The UPSA Co-operative Credit Union has announced impressive growth in its assets and financial performance for the 2023 fiscal year.
Speaking at the 2023 Annual General Meeting (AGM) in April, the Board Chair of the Union, Dr Mrs Philomena Dadzie, attributed the growth to sound management practices and strategic measures put in place by the Union.
She noted that despite the harsh economic challenges in the country, the Union made significant progress in its overall membership growth, covering more than 60 percent of the total staff population.
“Due to inflation and other factors faced in Ghana, the credit union system was riddled with the issue of late loan payments, low deposits, and low membership generally,” Dr Dadzie said as she presented her report and financial statement to members at the AGM.
“Nonetheless, the UPSA co-operative credit union grew by leaps and bounds because it adopted strategic measures [enabling it] not to be a victim of these economic woes.
“The Union also continues to grow its current assets steadily, and at the end of the year, a total of GHS2.5 million represented total assets.”
Dr Mrs Dadzie thanked members for their continued support while calling on other staff members who were yet to join the union to do so for the collective good of community members.
She emphasised that the union will continue to be resilient and resolute in discharging its mandate successfully, despite economic difficulties.
The AGM provided a platform for members to receive and adopt the report of the Management Board for the 2023 financial year.
Members also deliberated on the auditor’s report and approved the 2024 financial year budget presented by the executives.
The UPSA Co-operative Credit Union is a not-for-profit financial institution that provides a wide array of financial services and products to staff, students, and selected groups of the general public.
