Audio By Carbonatix
The North Tema Cooperative Credit Union Limited (NTCCU) has recorded a 20 per cent loan delinquency rate—well above the industry benchmark of three per cent—prompting management to introduce stricter loan recovery measures to protect members’ deposits.
The new measures include mandatory collateral for selected loan facilities, integration with the Credit Reference Bureau to screen prospective borrowers, and legal action against persistent loan defaulters.
Ms Anthea Ohene Mayne, Chairperson of the Board of Directors, disclosed this at the union’s 37th Annual General Meeting (AGM) held in Tema.
She described the rising default rate as a major concern, saying it had reached 20 per cent and was making it increasingly difficult for the cooperative to recover loans advanced to members.
“It means that many of us who are taking loans are not repaying them. The cooperative is not happy with this delinquency rate,” she said.
Ms Mayne said the union was determined to reduce the delinquency rate to 10 per cent through enhanced credit assessment, closer loan monitoring, and stricter recovery measures.
Despite the challenge, the cooperative recorded strong financial growth in 2025, driven by increased membership and improved savings mobilisation.
Membership grew by 30.2 per cent, rising from 18,900 in 2024 to 24,604 in 2025.
Total assets increased by 28.6 per cent from GH¢111.29 million to GH¢143.08 million, while members’ deposits rose by 27.5 per cent from GH¢85.65 million to GH¢109.23 million.
Share capital also recorded significant growth of 83.89 per cent to GH¢7.7 million during the review period.
However, the Board noted that members’ shares account for only 5.4 per cent of total assets, below the regulatory requirement of 10 per cent.
To address the shortfall, the union has introduced a policy under which 0.5 per cent of every newly approved loan will automatically be credited to the borrower’s share account.
The cooperative disbursed 4,733 loans valued at GH¢74.7 million in 2025, representing a 55.7 per cent increase over the previous year.
For 2026, the union aims to disburse 7,053 loans worth GH¢133.4 million. The target will be supported by the introduction of new loan products, including corporate, project, funeral, and moving loans.
The AGM was held on the theme, “Growing Together Through Innovation and Technology,” with the Board reaffirming its commitment to digital transformation to enhance service delivery, improve operational efficiency, and strengthen the security of members’ transactions.
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