Tongo: Gbeogo Teachers Co-operative Credit Union (GTCCU) Limited in the Talensi District of the Upper East Region has achieved substantial progress in its operations in 2024. The union's active membership increased from 989 in 2023 to 1069 by the end of the financial year on December 31, 2024. Additionally, its total assets grew from GHS2,739,715.88 to GHS2,789,250.45.
According to Ghana News Agency, the union's total net surplus rose from GHS56,730.98 to GHS130,677.86, and its total income increased from GHS241,015.10 to GHS376,399.07. Mr. Maxwell Kambon Kpelim-etme, Chairman of the GTCCU, disclosed these achievements in a report delivered on behalf of the Board of Directors at the union's 10th Annual General Meeting (AGM) held at Tongo.
The AGM brought together members from within and outside the district and was themed 'Building a strong and vibrant credit union, a call for greater collaboration from all members.' It provided members an opportunity to reflect on their performance for the financial year ending December 31, 2024, and to strategize for the 2025 financial year.
Mr. Kpelim-etme also shared that the union's grade score improved from 'D' in the 2023 financial year to 'C' in 2024. He noted that, with the support of the members, the union's office complex has been roofed. However, he acknowledged challenges such as inadequate shareholding by members, high savings withdrawals, and loan delinquency.
The Chairman expressed concern about mounting pressure for loans, which were in breach of the loan policy, including inadequate collateral and failure to adhere to lending limits. He emphasized that the theme of the meeting served as a reminder to members that the success of the union depends on the collective participation of the Board, management, and the members themselves.
Madam Faustina Achana, the Regional Director of the Department of Co-operatives, encouraged leadership and members to inject more energy and adopt strategies to strengthen the financial standing of the union and its members. Mr. Anthony Deme Kulaa, the Regional Manager of the Credit Unions Association (CUA), highlighted a knowledge gap among members regarding shareholding and urged the Board to initiate education sessions on shares in future AGMs.
He also cautioned the Board and Committee members to avoid interfering in loan issues, as some delinquent loans were linked to them. He urged members to repay loan facilities promptly to ensure smooth operations and commended their contributions toward the union's new office complex construction.
During the AGM, Mr. Sylvester Gariba Ateo, the Founder of the union, was recognized and awarded for his vision, guidance, and contributions to the union's growth.
