University of Ghana Credit Union records 25% increase in income

Total income of the University of Ghana Co-operative Credit Union grew by Gh¢2,283,025.36 representing a 25 percent increase in comparison to the same period in 2015.

Interest on member savings amounted to Gh¢5,613,787.00 compared to Gh¢4, 270,195.38 paid at the end of June 2015.

This was disclosed in a report by the Board Chairman of the Union, Jonathan Anaglo during the Annual General Meeting in Accra.

Management has therefore declared a 45 percent of net surplus amounting to Gh¢1,763,557.33 as dividend which represents 34.08 percent increase compared to last financial year.

This payment, when effected, will result in Gh¢0.25 earnings per year every Gh¢1.00 shares held which compares to high yielding investment instruments in the Ghanaian money market.

In an interview with JOYBUSINESS after the meeting, Jonathan Anaglo says one of the challenges facing the credit Union has to do with the delay in payment of member’s deductions.

The Union had to fall on its bankers to honor loan and withdrawal requests from members and this caused the Union about Gh¢21,040.60.

Management used the occasion to request for a budget approval for next year expenditure of the Union’s administration.

Story by Ghana| Myjoyonline.com | Ebenezer K. Sabutey |Joy Business