Our Slogan: KATH-CCU—Members First!
The Regional Director of Co-operatives, the Metro Director of Co-operatives, Regional Manager of CUA, Representatives of CUA, Representatives of Department of Co-operatives, Fellow Co-operators, ladies and gentlemen, on behalf of the Board of Directors of KATH-CCU, I present our report which covers the performance of KATH-CCU from 1st July 2017 to 30th June 2018 to the members here present.
The vision and mission of this great movement of ours continue to be realized and actualized with each passing year and I am grateful to all for your immense contributions to this feat.
My presentation will briefly highlight the following performance areas;
1. Membership Drive and Members Acquiring their minimum shares of GH₵ 200, CUA standard.
2. The Performance indicators
3. Opening of the Common Bond to cover all workers on the Controller and Accountant General Payroll in Ashanti Region.
4. Fixed Deposit effective 2019
5. Overdraft/CreditLine for members with their salaries passing through KATHCCU
6. The Way Forward
Membership Drive and Acquiring Full Shares
Our Education Committee came out with a comprehensive programme outline with set objectives as follows;
1. To increase membership of the KATH Credit Union
2. To revive dormant members
3. To increase member participation in the union’s activities
4. To enroll in all staff of the Ghana health service facilitates and other institutions in the Ashanti Region.
5. To enroll in more salary workers from Corporate Institutions in and around our common bond
6. To urge all members to acquire the minimum shares of GH₵ 200
With committed pursuant of these set goals our membership rose from 3,243 last year to 3,623 comprising 2,325 females, 1,209 males and 89 groups this year. This represents an increase of 11.7%. Today our active membership stands at 2,755 i.e.76.0%. Non Active members stand at 868 i.e. 24%.
Fellow Cooperators, our membership includes staff of Manhyia Hospital, Kumasi Children Hospital, Kuntenase Hospital, Suntreso Hospital, Tafo Hospital and Atonsu Agogo Hospital, KMA staff, Fire Service staff and Ambulance Service Staff, and Teachers in all schools in the Ashanti Region.
Since the commissioning of our office complex 206 new members have joined the Union.
Let me thank the education committee for their tremendous efforts to get on board all our dormant members to become active members once again and to get our newly appointed hospital staff to join the union. Nonetheless there is still more work to do to get more people to enroll as members.
Fellow Cooperators, over the past decade, the Board with the Manager have made serious efforts to invest our surplus income in low-risk ventures in various reliable investment houses. These liquid investments have risen to the tune of GH₵5,892,915.38 this financial year as compared to GH₵ 5,256,538.22 last year representing 12.1% increase.
Fellow cooperators, today we can report to you that KATH-CCU is 59.0% liquid above the 20% Standard by CUA.
Even though the micro and macro financial environment of Ghana have been unstable, turbulent and not very favourable for members in the year under review to save nonetheless our members’ savings rose to GH₵ 6,287,247.98 this financial year as compared to GH₵5,288,916.91 last year, representing an increase of 18.9%. I will encourage all our members to continue to save the monthly minimum saving of GH₵50.00.
Fellow cooperators, the union granted loans to its members to the tune of GH₵2,586,679.29 as compared to GH₵2,323,061.48 last year representing a percentage increase of 11.35%. Our members utilized these loans in various ventures including the following;
Others—12% rent advance, medical bills, Agriculture and funerals
The union will continue to empower its members in all life endeavors to be happy all the time.
Invited guests, all these loans granted fell within our 4 types of loans;
1. Loans within Savings
2. Normal Loan-1:2 ratio
3. Special Loan (Ability To Pay) – 1:4 ratio. Given to members with GH₵1,000.00 shareholdings
4. Emergency Loans given to members who are on source deduction at controller. It depends on the amount deducted monthly.
5. Salary Loans given to members who channel all their salary through the Credit Union.
Our minimum member shares by KATHCCU standard is ₵500 but a member can hold shares up to any amount higher but less than 20% of our total assets.
Fellow cooperators, during the year under review, members’ shares rose to GH₵1,342,200.47 compared to GH₵1,007,126.82 last year representing a percentage increase of 33.27%
Our total assets increased by 24.8% from GH₵8,575,931.15 in 2017 to GH₵10,703,431.96 this financial year. This is very phenomenal as it has propelled us into the Large Credit Unions Zone. It is a fact that KATH-CCU is a Large Credit Union.
In the year under review, we realized a surplus of GH₵1,179,509.10 as against GH₵973,139.43 in 2017 from our operations. This represents an increase of 21.2%. This is no mean an achievement. Out of the appropriated net surplus, a dividend of 17% as compared to 15% last year of share value is proposed for members.
The Way Forward
We have opened up our common bond to roll in salary workers in corporate bodies and institutions surrounding KATH and all staff of hospitals and clinics in the Ashanti Region.
Currently we have mobile money transfer for all mobile networks and also Western Union Money Transfer and will be operating 24 hour ATM services courtesy GT Bank. ATM cards will be issued to interested members in 2019.
We have already issued cheque books to interested members to operate their accounts with the union to facilitate transactions outside the hospital.
We have salary payments in the union for staff salaries that pass through the union directly.
Members can also give standing orders for direct debit to their savings and repayment of their loans from their banks.
All members should acquire the CUA minimum shares of 200ghc by the 31st December, 2018.
We shall receive fixed deposits from members effective next year 2019.
We shall give Overdraft/CreditLine to members whose salaries pass through KATHCCU
I thank the Board, Executives, Manager and staff of the union and all members for contributing to this success of KATHCCU. One day our story will be told that we all contributed to make KATHCCU a large credit union in Ghana.
Thank you and God bless us all.