WACCU faces high loans delinquency rate

High loans delinquency rate still remain the number one daunting challenge threatening the future of the Wa Community Co-operative Credit Union, which had resulted in 28 defaulters being taken to court.

Naa Bawa Seidu, the WACCU Board Chairman, who disclosed this during the 2017 Annual General Meeting (AGM) in Wa, said out of the number nine cases had been successfully dealt with and the monies recovered while the Union was in the process of obtaining judgment for the remaining 19.

“A fresh list of 20 members has been approved for court in the coming financial year,” he said.

Naa Seidu noted that despite the challenges, the net surplus of WACCU increased significantly from GH¢200,000 to GH¢409,000 during the year under review, adding that this performance constituted 67 per cent of the budget for the 2017 financial year.

He stated, however, that they were unable to credit members with interest on their savings for the last two quarters of the financial year as a result of some technical  problems, but gave the assurance that those problems would be resolved in the coming year for members to be credited with all their interests.

The WACCU Board Chairman disclosed that total savings grew from GH¢8,600,000 to GH¢12,200,000 translating into a 42 per cent over the 2016 financial year.

While commending the female members and their groups/organisations, Naa Seidu took the opportunity to encourage their male counterparts to step up their game in terms of savings habit.

“Only our male members had the average savings per member being below the institutional average and that was very poor,” he said.

Mr Yussif Suleman, the Chairman of the WACCU Supervisory Committee, made a passionate appeal to members to borrow wisely and repay their loans promptly in order not to jeopardise the future of the great Union.

He mentioned the review of monthly Internal Audit Report and verification of source documents; review of monthly financial statements of WAACU; review and loan operations; risk assessment of operational activities and checking compliance with WACCU’s by-laws among others.

Mr. Suleman appealed to all members, especially those in leadership positions, to shelve their individual interests and work collectively for the common good of the Union.

“Let us remember that having unity of purpose was our greatest strength and asset,” he said.

Source: GNA