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Wa Community Cooperative Credit Union increases profit margin by 141 percent in 2023
In spite of economic challenges in the country last year, the Wa Community Cooperative Credit Union at Wa in the Upper West Region was able to raise its profit margin by 141 percent in 2022.
According to the annual performance report read by the Board Chairman of the WACCU, Mr Kofi Seidu, the Union recorded a resounding profit growth of GHS1,715,728.26 last year compared to GHS711,515.41 in 2021.
The Board chair noted that with the growth in gross revenue in the year under review emanating from an 8 percent growth in membership, it was not surprising that profit margin of the union soared.
Mr Seidu who made this known at the annual general meeting of the union at Wa said membership of the union grew from 16,067 in 2021 to 17,333 in 2022.
The AGM which involved both staff and members of the union as well as the old and new board members was used to take stock of activities of the union for 2022 and also draw an effective strategy on sustaining and growing the gains this year.
He hinted that the Union had not witnessed such an appreciable growth in profit in the last four years and was confident that it would help strengthen the capital adequacy ratio of the financial institution.
“Our union performed excellently with regards to revenue mobilization as gross revenue grew from GHS4,327,792.11 to GHS6,170,701.76 representing a 43 percent growth”, he announced.
The Board Chairman mentioned that achievements were made possible as a result of the contribution of both staff and members of the union and commended them for the unrelenting effort dedicated to the growth of the union.
“The educational and outreach campaigns of the Board and management also made great contributions to our ability to win new members while retaining a significant chunk of our existing members”, he explained.
He said according to the strategic plan laid down to enhance activities of the WACCU and also improve upon revenue mobilization, the Education committee of the union would intensify promotion and publicity by sponsoring programmes at selected radio stations to play jingles and other forms of advertisement as well as community outreach programmes for growth.
He appealed to members to continue to work hard for the growth of the union to ensure that WACCU survived the test of time.
FROM LYDIA DARLINGTON FORDJOUR, WA
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
