The University of Ghana Co-operative Credit Union (UGCCU) has demonstrated remarkable financial growth and stability in 2024, solidifying its position as a leading financial institution in Ghana and the West African sub-region. The Union’s latest financial performance report highlights substantial increases in key areas, including loan portfolio, member deposits, and member shares, reflecting the UGCCU’s commitment to serving its members and fostering financial well-being within the university community. This success underscores the effectiveness of the Union’s strategic initiatives and its dedication to providing valuable financial services to its members. Looking ahead, the UGCCU is poised for continued growth and enhanced service delivery, focusing on expanding its membership base, strengthening member engagement, and improving operational efficiency.
One of the most significant achievements in 2024 was the substantial growth in the total value of loans disbursed to members. The loan portfolio surged to GH¢172.29 million, a robust 16% increase compared to GH¢148.15 million in 2023. This growth reflects the Union’s commitment to providing accessible and affordable credit to its members, empowering them to meet their financial needs and achieve their personal and professional goals. This significant expansion of the loan portfolio underscores the UGCCU’s crucial role in supporting the financial well-being of its members and contributing to the overall economic development of the university community.
In addition to the impressive growth in loan disbursements, the UGCCU also witnessed significant increases in member deposits and shares. Member deposits grew by a remarkable 26%, reaching GH¢136.76 million, demonstrating the trust and confidence that members place in the Union’s financial stability and security. Furthermore, member shares increased by a substantial 24%, reaching GH¢60.74 million, further solidifying the UGCCU’s strong financial foundation. These increases in member deposits and shares not only strengthen the Union’s financial position but also reflect the growing engagement and participation of members in the cooperative.
The UGCCU’s impressive financial performance in 2024 resulted in a substantial net surplus of GH¢20,246,845.61. As a testament to its member-centric approach, the Union proposed a payout of GH¢9,718,488.89 from this surplus, representing a 16% return on shares for members. This payout demonstrates the UGCCU’s commitment to rewarding its members for their loyalty and participation, further incentivizing membership and strengthening the cooperative model. The pro-rated distribution of the payout, based on the timing of share purchases, ensures equitable distribution of the benefits among all members.
The UGCCU’s strong financial performance in 2024 has laid a solid foundation for continued growth and success in the years to come. The Union’s leadership has outlined key strategic priorities for 2025, focusing on enhancing member engagement, expanding membership recruitment efforts, and improving operational efficiency. These initiatives are aimed at further strengthening the UGCCU’s position as a leading financial institution and providing even greater value to its members. By prioritizing member needs and investing in strategic improvements, the UGCCU is well-positioned for continued growth and success.
The UGCCU’s commitment to strengthening internal controls and staff training is another key aspect of its strategic plan for 2025. These measures are crucial for ensuring the highest levels of service quality, financial security, and member satisfaction. By investing in its internal capabilities and empowering its staff, the UGCCU aims to provide members with a superior banking experience and maintain the trust and confidence that have been instrumental in its success. The UGCCU’s proactive approach to risk management and its dedication to continuous improvement position it as a model for cooperative financial institutions in the region.
