The Tamale Catholic Secretariat Cooperative Society for Development Limited (TCSCSD) recently organised its sixth Annual General Meeting (AGM) since it was formally commissioned to begin operations as one of the five primary societies of the Tamale Archdiocesan Union of Cooperative Societies for Development Limited (TAUCSOD).
During the AGM, shareholders discussed and approved the audited accounts for the period ending December 31, 2024, and also approved several proposals tabled by the Board of Directors, including the payment of 50% share dividends instead of cash dividends, an increase in minimum shareholding from 50 to 200 shares, and an increase in the minimum savings balance from GH¢20.00 to GH¢50.00.
Giving an account of financial performance, the Chairperson of the Board of Directors, Dame Sophia Ayaric, said the society’s total assets grew by 56.85%, from GH¢5,951,887.29 to GH¢9,335,619.19, while deposits grew by 61.25%, from GH¢4,942,822.16 to GH¢7,970,449.53, between December 31, 2023, and December 31, 2024. Loans granted to members also increased by 32.74%, from GH¢3,192,830.21 to GH¢4,746,801.50 during the same period.
She said their biggest challenge is the large number of inactive members, with a whopping 69.78% not meeting the minimum share requirement. Other challenges include frequent withdrawals and locked-up funds with investment entities, which have negatively impacted operations.
Most Rev. Philip Naameh, the Metropolitan Archbishop of Tamale, in a message read on his behalf by the Vicar General Very Rev. Fr. Hilary Pogbeyir, reminded stakeholders that the banking sector thrives on honesty and trust, and urged them to uphold these values. He also pledged to continue encouraging priests, parishes and the faithful to patronise TAUCSOD through its societies.
The Acting General Manager of TAUCSOD, Sir Richard Nayasama, said the potential for growth through deposit mobilisation abounds in the catchment area but cautioned the need to exercise risk management. Mr. Samuel Achore, the Board Chairman of St. Kizito Parish Cooperative Society, delivered a goodwill message on behalf of the other primary societies.
The TCSCSD was registered on March 1, 2018, under the Cooperative Societies Act, 1968, (NLCD 252) and the Non-Bank Financial Institutions Act, 2008, (Act 774).
From Francis E. Monnie, CAMP-G
