He cited low savings, early and intermittent withdrawals as well as loan delinquency as the major factors debilitating against the investment and financial stability of some members of the public.

Low savings and quick with­drawals, according to Dr Nyarko, also hampered the growth of credit unions as the growth and success of these financial institu­tions were dependent on regular savings and prompt repayment of loans received from the credit unions.

Speaking at the 18th annual general meeting of St Joseph Co­operative Credit Union in Tema last Saturday, Dr Nyarko be­moaned the 7.86 per cent annual growth rate of the Union.

The performance, he said, was below the 25 per cent annual minimum growth threshold supervised by CUA.

For the year under review, total assets of the Union grew from GH¢ 3,326,413.11 in 2021 to GH¢ 3,591, 778.97 in 2022, representing an increase of 7.39 per cent while total savings in 2021 was GH¢ 1, 706, 724.38 as against GH¢ 2,387, 030.95 in 2022, also representing 10.35 per cent increase.

Total shares of the Union also grew from GH¢502, 699.32 in 2021 to GH¢ 539, 172.33 with a 6.7 per cent increase in the year under review.

Capital adequacy, however, reduced from 34 per cent to 33 per cent due to inability of 272 members out of the total mem­bership of 1,229 to purchase their minimum share capital.

Total income also increased from GH¢ 493, 609.87 to GH¢ 532, 342.55 in 2022, with a net surplus of GH¢69, 504.36 as against GH¢ 14, 559.35 in 2022, representing an increase of 79.05 per cent.