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GHANA WEATHER

NTCCU Annual General meeting held

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The Navrongo Teachers’ Co-operative Credit Union, (NTCCU), in the Kassena-nankana Municipality of the Upper East Region continues to show strong performance, recording a net surplus (profit) of GH¢ 363, 030.28 last year. It had in year 2017, pulled a surplus of GH¢ 264, 380.80 on its operations.

The Board Chairman of the Navrongo Teachers’ Co-operative Credit Union, Isaac Amuriyaga, made the revelation at the 19th annual general meeting of the Co-operative Credit Union held in Navrongo. The NATCCU began operations on January 31, 1997.

It initially comprised only teachers but its membership was later opened to many more individuals and groups such as market women, business men and other professionals.

Members make savings over a specified period and become eligible to access loans for business and other ventures. It is gratifying to note that, the existence of the union has boosted economic activities in the Kassena-Nankana Municipality and the region at large.

The Board Chairman of NTCCU told the contributors that Co-operative Credit Union showed a resilient performance despite the financial challenges in the banking industry.

Mr. Amuriyaga revealed that the value of the NTCCCU total assets increased during the period to GH¢ 5, 319, 568.48 indicating a growth of 20.6 percent over the 2017 estimates value of GH¢ 4, 410, 820.43.

According to him, the share capital recorded a growth rate of 18.6 percent from GH¢ 254, 105. 47 in 2017 to GH¢ 4, 164, 396.24 in the year under review.

Mr. Amuriyaga said the NTCCU is determined to reduce loan delinquency from 22 percent to 10 percent by the end of June, 2019.

He identified loan delinquency, dumping of deposits purposely for loans, insufficient shareholding and rampant withdrawals as a major challenge the management had been struggling with.

The Board Chairman encouraged the contributors to make sure that they were current on their monthly contributions. The National Board Chairman of the Credit Unions Association, CUA, of Ghana, Thomas Abeliyine Azuure, charged Managers of the Credit Unions to continue to work within the regulations and ethics governing Credit Unions as the Bank of Ghana had relaxed its supervision and other routine checks on the Unions with the view that, CUA was doing a good job providing oversight duties in the sector.

He identified lack of proper internal controls and inadequate risk assessment as some of the issues that could easily cause a collapse of a credit Union.

The Manager of NTCCU, Solomon Kantorgie Agaa said the Union as part of its social responsibility spent GH₵4,470.00 in support of the Ghana Health Service in both the Kassena-Nankana Municipality and Kassena-Nankana West District and also gave some financial assistance to the Catholic Church among other functionaries.

Mr. Agaa noted that the NTCCU has a staff strength of 15, whilst its membership grew steadily from 4,147 in 2017 to 4,447 in 2018.

Mr. Kantorgje added that discussions with the Controller and Accountant General’s Department are far advanced for Public Sector workers including Health workers to be enrolled as members of the Union to access all their products.

Speaker after Speaker emphasized that interest charges on loans granted by the NTCCU were low compared with the banks and micro-finance companies and this should be the attraction. Dignitaries who graced the event gave the NTCCU high marks for sticking to best financial management practices.

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