Accra: The North Tema Cooperative Credit Union (NTCCU) of the Credit Union Association Ghana (CUA) has convened its 36th Annual General Meeting (AGM) to evaluate the union's progress and growth over the years. The event, themed 'Celebrating Progress; Empowering Members Financially,' served as a platform to discuss various aspects of the union's operations amidst the economic challenges faced by the country.
According to Ghana News Agency, Madam Anthea Ohene Mayne, the Board Chairperson for the North Tema Cooperative Union, addressed the gathering, noting that the union continues to contend with economic volatility, characterized by high inflationary trends, exchange rate pressures, and rising costs of doing business. Despite these challenges, the union has demonstrated resilience, achieving a notable 17.5 percent growth in membership, increasing from 11,564 to 13,930 members.
Madam Mayne emphasized the importance of educating families, friends, colleagues, and communities on the benefits of joining the cooperative union. She highlighted significant achievements, including growth in key financial indicators, which have contributed to the development of a resilient and sustainable union. The union successfully mobilized GHs 48,429,391.55 from loan repayments in 2024, marking a 35.9 percent increase over the previous year.
Madam Mayne also addressed concerns regarding high loan delinquency rates among NTCCU members, which currently stand at 19 percent, far exceeding CUA's regulatory benchmark of three percent. She noted that such delinquency levels threaten the financial health and operational stability of the union. In response, the board of directors and management are implementing a comprehensive loan recovery strategy, including stricter enforcement measures, to mitigate these risks.
She conveyed her appreciation to members, the team, and stakeholders for their support, assuring them of the union's commitment to promoting the financial well-being of its members. The Deputy General Manager of the NTCCU, Mr. Dickson Andoh, also praised the members and stakeholders for their contributions to the union's growth and asset increase. He encouraged members to continue saving regularly in line with the union's policy to ensure sustainable financial development.
