By Alex Ababio | Ghanaian Watch |
The Crops Research Institute Cooperative Credit Union, headquartered at Fumesua in the Ejisu Municipality of the Ashanti Region, has reported impressive financial performance for the 2024 fiscal year, driven by disciplined financial management and strategic reforms.
Speaking at the Union’s 24th Annual General Meeting at Fumesua , Board Chairman Dr. Francis Osei Amoako Andoh lauded the institution’s resilience in the face of economic and operational pressures. He attributed the union’s remarkable turnaround to innovation and targeted investments in staff development.
“Our commitment to innovation and proactive leadership led to a remarkable 224% increase in accrued earnings (reserves), reaching GH¢279,004.69 in 2024, up from a negative reserve balance of GH¢224,745.34 the previous year. We also witnessed a 52 percent increase in income, rising from GH¢953,261.12 in 2023 to GH¢1,450,810.12 in 2024,” Dr. Andoh told shareholders.
Key Financial Highlights
The Credit Union’s equity recorded a significant growth of 89%, increasing from GH¢555,563.54 in 2023 to GH¢1,050,207.73 in 2024. This impressive rise was mainly fueled by retained earnings and share subscriptions from members.
The Credit Union’s total assets rose by 33.6% to GH¢9.6 million in 2024, up from GH¢7.19 million the previous year. This growth was largely driven by increased liquidity and expanded loan offerings to members.
Liquid investments surged by 36.7%, totaling GH¢2.26 million in 2024, compared to GH¢1.87 million in 2023. Net loans to members also recorded a significant jump of 123.5%, reaching GH¢4.1 million from GH¢1.83 million a year earlier.
Members’ savings grew by 28.5%, rising from GH¢6.49 million in 2023 to GH¢8.34 million in 2024. According to the Board Chairman, this reflects “renewed trust and strong confidence from members.”
Surplus and Operational Costs
The Union recorded a net surplus of GH¢68,088.12 in 2024, a stark contrast to its deficit of GH¢1.68 million in 2019. Operating expenses stood at GH¢1.38 million, with loan loss provisions accounting for GH¢463,283.14, down from GH¢1.5 million in 2019 when total expenses hit GH¢2.63 million.
Governance and Strategy
According to Dr. Andoh, a renewed focus on capacity building has been central to the Credit Union’s recent gains. Both management and board members underwent intensive training programs, underpinned by new policy guidelines to steer operations more effectively.
“We didn’t just rely on figures; we invested in people, in systems, and in discipline,” he said. “That is what has helped build a more stable foundation for our future.”
Challenges Remain
Despite the progress, loan delinquency remains a pressing issue. Dr. Andoh admitted that existing strategies to curb loan defaults “have not been sufficiently effective,” adding that the Union will be “adopting tougher, more assertive approaches to recover outstanding debts.”
Return to Strength
Speaking to the Media , the Treasurer Mr. Martin Osei Bonsu also highlighted the union’s successful recovery from past setbacks, including the global economic downturn and internal financial constraints.
“In previous years, our reserves were in the negative,” he said. “But as of 2024, our reserves are up by GH¢279,000, rising from a deficit of GH¢224,745.34 in 2023. This shows real and sustained progress.”
Mr. Bonsu praised the board and management for “working tirelessly to regain stability and credibility” and emphasized the union’s commitment to serving members across Fumesua, Tech, Kwamo, Kyerekrom, Akoko Amon, Parade, and Anwomaso.
He also announced that construction of a new agency office at Bantama has been completed, with operations set to begin soon to serve residents in and around the area.
“We are calling on the public to join our Credit Union with confidence,” Mr. Bonsu stated. “We are fully regulated by the Bank of Ghana and the Crops Research Institute under the CSIR. This is not one of those fraudulent schemes—we are here to protect your money and serve your interests.”
The CRI Cooperative Credit Union, under the watch of its board and institutional partners, continues to position itself as a beacon of financial reliability and community-centered service in Ghana’s credit union landscape.
