WaCCU declares surplus of sale of shares at the end of its financial year
The Wa Workers Cooperative Credit Union (WaCCU) in Wa has declared its surplus of sale of shares as at 1st July 2019 to 31st June 2020.
Announcing the surplus amount at the 15th Annual General Meeting of the cooperative, the Manageress, Madam Alima stated that, a whopping 83,000 Ghana Cedis of surplus were realized in the financial year and shall be distributed among every shareholder of the cooperative.
She attributed the performance to the commitment of members and loan repayment by their debtors despite the challenges of covid-19.
The Loans Committee Chairperson of the Cooperative, Millicent Zuuri mentioned that a total of 1, 312 people applied for loan from the cooperative in the financial year which was dominated by males representing 56 percent of total applicants.
Millicent Zuuri also mentioned that loans repayment in the financial year has been encouraging from clients, thereby attributing the success to the grievous efforts by the loans committee, management and commitment by the loan debtors.
She however noted that, high demand for loans, large amount of loans, inadequate savings from some members were some challenges that hinders the operations of the lonas committee and the cooperative at large.