Wa Community Cooperative Credit Union increases profit margin by 141 percent in 2023

In spite of economic challenges in the country last year, the Wa Community Cooperative Credit Union at Wa in the Upper West Region was able to raise its profit margin by 141 percent in 2022.
According to the annual performance report read by the Board Chairman of the WACCU, Mr Kofi Seidu, the Union recorded a resounding profit growth of GHS1,715,728.26 last year compared to GHS711,515.41 in 2021.
The Board chair noted that with the growth in gross revenue in the year under review emanating from an 8 percent growth in membership, it was not surprising that profit margin of the union soared.
Mr Seidu who made this known at the annual general meeting of the union at Wa said membership of the union grew from 16,067 in 2021 to 17,333 in 2022.
The AGM which involved both staff and members of the union as well as the old and new board members was used to take stock of activities of the union for 2022 and also draw an effective strategy on sustaining and growing the gains this year.
He hinted that the Union had not witnessed such an appreciable growth in profit in the last four years and was confident that it would help strengthen the capital adequacy ratio of the financial institution.
“Our union performed excellently with regards to revenue mobilization as gross revenue grew from GHS4,327,792.11 to GHS6,170,701.76 representing a 43 percent growth”, he announced.
The Board Chairman mentioned that achievements were made possible as a result of the contribution of both staff and members of the union and commended them for the unrelenting effort dedicated to the growth of the union.
“The educational and outreach campaigns of the Board and management also made great contributions to our ability to win new members while retaining a significant chunk of our existing members”, he explained.
He said according to the strategic plan laid down to enhance activities of the WACCU and also improve upon revenue mobilization, the Education committee of the union would intensify promotion and publicity by sponsoring programmes at selected radio stations to play jingles and other forms of advertisement as well as community outreach programmes for growth.
He appealed to members to continue to work hard for the growth of the union to ensure that WACCU survived the test of time.

 FROM LYDIA DARLINGTON FORDJOUR, WA