Abosomankotere Credit Union reaffirms commitment to members’ growth and national development

Abosomankotere Co-operative Credit Union successfully held its Annual General Meeting (AGM) on Saturday, April 26, 2025, at the Encom Hotel Annex in Hansua, Techiman.

The meeting brought together shareholders, management, and board members to review and approve key decisions vital to the future growth of the Credit Union. It provided an opportunity to confirm the minutes of the previous AGM, adopt the audited financial statement for the 2024 fiscal year, receive reports from the Board of Directors and committees, declare dividends, and elect new leadership for the Union.

The financial statement for the year ended 31st December 2024 showed a strong performance by the Credit Union, with total income reaching GH₵14,673,153.86—up from GH₵11,407,882.13 in 2023. This increase was driven primarily by.

• Interest on Loans: GH₵5,738,729.26

• Interest on Liquid Investments: GH₵8,857,165.47

• Other Financial Income: GH₵161,097.77

• Non-operating Income: GH₵14,896.55

Total expenditure amounted to GH₵10,209,061.07, including:

• Cost of Funds: GH₵1,768,573.36

• Personnel Costs: GH₵3,474,647.62

• Occupancy, Organizational, Security, and Administration: GH₵4,643,011.88

• Provision for Loan Losses: GH₵322,828.21

This resulted in a Net Surplus of GH₵4,464,092.79 in 2024, compared to GH₵3,503,105.74 in the previous year.

Surplus Appropriation

Out of the GH₵4,464,092.79 net surplus, the following appropriations were made:

• Statutory Reserve (25%): GH₵1,116,023.20

• Operating Reserve: GH₵3,348,069.59

This surplus appropriation ensures compliance with regulatory standards and helps build financial resilience to support future operations and member services.

In an interview with the media, the Chief Executive Officer of Abosomankotere Co-operative Credit Union, Mr. Prosper Aforbu, revealed that the Union is committed to supporting its members’ businesses while contributing to national development through strategic investments.

According to him, the Credit Union supports government initiatives regardless of political affiliations, emphasizing the importance of community involvement and collaboration.

“Our goal is to help our members thrive in their businesses, and by doing so, we can contribute significantly to eradicating poverty.

“At Abosomankotere Co-operative Credit Union, we are committed to supporting all government initiatives. We recognize that some people tend to criticize government projects, especially when their preferred political party is not in power. However, we at Abosomankotere Co-operative Credit Union believe in engaging the community to actively support and participate in these initiatives, including providing financial assistance where necessary.” He said.

Mr. Prosper Aforbu further revealed that, as part of its Corporate Social Responsibility, Abosomankotere Co-operative Credit Union has supported several farmers’ associations in Buipe, Abaase, and other surrounding communities by purchasing tractors to aid them in land preparation and agricultural activities, helping to promote food security in the country.

“As part of our Corporate Social Responsibility, we have supported several farmers’ associations in Buipe, Abaase, and other communities by purchasing tractors to assist them in ploughing their lands.

“I sometimes find it strange that, despite the vast arable land available in our country, we still import large quantities of foodstuff from abroad. This is one of the main reasons we invest heavily in our farmers, to empower them to produce enough food to feed the nation.” He stated.

The outgoing Board Chairperson of Abosomankotere Co-operative Credit Union, Nana Opoku Amoah Kromansa, in his address outlined a visionary path for the Union’s continued growth and transformation in the coming year.

He praised the Union’s consistent year-on-year growth, emphasizing the Credit Union’s evolution into a resilient and trusted financial institution. The former Chairperson called on members and stakeholders to rally behind a renewed commitment to service excellence, technology advancement, and product innovation.

“Abosomankotere Cooperative Credit Union continues to grow in strength year on
year. In 2025, our key message is to project the union as the financial institution of
choice. Where members can count on our reliability, convenience and capabilities in
offering useful and profitable banking solutions.

“Our spotlight would still be on making our services even more accessible to
members by opening more branches and introduce a robust IT/e-banking
infrastructure.” He stated

Nana Opoku Amoah Kromansa continued, “We would continue to expand our range of Products and Service offerings and deepen the promotion of existing products and Services through our newly
introduced product celebration weeks.

“The union will be persistent in providing the right training for our young, highly
talented and Professional staff and keep motivating them to deliver yet another
remarkable performance in 2025.”

One of the key highlights of the AGM was the election of new leadership. Mr. Thomas Ansu Effah was elected as the new Board Chairman of the Credit Union. In his acceptance speech, Mr. Effah expressed deep appreciation to the members for their trust and pledged to build on the Union’s past successes.

“My heartfelt gratitude goes to all the shareholders of the Credit Union for having faith in me to lead them once again as the Board Chairman of Abosomankotere Co-operative Credit Union.

“I previously served as the Board Chairman for four years before stepping down due to certain work-related challenges. At that time, I was working at the Techiman Holy Family Hospital while managing my shop, which made it difficult for me to dedicate enough time to my responsibilities as Board Chairman.

“During my tenure, we successfully built the Techiman Office and expanded our common bond to include the general public. Now that I have been given the opportunity to lead again, I am committed to continuing the good work of the previous Board and building on the achievements we have made.” He assured.

Mr. Effah further explained that the new Board will collaborate closely with management to implement strategies that will better serve the members’ interests.

“The Board members will meet with the management of the Credit Union to develop the best strategies to serve our members. It is important to remember that every Credit Union belongs to its members who are our shareholders and our primary duty is to serve their interests. I am confident that, with my past experience and the support of my new team, we will uplift the image and raise the standard of the Abosomankotere Co-operative Credit Union.” He said.

Source: Ghanaweb.mobi