Accra: The Adventist Heritage Co-Operative Fund (AHCoF) has declared a net surplus of GHS4,612,795.59 for the year ending December 31, 2024, despite widespread challenges across the financial sector. The figure represents a 69 per cent increase over the GHS2,727,247.50 recorded in 2023. As a result, the company declared a GHS1,224,921.01 dividend for 2024.
According to Ghana News Agency, Mrs. Elizabeth Kusi-Nsiah, the Chief Executive Officer of AHCoF, disclosed this at the company's Second Annual General Meeting (AGM) in Accra. She noted that the total assets of the company grew significantly to GHS131.22 million from a previous GHS103.79 million, representing a 26 per cent rise.
The CEO attributed the company's strong financial performance to prudent risk management and forward-thinking leadership. She emphasized that the numbers reflect the effectiveness of their strategic investment decisions and commitment to financial prudence. In 2024, the company recorded a 43 per cent increase in loans granted, leading to the disbursement of GHS17.52 million in loans. Additionally, its membership rose to 10,496 from the 2023 figure of 7,222, a growth of 4,035 new members.
Mrs. Kusi-Nsiah reaffirmed the company's commitment to diversifying its products to sustain gains in the coming years. Plans are underway to roll out new policies, including the Purpose-Driven Account, Kiddy Account, Current Account, and Salary Service Product. The focus will be on deepening member engagement, introducing more relevant financial products, and improving service delivery.
Dr. Kwame Annor-Boahen, the Board Chairman of AHCoF, reaffirmed the company's commitment to maximizing investment to sustain dividend payments to its shareholders. He highlighted the Board's resolve to operate efficiently and effectively while enhancing internal control processes to achieve the organization's goals. The company is also committed to providing more resources to its field activities to achieve membership growth.
Madam Edith Dzidzornu, the Acting Registrar of Co-operative Societies, urged the Fund to continue adhering to prudent financial management to sustain growth. She encouraged commitment to values such as integrity, transparency, and member-focused service, assuring stakeholders of a conducive environment for sector growth.
