The University of Ghana Co-operative Credit Union (UGCCU) has reported a notable increase in the total value of loans extended to its members.
According to the Union’s latest financial performance report, the total value of loans surged to GH¢172.29 million in 2024, up from GH¢148.15 million in 2023, reflecting a robust growth of 16 per cent.
This achievement reinforces the Union’s position as the largest credit union by asset size in Ghana and the West African Sub-region.
The report, presented by Professor Jemima Asabea Anderson, the Vice-Chairperson of UGCCU, highlighted the Union’s strong financial health, with total assets growing by four per cent to GH¢320.93 million in 2024.
“Members’ deposits also saw a remarkable 26 per cent increase, reaching GH¢136.76 million, while members’ shares rose by 24 per cent to GH¢ 60.74 million,” she said.
Prof Anderson emphasised the Union’s dedication to rewarding members for their loyalty.
“A proposed payout of GH¢ 9,718,488.89 from the net surplus of GH¢ 20,246,845.61 will see members receiving a 16 per cent return on shares, pro-rated based on the timing of their share purchases,” she said.
The Board, in 2025, plans to intensify membership recruitment, enhance member engagement, and improve operational efficiency.
Dr Anderson noted that strengthening internal controls and staff training would be prioritised to ensure members enjoyed superior service and financial security.
GNA
