By Enock Akonnor enockakonnor2013@gmail.com
The loan delinquency rate of the Soil Research Institute Co-operative Credit Union which stood at 23% last year, is now 10% as at December,2022 and still going down; the Board has disclosed.
On Investment, even though some of their funds were locked up, the investment committee, led by the BOD according to officials is currently being very strategic in putting up funds in areas that yield good returns but most importantly, very safe, secured and credible bank and investment houses.
The Credit Union has shown some appreciable growth in some performance indicators.
Membership savings which recorded GH 8,597,488.40 in 2021 shot up to GH 10,452,267.44 in 2022 representing 21.6% growth.
Also Member shares which was GH 1,154,919.78 in 2021 rose to GH 1,348,224.61 in 2022 representing GH16.74% whereas that on Membership grew from GH 6,281 in 2021 to GH 6,363 in 2022.
However, figures on Liquid investment declined from GH 5,561,384.53 in 2021 to GH 4,425,973.72.
The Union’s total assets shop up from GH 11,833,403.89 in 2021 to GH 14,278,310.13 in 2022.
Disclosing the above in his report at the Union’s 23rd Annual General Meeting in Kumasi, the Board Chairman Mr. Edward Kissi recalled some funds of the Union which are locked up at Goldcoast Security now Blackshield, Investa Capital, I.G.S Financial Services and New Generation.
“It is our hope that we will receive these funds in the not distant future as the BOD is keeping close eyes on them”, he mentioned.
Mr. Kissi stated that the BOD has drawn up budget lines for all committees, staff etc. with improved strategies to circumvent spending on unbudgeted items as part of measures aimed boosting the productivity of the Union.
On security, he asserted that the Union following a robbery incident which rocked the Union somewhere last year has beefed up security through the use of armed security guards both day and night.
“Again on security, we have improved our CCTV cameras and also installed Electric Wire Fence on our fence walls.
There has also been significant improvement and re-enforcement of all our entry doors to the banking halls. I am also happy to inform you that we have received in full the insurance claims on the robbery case last year.”
About Post Author
