Credit Union rakes in over GH₵6m revenue in 2022
The Wa Community Co-operative Credit Union (WACCU) has received a total of GH₵6,170,701.76 million in revenue within the 2022 financial year.
This represents about 43 per cent growth of the GH₵4,327,792.11 million recorded in 2022.
As of December 31, 2022, the financial standing of the Union was GH₵37,227,287.67 million as against a projected financial position of GH₵35,144,168.86 for the year.
Also, the net profit was about one million Ghana cedis against a projected surplus of about GH₵907,146.29.
The financial report of the WACCU, presented at its 2023 Annual General Meeting (AGM) in Wa, disclosed this at the weekend.
The report indicated that GH₵3555607.14 of the total revenue of the Union recorded in the year under review, was accrued from interest on loans; GH₵1,953,998.47 from interest on financial investments; interest on other investments was GH₵32,095.02 and non-financial income of GH₵629,001.13.
The AGM brought together 368 members of the Union across the region to deliberate on its status and effective management to ensure it yielded the needed results.
Mr John Kofi Seidu, the Board Chairman of the Union, underscored the importance of the AGM as it offered an opportunity for the board members, management, staff and the members to meet, interact and assess the financial performance.
They also discussed and approved a strategic and operating plan and budget from 2023 to 2027, with a projected total income of GH₵8,233,039.37 for 2023.
The financial position of the union wasprojected at GH₵42727262.68 for the 2023 financial year.
The strategic plan had also projected a total income of GH₵10,450,545.21 for 2024; GH₵12,774,242.67 for 2025; GH₵14,406,452.61 for 2026 and GH₵16,302,866.84 for 2027.
As part of the plan, the Board would commission a Social Impact Assessment this year to measure the level of service delivery towards achieving the Union’s vision and mission, which would subsequently be repeated every five years.
This would help the Union to re-focus its interventions, re-define its vision and mission, obtain donor support for some of its interventions, the report said.
Source: GNA