ST. Paul’s Co-operative credit union remains robust despite economic challenges

Even though the year 2022 witnessed economic turbulence with cedi depression which negatively affected imports and increased local inflation, the St Paul’s Co-operative Credit Union made a giant stride meeting its annual budgets, increased operating margins, capital efficiency and revenue growth rate.

Assets of the credit union increased from 14.8 million Ghana cedis to 20.5Million Ghana cedis in 2022 representing 27.58 percentage growth.

This was contained in the union’s financial statements which was read to members at the Annual General Meeting of shareholders in a Kumasi by the Board Chairman Mr. Emmanuel Boakye.
The Board chairman stated that the union’s savings also increased from 11.39 million Ghana cedis to 13.3million representing a year-on-year growth of 14 .36 percent.

These successes according to management were achieved mainly through strategic cooperate planning.
The board chairman said management prioritized employees in the area of capacity building and adherence to positive employees’ centric environments since this is crucial to happiness and job satisfaction.

The general manager of the credit union Mr. John Mensah later in an interview urged Ghanaians to pay attention to credit unions as it is in other jurisdictions. He said joining a credit union is like working for oneself.

Mr. Mensah also attributed the financial gains that the institution has witnessed so far to prudent management and strategic planning.