Volta Lake Co-Operative Union Makes Giant Strides In 2024

News Ghana, Latest Updates and Breaking News of Ghana, Benjamin Makafui Attipoe, https://www.newsghana.com.gh/volta-lake-co-operative-union-makes-giant-strides-in-2024/

The Volta Lake Co-operative Credit Union (VLCCU) Limited at Akosombo in the Asuogyaman District of the Eastern Region has achieved a record net surplus of GHS157,595.28 at the close of December 2024. This significant stride reflects a 931.60 percent increase from GHS15,276.76 posted in 2023. The Credit Union also attained a Grade ‘A’ status in the year for the first time in its history, marking a major milestone in its financial strength and stability.

The Board Chairman of the Credit Union, Captain Seini Abdulai, made the revelation at the 10th Annual General Meeting (AGM) and the 25th Anniversary Celebration of the Volta Lake Co-operative Credit Union at Akosombo.

The Board Chairman also announced the significant growth of the Credit Union’s assets, which increased from GHS2,177,816.02 in December. 2023 to GHS3,149,585.26 in December 2024, representing a 44.62 percent increase in total assets. Member Savings, Captain Abdulai noted, also saw a remarkable boost. According to him, this rose from GHS1,778,407.04 in December 2023 to GHS2,516,325.71 in December last year, marking a 41.49 percent growth in savings deposits.

The Board Chairman also disclosed that the Credit Union’s Total Shares grew significantly from GHS264,903.03 in December 2023 to GHS369,615.55 in December last year, showing a 39.53 percent increase, reinforcing members’ stake in the Union’s financial strength.

Captain Abdulai noted that the financial performance of the Society underscores the continued dedication to growth, stability, and service excellence, ensuring lasting benefits for all members of the VLCCU.

Through the collective efforts of the Board, staff, and you, our valued members, we have successfully navigated economic uncertainties while building upon the solid foundation established by our forebears. Together, we continue to honour our Union’s obligations to its members and stakeholders with resilience and vision, the Board Chairman emphasized.

The Acting Managing Director (MD) of the Volta Lake Transport Company Limited (VLTCL), Hon. Angela Oforiwa Alorwu-Tay, was the Special Guest of Honour at the event. She commended the Credit Union for its remarkable achievement over the period, saying from asset growth to technological innovation and strong governance practices to member-focused services, VLCCU stands as a beacon of what co-operative finance can achieve.

Hon. Alorwu-Tay whose address was read for her by the Acting Manager, Human Resource and Services of the VLTCL, Mr. Godwin Owiredu-Yeboah, was satisfied that the Credit Union has not merely provided loans or savings schemes to its members but also uplifted livelihoods, sparked enterprises and also cultivated a culture of trusty, accountability and financial literacy among the rank and file of its members.

She pledged the commitment of the VLTCL towards the realization of the Credit Union’s vision and mission, adding that her management would continue to support its growth and integration into the wider vision of community transformation and economic empowerment.

The Chairman of the Executive Committee of the Eastern Chapter of the Ghana Co-operative Credit Unions Association (CUA) Limited, Dr. Stephen Torkpo lauded the Board, Management, staff and members of the VLCCU for the remarkable successes chalked over the past one year, emphasizing that the sky is not the limit but a stepping stone for them to thrive further to achieve greater laurels for themselves.

He, however, cautioned the Board Members against complacency, saying they should remain focused to aspire to greater heights.

Dr. Torkpo, who is also the 2nd National Vice Chairperson of CUA Limited, praised the VLCCU for setting aside five (5) percent of its surplus for corporate social responsibility projects, encouraging them to use this allocation to positively impact the lager society to, get the needed returns through the patronage of their services and products by these beneficiaries.

The Asuogyaman District Officer of the Department of Co-operatives (DOC), Mr. Charles Amey Dzoboku, gave a solidarity message on behalf of his Regional Director. The Loans and Supervisory Committees, led by the Secretary, Mr. Edwin Tekpor, and Chairman, Mr David Kwesi Agyei, respectively, also presented their reports to the members at the AGM.

Manager of the VLCCU, Mr. Elias Sedem Akafo, as well as the Vice Chairman of the Board, Mr. Daniel Peprah-Agyei, assisted the Board Chairman in answering all questions bothering the minds of the members and shareholders who were deeply satisfied about the performance of their Society.

The 10th AGM cum the 25th Anniversary celebration of the VLCCU was held under the theme, ‘Empowering Communities, Enriching Lives: The Role of Volta Lake Credit Union Limited’.

As part of the celebration, an anniversary cake was cut at the function.

The Volta Lake Co-operative Credit Union (VLCCU) was incorporated as a Non-Banking Financial Institution on 5th June, 2000, to offer financial services to registered members, including deposit-taking, loans, and financial counseling.

Operating under the Co-operative Societies’ Decree of 1968 (NLCD 252), the VLCCU is registered and affiliated with the Ghana Co-operative Credit Unions Association (CUA) Limited. Initially, the VLCCU operated exclusively as a workplace-based Credit Union under the name Volta Lake Transport Company Employees Co-operative Credit Union (VLTC ECCU).

In pursuit, however, of diversification, its common bond was expanded to include government and private institutions, individuals, churches, as well as Small and Medium Enterprises (SMEs) in the area and beyond.

News Ghana, Latest Updates and Breaking News of Ghana, Benjamin Makafui Attipoe, https://www.newsghana.com.gh/volta-lake-co-operative-union-makes-giant-strides-in-2024/

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