The Joy Credit Union (JoCCU) at Juapong in the North Tongu District of the Volta Region has held its 13th Annual General Meeting (AGM) of shareholders and stakeholders at a grand event at Juapong amidst a significant improvement in the performance indicators of the Credit Union.
A Key Performance Indicator (KPI) is a quantifiable measure to gauge performance or progress based on specific business goals and objectives. KPIs help organizations assess their performance, identify areas for improvement, and determine strategic, financial, and operational achievements.
The AGM which brought together shareholders and dignitaries from across the length and breadth of the Volta Region was held under the theme, ‘Empowering Members, Enriching Communities’ with the outdooring of a USSD Code of *899*64# which shareholders can use not only to pay their dues and premiums but also do savings with JoCCU.
One of the success stories and features of this year’s AGM was that all the shareholders and dignitaries sat on chairs and under canopies and decorative materials procured through JoCCU’s initiative and investment in these items to generate additional revenue for the shareholders.
In his welcome address and management report to the members, the Board Chairman of JoCCU, Mr. Foster Ananga announced that the Credit Union’s surplus increased from GHS166,343.97 in 2022 to GHS200,327.17 in 2023, representing an increase of 20.43 percent while JoCCU’s reserves also went up from GHS491,547.20 in 2022 to GHS553,371.51 in 2023, up by 12.58 percent.
According to Mr. Ananga, JoCCU’s Total Assets rose from GHS7,805,170.47 in 2022 to GHS10,062,036.19 in 2023, representing an increase of 28.92 percent. Loans to members also went up from GHS3,784,346.41 in 2022 to GHS5,564,934.14 in 2023, representing some 32 percent, whereas members’ savings rose from GHS6,090,047.44 in 2022 to GHS7,648,843.39 in 2023, up by 25 percent.
Touching on Shares of JoCCU, the Board Chair disclosed that it went up significantly by 52.98 percent, that is from GHS1,164,716.33 in 2022 to GHS1,781,796.88. Membership of JoCCU, he said has increased from 8,808 in 2022 to 10,202 in 2023 with the optimism of further increasing membership in the coming years.
The Regional Manager of the Volta Chapter of the Credit Union Association (CUA), Mr. Ignatus Agama lauded the modest achievements of the management and shareholders of JoCCU over the period, saying the impact JoCCU has made on members should inspire them to do more with their Credit Union for greater benefits.
According to him, but for Credit Unions, the economic situation of members would have been very appalling because of the country’s economic situation and challenges. Mr. Agama therefore used the occasion to renew his appeal to members and shareholders of JoCCU to repay their loans on time to benefit from higher facilities to transform their businesses and lives.
Other speakers at the 13th AGM included the Volta Chapter President of the Ghana Credit Union Members (GHACUM), Mr. Edem Lawson Adorboe, the Volta Chapter President of the Credit Union Association (CUA), Mr. Redacord Doe, and the Volta Regional Director of the Department of Co-operatives, Mr. Emmanuel Nartey.
The Chief of Juapong, Togbe Ahadzi Gboti III who also graced the occasion, commended the management, staff, and members of JoCCU for their impact on the local economy of Juapong and its surrounding areas. He stressed the need for the members to preach the good work of JoCCU to the general public for more people to become members to reap the benefits as well.
The outgoing Board of Directors under the chairmanship of Mr. Foster Ananga was re-elected for their excellent work and sterling leadership qualities to steer the affairs of JoCCU for the next four (4) years. The other members of the Board were Mr. William Adagblenya, Vice Chairman, Mr. Francis Gavi as Secretary, Madam Ruth Mawusime Salumah as Treasurer, Mr. Michael Kudzordzi as Vice Secretary and Dr. Samuel Agbenyo, Ex-Officio member.
JoCCU has Mr. Bright Worwornyo as its Managing Director (MD). It has thirty-three (33) staff members who are manning all four (4) branches and offices at Juapong, the Head Office as well as at Peki, Dzemeni, and Asikuma branches.
As part of its corporate social responsibility initiatives, some 1,500 Customized Note 1 Exercise Books were produced and substantial portions of these books were distributed to three (3) Basic Schools at Dzemeni, all aimed at not only promoting youth savings activities in the catchment area but also improving learning outcomes of pupils in these beneficiary schools.
A shareholder and renowned businessman of the area, Mr. Ernest Kodzo Gokah who chaired the function, called for a continuous commitment and dedication to the vision and mission of JoCCU by both management, staff, and shareholders so as to enable the Credit Union to achieve greater feet in the coming years.
