manager of the Hydro Credit Union, Mr. Joseph Garti was formed on the back of the `Child Savings Account’ which encourages parents to create and run an account for their children’s future.
Per the school’s savings account however, children, according to Mr. Garti would be stimulated to nurture the habit of saving from an early age.
“We want to inculcate the savings habit into these children. With this one, we are putting the children into clubs where the children themselves are encouraged to save on their own,” said the manager of Hydro Credit Union.
Felicitation greetings were received from various associations from within and outside the eastern region.