The Bole Community Cooperative Credit Union (BOCCCU) has marked its 25th anniversary with its 2025 Annual General Meeting (AGM), recording significant growth in its financial performance, membership and asset base.
The AGM and silver jubilee celebration took place on August 15, 2026, at the Bole Senior High School Dining Hall.
Speaking at the event, the Board Chairman of BOCCCU, Mr. Adams Natomah, said the AGM was an important statutory gathering that provided an opportunity for the union to account to members on its activities and financial performance during the 2025 financial year.
He explained that the AGM also allowed members to raise concerns, make recommendations and contribute to measures aimed at strengthening the operations and sustainability of the credit union.
Mr. Natomah said the union recorded a net surplus of more than 5.094 million in 2025, compared with approximately 2.785 million in 2024, representing an 82 percent growth.
He said the union’s assets also increased from approximately 52.064 million in 2024 to 79.345 million in 2025, representing a growth of more than 62 percent.
Membership similarly grew from 8,294 in 2024 to 10,120 in 2025, representing a 22.02 percent increase.
The Board Chairman said the union had also received recognition from institutions, including the Ghana Education Service and the Agriculture Directorate, for its contribution to community development.
However, Mr. Natomah identified loan repayment defaults as one of the major challenges facing the union, alongside what he described as false publications and misinformation about the credit union on social media and in some communities.
He also cited low investment returns resulting from reductions in interest rates within the economy as another challenge.
To address these challenges, he said the union would intensify loan recovery efforts through regular engagement with members, phone calls and other communication channels.
He added that the Board would continue to strengthen internal controls to prevent financial malfeasance and engage relevant stakeholders on issues affecting the operations of credit unions.
Mr. Natomah urged members to protect the institution and treat the credit union as their own, stressing that members should seek clarification directly from management rather than relying on unverified information.
Meanwhile, the Chairman of the Supervisory Committee, Mr. Richard Seepuo-ere, said the committee had successfully monitored the financial condition and operations of the union throughout the 2025 financial year.
He said the committee reviewed financial records, withdrawal documents, statements, attendance registers and other operational activities to identify potential risks and ensure compliance with approved policies and procedures.
Mr. Richard also said the committee monitored loan recovery activities and assessed the performance of various committees, including the Loans and Education Committees.
According to him, management performed well in areas including punctuality and regularity at work, while previous audit recommendations had also been followed up and complied with.
BOCCCU currently operates four branches, with locations at Tuna, Tinga, Damongo and Daboya, and has a total staff strength of 56.
The Board and management expressed appreciation to traditional leaders, the Bole District Assembly, security agencies, cooperative authorities and other stakeholders for their continued support towards the growth of the credit union.
The 25th anniversary celebration ended with a renewed commitment by the Board, management, committees and members to strengthen BOCCCU and sustain its contribution to the socio-economic development of communities.
Source:nkilgifm.com
