BACCSOD achieves remarkable success in 2024-Chairman

The Dormaa-Ahenkro Branch of the Brong-Ahafo Catholic Cooperative Society for Development (BACCSOD) total asset grew from GHC18,086, 987. 30 in 2023 to GHC28, 394, 215.58 in 2024.

The society’s total deposit also saw a considerable increase from GHC16,654, 475.30 to GHC27, 506, 285.29 within the same period, Mr Kwame Appiah, the Chairman of the Board of Directors (BOD) has said.

Speaking at its Annual General Meeting (AGM) held at Dormaa-Ahenkro in the Bono Region, Mr Appiah said the Society’s Loans and advances portfolio also grew substantially from Ghc16, 523, 314.01 to GHC 9,377, 653.12.

He said that enabled the society to provide more support to individuals, traders, farmers, small businesses and cooperatives, saying its investment increased from GGHC13,516, 073.06 to GHC 10,795, 402.26.

He said the society’s operating income also jumped from GGHC185, 407.66 to GHC2,329, 273.31, adding that, the member shares also grew from GHC339,764.00 to GHC378, 571.40 in the years under review.

He said its surplus also went up from GHC98,646.34 to GHC572, 842.06 and that expansion of the loan portfolio demonstrated the society’s commitment to financial inclusion and economic empowerment.

Mr Appiah attributed the achievement partly to “tighter credit controls, improved recovery systems and the introduction of more member friendly loan products”, saying “access to credit is a powerful tool for development”

He expressed delight that customers used their loans responsibly to grow their business, invest in education and improve their socio-economic livelihoods.

Mr Appiah said positive records on the society’s investment to prudent financial management and strategic asset allocation also contributed to the successes, saying “this not only strengthens our balance sheet, but also creates long-term value for customers, shareholders and members too”.

“The increases were well managed and carefully monitored to ensure that they aligned with our growth trajectory and don’t compromise financial sustainability”, he said adding that, “the report on the record of impressive surplus is a symbol of collective effort, discipline and strategic leadership”.

Mr Appiah said the society would reinvest in technology and infrastructure, improve member services, strengthen its capital base and most importantly, return value to members through patronage refunds and dividends which would be subjected to approval.

He urged members to continue to increase their shareholding not only as a sign of ownership but as investment in a society that has proven its worth.

Mr Appiah expressed appreciation to all members for their trust and loyalty and that management was committed to providing financial security for them.
Source: GNA