The Tema Chapter Teachers Network Co-operative Credit Union (TCTNCCU) Limited has recorded significant growth in its membership and financial position, with total assets rising by 29.8 per cent to GH¢68.42 million in 2025.
The growth was disclosed at the credit union’s 13th Annual General Meeting (AGM), held on Saturday, October 31, 2026, at the Tema Joint Church, Community 7, under the theme, “Building a Stronger and More Prosperous Credit Union in a Changing Financial Industry.”
According to the Board Chairman, Daniel Yormewu, membership increased from 17,186 in 2024 to 20,385 in 2025, reflecting the union’s continued expansion and growing reach among members.
Yormewu said the union’s share capital increased by 19.5 per cent, while members’ savings grew by 23 per cent. Loans advanced to members also rose by 38.5 per cent, reflecting increased demand for financial support.
Total income increased by 24 per cent, while expenditure went up by 33 per cent. However, the union’s net surplus declined by 18.7 per cent during the period under review.
The union’s total assets increased from GH¢52.76 million in 2024 to GH¢68.42 million in 2025, representing a growth of approximately 29.8 per cent.
The Loans Committee, according to the chairman, handled an average of 85 loan applications at each sitting, with about 2,000 applications processed annually. A total of GH¢34.02 million was disbursed to members, mainly to support education and training, healthcare, rent and housing, businesses, projects and farming activities.
He said the union had intensified loan tracking and recovery exercises to address delinquent loans, which remain a major concern.
As part of efforts to improve service delivery, the credit union has introduced a USSD platform that allows members to check their share, savings and loan balances, purchase shares, deposit savings and make loan repayments using their mobile phones.
Members were encouraged to update their contact details to receive transaction alerts and other important notifications.
Supervisory Committee raises concerns
In a separate report, the Supervisory Committee Chairman, Joseph Donkor, acknowledged improvements in the union’s operations but highlighted some areas requiring attention.
He identified irregular board meetings, incomplete documentation, dormant accounts, inadequate asset management policies and weaknesses in loan recovery as issues that needed to be addressed.
The committee also expressed concern about the union’s capital adequacy position, attributing it partly to low individual share contributions.
It recommended stronger member education and increased share purchases to improve the union’s capital base.
Donkor further called for stricter loan monitoring, improved borrower verification and more systematic recovery measures to reduce the level of overdue loans.
He, however, reported that routine cash counts and cashbook updates were generally consistent, with no major fraud or cash irregularities identified during the period under review.
Plans to expand operations
The Board Chairman disclosed that the union was considering expanding its operations to additional communities, including Sakumono-Lashibi, Adjei Kojo, Tema New Town, Gbetsele, Kpone Kokompe and Ningo-Prampram.
He said the proposed expansion would depend on feasibility assessments, regulatory requirements and the union’s financial capacity.
Yormewu also announced that land had been acquired at Tema Community 1, near Twedaase Primary School, for the construction of a new head office.
The union currently operates eight branches and two agency offices, with a staff strength of 70.
He further disclosed that the Board was considering an amendment to Article 59 of the union’s by-laws to change the frequency of board meetings from monthly to at least once every two months.
Members urged to strengthen savings culture
The guest speaker, Dr Nohnson Butu, Deputy Chief Executive Officer of the Ghana Co-operative Initiative, urged members to maintain confidence in the leadership of the credit union while actively participating in its activities.
He congratulated the Board and management on their achievements but encouraged them to continue improving the union’s operations.
Dr Butu also urged members to cultivate a disciplined savings culture, stressing that regular savings could provide financial security and help them navigate difficult periods.
The Tema Metro Co-operative Director, Stephen Anabiri, also encouraged more people to join credit unions, describing them as important institutions for reducing poverty and improving the financial well-being of members.
The Chief Executive Officer, Stanley Attor, said active participation by members across the various branches remained essential to building a united and stronger institution.
He acknowledged the challenge of loan delinquency and assured members that management was working to address it through improved monitoring and recovery efforts.
The AGM brought together members and representatives from Tema, Ashaiman, Ada, Dodowa and other communities to review the union’s performance and discuss its future direction.
By: Bernard Mensah
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