NYANKPALA, Ghana–For the first time in 15 years, members of the SARI Workers Cooperative Credit Union have been paid a 17.5% dividend for each share they hold for the financial year that ended on June 30, 2019.
Outgoing Chairmsn Dr. Mutari Abubakari announced the dividend during the 29th Annual General Meeting (AGM) of the CU, held at Nyankpala. Abubakari credited the growth of the credit union for the ability to make the payout, according to GhanaWeb.com.
The chairman said during the period membership of the CU and savings increased, while member members with loans paid on schedule, hence the increase in total income.
The SARI Workers Cooperative Credit Union serves workers of the Council for Scientific and Industrial Research-Savanna Agricultural Research Institute in Northern Ghana and its membership is open to not only CSIR-SARI workers, but members of the public.
At year-end the credit union reported income of GH¢1, 863,402.76 in 2019 as against GH¢1,555,553.58 in 2018, while current liabilities stood at GH¢1,449,217.99 in 2019 as against GHc1, 253,966.50 in 2018, GhanaWeb.com reported.
The auditors’ report also showed that the total income of the Union stood at GH¢371, 604.38 in 2019 against GH¢331,728.77 in 2018.
Abubakari assured members that a strong foundation was built for the credit union.
Separately, Henry Antoungba, northern regional manager of the Credit Union Association, said the decision to expand the credit union’s field of membership would drive additional growth.
During the meeting, the eight members of the SARI Workers Cooperative Credit Union were reelected.