Emmanuel Co-operative Credit Union makes giant stride in 2024

The Emmanuel Co-operative Credit Union Limited, put up a sterling performance of its operations in June 2023 to June 2024 financial year.The total assets of the Union in the year under review grew from GHC 27, 306, 964. 98 in June 2023 to GHC 33, 142,906.31 in June 2024.Mrs Mercy Juliet Asante, Chairperson of the Board of Directors made this known when she addressed the 15th Annual General Meeting of the Credit Union at Agona Swedru in the Central Region.The meeting which coincided with 35th Anniversary celebration of the Union, was held under the theme: 'Connecting Members for Financial Freedom.'According to the Chairperson of the board, savings of members increased from GHC16,363, 114.91 million in June 2023 to GHC21, 220, 398.05 the in June 2024 financial year.Mrs Asante said the shares of members showed a giant stride performance as it saw a significant increase from GHC1,620, 731.34 in June 2023 to GHC 2, 001, 834.98 in June 2024.The board Chairperson announced that the total membership grew substantially from 4,948 in June 2023 to 6,699 in the financial year.Mrs Asante said the Swedru main branch of the Union granted a total of GHC 3,282,900 to 217 male applicants, while 214 females were given GHC 2,330, 800 as loans to improve their businesses and other ventures.The board chairperson announced that the Kasoa branch granted a total of GHC 1, 246,500 to 56 applicants as loans to help revive their businesses and a total of GHC722, 300 to 52 women to improve their work.She said the Awutu Bawjiase branch of the union approved a total of GHC 654,000 as loans to 33 men and GHC786,600 to 67 women as loans to boost their businesses.At the Mankessim branch, 33 male applicants were loaned a total amount of GHC 654, 000 to hype their businesses and 30 females received loans totalling GHC 432,000 to expand their trading activities.The board chairperson said the Union's good policies and programmes contributed to its success story despite the economic challenges confronting it as a corporate body.T he board and management of the Union used the AGM to officially launch a Digital Mobile APP Code to fast track the banking needs of its customers and make it convenient and reliable for all members.Mrs Cynthia Mamle Morrison, MP for Agona West urged the board and management of the Emmanuel Credit Union to adopt holistic approach and give priority to women who applied for loans to help alleviate their sufferings.The MP called on the women not to use their profit to buy expensive funeral cloths and other items which would not be financially beneficial to them.She urged the women to buy more shares from the Credit Union and also save more to help secure more loans to boost their trading activities.Mr Joseph Acquaye, the President of Credit Unions Managers, urged members of the Union to invest more in shares and save heavily against financial crisis.Mr Acquaye who is also the CEO of Swedru Adepa Credit Union exhorted management and board to come out with products that would promote the sole interest of members to enhance their financial wellbeing.Source: Ghana News Agency