Our term of office for the four years has ended and we are here today to account to you on the results of our performance for the current financial year. I welcome all of you, especially our guests, who have honoured our invitation to grace this occasion with their presence. We salute you members for the confidence reposed in our team.
Total income grew from GH¢14,185,297.59 to GH¢18,560,161.78 representing 31%. The cost of funds amounted to GH¢7,910,832.41 compared to GH¢6,490,066.89 that is an increment of 21.89% at the end of June 2018.
Our Total Assets saw a significant growth from GH¢77,095,132.83 to GH¢ 102,541,408.84, an increase of 33%. Savings deposit increased from GH¢51,511,216.70 to GH¢ 64,078,074.00 representing 24% increase. The Union has a reserve of GH¢ 20,754,823.06 which is 20.24% of total assets prior to dividend payment. The proposed dividend, if approved, will reduce the reserve level to 16.76% of total assets.
Dividend for 2017/2018 Financial Year
Subject to the approval of this Annual General Meeting, Management will declare 45% of net surplus amounting to GH¢ 3,565,110.09. Management will reward members appropriately for their financial interest in the Union. The payment will result in GH¢ 0.22 earnings per every GH¢1.00 shares held, which compares favourably to high yielding investment instruments in the Ghanaian money market.
Corporate Social Responsibility
The Union regards engagement in our local community and the improvement of the welfare of our society as beneficial to the sustenance of its operations. Based on these, the Union made donations to three different institutions namely:
• University of Professional Studies, Accra (UPSA)
• Legon Police Station
• University of Ghana Alumni Association
Budget for 2018/2019
Management hereby implore members to approve the budget to be presented by the Treasurer for effective administration of the Union. The budget, if approved will lead to a reduction of interest on loans to 2.00% per month on reducing balance.
ACHIEVEMENTS DURING THE FOUR YEAR TENURE
Membership increased from 4,979 in July 1, 2014 to 7,370 in June 30, 2018 representing 48%.
2. Financial Highlights.
Total income grew from GH¢6,093,961.31to GH¢18,560,161.78 representing 204%. The cost of funds amounted to GH¢ 7,910,832.41 in June 2018 compared to GH¢3,106,788.88 at the end of June 2014, an increase of 155%.
Our Total Assets saw a significant growth from GH¢ 35,017,418 to GH¢ 102,541,408.84 representing 193%. Savings deposit increased from GH¢25,158,299.64 to GH¢64,078,074.00 an increase of 155%. Our reserve position increased from GH¢5,447,790.50 to GH¢20,754,408.84 representing 281%.
3. Fibre Optic
The Union, was fully connected to the main University’s network using Fibre Optic and this has improved work in the office. 4. Conditions of Service for Staff
The Conditions of Service for Staff was duly developed and the staff now operate with this document.
5. Four-year Strategic Plan
A Four-year Strategic Plan was developed by the Board. This guided our work resulting in the successes achieved so far.
The Union has procured a software “Smart Sacco Manager”. This has improved the work such that some people are able to access loans and make withdrawals on the same day.
7. Flexy Account.
I am happy to inform you of the creation of a transactional account for every member. This account supports salary payment and Mobile money transactions for Credit Union members. University of Ghana Credit Union cheque transactions are permissible using Flexy account. The Union in collaboration with Republic Bank (Ghana) Ltd. and Ecobank (Ghana) Ltd. will issue debit cards linked to the Flexy Account. Funds in the Flexy account at the request of the member can be transferred to savings, shares, Kiddy account and for repayment of loans.
This account is not considered as a multiplier in a member’s loan application. Balances could, however, be used to offset loans when the member is exiting the Union. Withdrawals are permissible irrespective of the member’s loan status with the Union.
8. Office Building
The office building expansion project which started in March 2017 has been completed and duly inaugurated by the Vice-Chancellor of University of Ghana, Professor Ebenezer Oduro Owusu.
9. CUA Recognition
The Credit Union Association of Ghana (CUA) declared the Union as the largest and overall best Credit Union in Ghana for 2016.
The Union would like to show appreciation to Mr. Michael David Sackey, who developed and supported the Union’s first software for over 20 years.
I thank every member and all our guests for attending this important Annual General Meeting.