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THE INCREASE IN WACCU MEMBERSHIP HAS IMPROVED ITS OPERATION AND SERVICE DELIVERY TO CLIENTS –BOARD CHAIRMAN
The Wa Community Co-operative Credit Union (WACCU) after its 59 years of existence has made a profit of GH¢2,354,094.23 in 2023 against a profit of GH¢1,715,728.26 in 2022 due to increase in the union portfolio coupled with members’ efforts at repaying their loans promptly.
As of December 31, 2023, the union total assets shot up to GHS 46,633,473.58 also representing 25.5% as compared to the previous years.
The union also recorded an increase in its total expenditure from GHS 6,141,485.36 as compared to the year 2022 which recorded a total amount of 4,454,973.50 representing a 37.86% increase in expenditure.
In a report presented by Mr. John Kofi Siedu, Board Chairman for the union during the union 2024 Annual General Meeting held in Wa, it is noted that, the union recorded a surge in membership in the year 2023 as compared to the year 2022.
He also appealed to the President, Finance Ministry and the Ghana Revenue Authority (GRA) to consider an immediate review of the tax law that had wrongfully brought credit unions under the tax radar of the state.
Mr Seidu said this in relation to an estimated amount of GH¢900,000.00 corporate income tax obligation of WACCU for 2023, which he said was the first time WACCU was paying such tax in its 59 years of existence.
He added that, although an amount of GHS 1,870,000.00 has already been paid as arrears covering 2017 to 2022; but it has affected amount available for distribution and capitalization.
Mr. Siedu on the other hand EXPRESSED worries on how the GRA has been harassing credit unions over the corporate income tax and appealed to the appropriate authorities to take the necessary action including reviewing the law to help save Credit Unions from such harassment.
He said within the year under review the Union made a gross revenue of GH¢8,495,579.59 against a gross revenue of GH¢6,170,701.76 accrued in 2022.
Meanwhile, Mr. Abraham Dakurah, the Supervisory Manager for the Wa Community Cooperative Credit Union in Upper West Region also urged members of the union to report any staff who fails to discharge his or her duties appropriately to the necessary authorities for action.
According to him, any staff who is been reported by a member for not properly discharging his or her duties can be sacked from the union per the union’s appointment conditions.
He also added that, plans are in progress for construction and enlargement of some banking halls belonging to the union to enable improve quality service delivery for members.
Mr. Abraham Dakurah revealed that, plans are also underway to construct a union bank in Daffiama by 2026 according to the strategic plan of the union.
He also disclosed that, the union has procured lands in some parts of the Region to be use for the construction of banking halls; adding that, there is a land available in Daffiama, Wecheau and some other Districts.
He further called on members to constantly pay their loans on timely bases to enable the union achieve its intended banking purpose.
