Black Star Line Cooperative Credit Union declares profit

Edwin Andoh Baffour 
The Black Star Line Cooperative Credit Union (BSLCCU) has announced a GH¢ 21,456.34 profit for the 2016/2017 year at its fifth Annual General Meeting (AGM) held in Accra recently. The BSLCCU which is in its tenth year of existence following its establishment in 2009 by the Rastafari Council, Ghana (RCG).

In an address, the chairperson, Edwin Andoh Baffour of the BSLCCU indicated that the credit union will issue dividends for its shareholders for the first time in its existence. He added that out of the GH¢ 21, 456.34, 25% is a mandatory deduction into the statutory reserve according to the Credit Union Association (CUA) regulations leaving the BSLCCU with an amount of GH¢ 16, 092.22 to be shared as dividends for the 900 shareholders of the credit union. This means every shareholder will receive GH¢ 9.65 per share.

Mr. Baffour noted that the assets of the BSLCCU stands at GH¢ 568, 632.21 from last year’s GH¢ 346,766.35. The chairperson commended the shareholders for their continued support for the BSLCCU and urged them to be ambassadors for the credit union to grow the union. He noted that in this “Year of Return,” is positioned to provide a vehicle for the diaspora’s involvement and investment in Ghana.

The Regional Manager of the Credit Union Association (CUA), Mr. Bosumpem applauded the BSLCCU for declaring a dividend for the benefit of their members. On her part, the Regional Manager for the Department of Cooperatives, Mrs. Angelina encouraged the shareholders to improve their savings pattern. She assured the shareholders of the support of the DoC in providing skills and entrepreneurship training for the shareholders to improve their revenue generation abilities to impact positively on their savings culture.

The BSLCCU has offices on the Spintex Road and in Kokrobite with satellite operations in Aburi and Somanya. The credit union also has a huge membership in the Black Diaspora with members in the United States of America, Caribbean and U.K among other places.

As part of its activities to mark its tenth anniversary, the BSLCCU plans to host the 2nd Marcus Garvey Ball which was held last year in addition to other activities like public lectures and a family day out among others.

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