The North Tema Cooperative Credit Union Limited, located in the Tema Metropolitan Area of the Greater Accra region, has reported an impressive 63.94% increase in loan disbursements for 2023, signifying a successful financial year.
The Union disbursed a total of GH¢41,323,530 in loans, up from GH¢25,206,220 in 2022, a growth driven by the introduction of special business loans tailored to meet the specific needs of its members.
This substantial increase in lending activity not only highlights the Union’s commitment to supporting the economic aspirations of its members but also significantly contributed to its overall financial performance. The loan growth was instrumental in the union achieving a 28.85 percent rise in net surplus, closing the year with GH¢3,024,047, up from GH¢2,346,934 in 2022.
The Secretary of the Board of Directors, Nii Laryea Ashia, announced these figures at the Union’s 35th Annual General Meeting (AGM), attributing the strong financial results to the strategic initiatives undertaken by the current Board. “The introduction of special business loans has been particularly impactful, especially for freight forwarders who have leveraged these products to clear goods from the port, further boosting our loan portfolio,” he noted.
The Union’s total assets also grew by 18.63 percent, reaching GH¢74,142,114 in 2023, compared to GH¢62,501,061 the previous year. This asset growth, coupled with the increased lending, reflects the union’s robust financial health and its growing influence in the region.
Members’ share capital saw a 24.43 percent increase, rising from GH¢2,392,265 to GH¢2,976,779, with the union proposing a 25 percent dividend on members’ shares. Additionally, deposits grew by 32.42 percent, reaching GH¢60,625,314, up from GH¢45,781,716 in 2022, despite challenging global and national economic conditions.
The Union’s membership base expanded by 14.31 percent, increasing from 10,116 to 11,564 members. This growth aligns with the union’s objective to broaden its reach and solidify its presence as a key financial institution in the region.
Nii Ashia noted the Union’s strategic investments during the current Board’s tenure, including the acquisition of a new building for the Ashaiman branch and the relocation of the Community Eight branch to Community Two.
He also mentioned the renovated F.E. Daniels building, emphasizing that these developments are part of the union’s broader rebranding efforts to enhance its market position.
The newly elected Board Chair, Antia Ohene Mayne, pledged to build on the outgoing board’s achievements, with a focus on enhancing digitalization processes and addressing delinquent loans. “We will ensure the training of members in business management, entrepreneurship, marketing, and business ideas to help them succeed as entrepreneurs so that when they take a loan, they can repay it,” she said, reiterating the union’s commitment to empowering its members economically.
The General Manager of the North Tema Cooperative Credit Union Ltd., Dorothy Asiamah Cobhinah, in an interview with the media, affirmed the Union’s plans to introduce cutting-edge technology and innovative products to further enhance service delivery and meet members’ evolving needs.
The North Tema Cooperative Credit Union’s strong loan performance and strategic growth initiatives have positioned it as a leading credit union in Ghana, with a clear mission to economically empower its members through sound financial services.
