The Adventist Heritage Co-Operative Fund (AHCoF) has declared a net surplus of GH¢4,612,795.59 for the year ending December 31, 2024, despite widespread challenges across the financial sector.
The figure represents a 69 per cent increase over the GH¢2,727,247.50 recorded in 2023.
As a result, the company declared a GH¢1,224,921.01 dividend for 2024.
Mrs Elizabeth Kusi-Nsiah, the Chief Executive Officer, AHCoF, who disclosed this at the company’s Second Annual General Meeting (AGM), in Accra on Wednesday, noted that total assets of the company grew significantly to GH¢131.22 million from a previous GH¢103.79 million.
“This represents a 26 per cent rise,” she explained.
The CEO attributed the company’s strong financial performance to prudent risk management and forward-thinking leadership.
“These numbers reflect the effectiveness of our strategic investment decisions and our commitment to financial prudence,” she said.
In 2024, the company recorded a 43 per cent increase in loans granted, leading to the disbursement of GH¢17.52 million in loans.
Additionally, its membership rose to 10,496 from the 2023 figure of 7,222, a growth of 4,035 (127 per cent) new members, Mrs Kusi-Nsiah said.
“In 2024, our Fund reaffirmed its commitment to financial sustainability. Through sound management and strategic adaptation, AHCoF maintained its financial stability and achieved robust growth,” she said.
To sustain those gains in the coming years, Mrs Kusi-Nsiah reaffirmed the company’s commitment to diversifying its products.
In the coming days, Mrs Kusi-Nsiah said the Fund would roll out a number of new policies including the Purpose-Driven Account, Kiddy Account, Current Account and Salary Service Product.
“We will continue to deepen member engagement, introduce more relevant financial products, and improve service delivery,” she said.
Dr Kwame Annor-Boahen, the Board Chairman of AHCoF, reaffirmed the company’s commitment to continuing to maximise investment to sustain dividend payment to its shareholders.
He expressed the Board’s resolve to operate efficiently and effectively and enhance internal control processes to achieve the organisation’s goals.
“We will continue to build the capacities of the board, management and staff and prioritise compliance with all applicable instructions and reports to other stakeholders,” he assured.
In pursuit of membership growth, Dr Annor-Boahen assured of the company’s commitment to providing more resources to its field activities, which enabled it to achieve growth.
Madam Edith Dzidzornu, the Acting Registrar of Co-operative Societies, urged the Fund to continue to adhere to prudent financial management to sustain the growth.
“I encourage you to stay committed to the values that have brought you thus far, such as integrity, transparency, and member-focused service,” she said.
She assured stakeholders of creating a conducive environment for the growth of the sector as regulators of the space.
Source: GNA
The post AHCoF declares GH¢4.6m net surplus in 2024 despite economic challenges appeared first on Ghana Business News.
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS