On behalf of the Board of Directors, I am delighted to welcome you all to the 37th Annual General Meeting of North Tema Co-operative Credit Union Limited. This meeting marks another important milestone in our journey towards promoting financial empowerment, member prosperity, and sustainable growth. It is my pleasure to report on the achievements of our Credit Union over the past year and to share our roadmap for the year ahead as we continue to grow our asset base, strengthen our sustainability, and expand our market share.

Despite the economic challenges that affected business and financial activities across the country during the 2025 financial year, the Union once again delivered outstanding results and recorded significant growth across all areas of operation. This achievement is a testament to sound financial management, prudent risk practices, and the unwavering commitment of the Board, other committees, Management, Staff, and Members of the Union.

I would also like to highlight the theme for the 37th Annual General Meeting, “Growing Together Through Innovation and Technology.” This theme is both timely and relevant as we reflect on the opportunities before us and the strategic direction our Credit Union must pursue in the years ahead. In today’s rapidly evolving digital landscape, innovation and technology are no longer optional; they are essential tools for delivering efficient, secure, and convenient financial services to our members. By embracing digital transformation, we can enhance member experience, improve operational efficiency, and position our Credit Union for long-term success. Let us therefore embrace this theme with confidence and purpose, leveraging innovation and technology to build a more resilient, competitive, and prosperous Credit Union for both current and future generations.

MEMBERSHIP

During the year under review, the Union’s membership base expanded significantly from 18,899 members in 2024 to 24,604 members in 2025, representing an increase of 5,705 new members and a growth rate of 30.2%. This remarkable achievement hinges not only on the tireless efforts of our Marketing Team but also on our valued members and brand ambassadors who continue to champion membership mobilization efforts by referring family members, colleagues, friends, and business associates to the Union. To all of you, we say Ayekoo and thank you for your invaluable support and commitment.

This impressive growth reflects the increasing confidence that individuals, families, and institutions continue to place in North Tema Co-operative Credit Union. It is a testament to the strength of our cooperative values, the quality of services we provide, and the dedication of our Board of Directors, Management, staff, and members who serve as ambassadors of the Union within their families, workplaces, churches, and communities.

While we celebrate this outstanding growth, we remain committed to ensuring that our expanding membership receives the highest standards of service, financial education, and innovative products tailored to their evolving needs. Our objective is not only to grow in size but also to deepen member satisfaction, loyalty, and active participation in the affairs of the Union. To our 5,705 new members, we extend a warm welcome to the family and encourage you to save regularly, borrow responsibly, and fully participate in the Union.

FINANCIAL PERFORMANCE

The financial performance of NTCCU in 2025 reflects the Union’s resilience, strategic foresight, and unwavering commitment to supporting its members. Despite the challenging economic environment in Ghana, the Union recorded commendable growth across key performance indicators.

Member share capital grew from GHS 4,210,250.80 in 2024 to GHS 7,700,039.01 in 2025, representing an exceptional growth rate of 82.89%. Total assets increased from GHS 111.24 million to GHS 143.08 million, representing a 28.6% increase. Member deposits also grew significantly from GHS 85.66 million to GHS 109.23 million, representing a 27.5% year-on-year growth rate.

During the year, the Union disbursed 4,733 loans valued at GHS 74.7 million. Loan repayments amounted to GHS 63.2 million, representing a 30.61% increase over the previous year. However, the Union remains concerned about a loan delinquency rate of 20% and has introduced stronger recovery measures, including collateral realization, credit reference checks, and legal support.

The Union recorded a surplus of GHS 7.60 million in 2025, compared with GHS 8.61 million in 2024. Although this represented a decline of approximately 14%, the Union maintained positive comprehensive income and achieved the industry benchmark of 6% surplus on average assets.