By Binta Jaiteh
The Medical Research Council Gambia (MRCG) Co-operative Credit Union has held its 16th annual general meeting geared towards enhancing the economic development of the members.
The theme this year is Co-operative Model Enhancing Inclusive Growth and Economic Development”
Speaking during the opening held at MRCG, Fajara, LaminBojang, chairman of the union said they want to diversify their income generation within the credit union within a target years that will manifest in the years to come.
Chairman Bojang highlighted their achievements so far with lots to achieve in the future.
Thus no institution can function without proper guidance; he said they have taken the task of reviewing and creating policies to ensure smooth operations at their Credit Union. “We are thrilled to announce that several important policy documents have been reviewed and ratified during a three-day retreat,” he disclosed.
As the operations of the Credit Union are becoming more and more electronic, he noted of its need to digitize paper documents by scanning and having digital copies of them.
On behalf of the union, therefore he sought the support of MRCG Management once more to help in achieving this through the guidance of the Archives Department.
Saidina Ceesay, Treasurer of the union presented the financial results for the year ended 31st December 2022. These financial statements have been audited and certified by their independent external auditors, HAD & CO., he disclosed to the gathering.
According to the treasurer, the union’s net surplus of GMD2,506,970 was registered, member savings grew by almost 5% over 2021 to GMD111,526,429, and loans disbursed rose by GMD28,593,490 i.e.35% over 2021 to GMD110,645,710.
Overall the total value of the total value of the credit union grew by 5% over 2021 to GMD136, 291,807.
The unpredictability of the global economy and financial markets represents a concentration risk that could negatively impact financial performance in the event of market shocks or interest rate crashes.
He added that whilst the savings to asset ratio was 82% despite the respective maximum compliance level for both being 80% as per regulation, the CFF investment to saving ratio was 7% whilst the regulation stipulates a minimum of 10%.