Mr  Kwaku Nyarko Addo, Chief Executive Officer of SHACCU said despite the numerous challenges within the year under review, the credit union was able to disburse GHC5.2 million in terms of loan to over 2000 clients in commerce, agriculture, education, health and shelter.

At the annual general meeting of the credit union, Mr. Addo said a dividend of GHC0.4 per share amounting to a total of GHC54, 104.88 was also paid.He said financial report and dividend information recorded a surplus of GHC195, 077.65 as at the end of the 2016 fiscal year.

The CEO said the credit union was currently rated the largest union in the Western Region with an Asset base of GHC12.2 million, deposit of GHC9.4 million and a loan portfolio of GHC5.2 million. Mr. Addo expressed gratitude to staff and the board for their commitment which that brought them success despite the economic downturn.

The SHACCU credit union during the year under review also rolled out its electronic service; VISA and Master cards ATM and E-zwich services. The credit union again fulfilled its corporate social responsibility by providing computers to the Shama district education office, the Sekondi School for the deaf, and provision of street light among others.

 The CEO said in 2017, the credit union was rolling out loan packages such as hire purchase, salary loans and retirement savings.    Reverend John Wesley Acquah, Board Chairman of the Union said they had increased their margins by recording an operating income of GHC 2.3 million in 2016 as against GHc1.7 million in the previous year.

The credit union according to him, also recorded a reduction in the cost income ratio of 9.1 per cent as compared to that of 8.5 per cent in 2016.  Nana Kwasi Agyapong, the   General Manger highlighted the good performance as indicated by the union’s audited report adding, “your liquidity is solid”.

 He however urged members and management to ensure the growth of the Union to enable it to be considered among the club 10 credit unions in terms of product offerings.