Hydro Co-operative Credit Union reports 23% asset growth

The Board Chairman of Hydro Co-operative Credit Union, Edward Offei Koranteng, has presented the institution’s annual report for the year December 31, 2025, highlighting strong financial performance, governance reforms, and a renewed strategic direction to sustain growth and enhance member value.

Delivering the maiden report of the current Board at the Union’s 45th Annual General Meeting at Akosombo in the Eastern Region on Saturday, April 18, 2026, Koranteng described 2025 as a “defining chapter of transition, renewal, and strategic repositioning” following a leadership handover from the Interim Management Committee (IMC) to a newly elected Board.

Governance Reforms Strengthen Transparency

A key milestone during the year was the successful transition to a new governance structure, with the current Board elected on August 30, 2025, and assuming office on September 13, 2025. For the first time, the Union implemented a block voting system in line with its bye-laws, a move the Board says has enhanced transparency, fairness, and leadership continuity.

The Board comprises representatives from the Volta River Authority (VRA), Ghana Grid Company (GRIDCo), and the wider community, reflecting a broadened governance approach.

Strong Financial Performance Amid Economic Recovery

Despite operating within a cautious financial sector shaped by Ghana’s Domestic Debt Exchange Programme, the Credit Union recorded robust growth across key indicators.

Total assets grew by approximately 23 percent, rising from GH¢208.1 million in 2024 to GH¢256.3 million in 2025. This growth was largely driven by an increase in loans to members, which surged from GH¢114.2 million to over GH¢149.8 million.

Total income also rose significantly by 26 percent to GH¢44.37 million, supported primarily by interest income on loans. The Union maintained a stable net surplus of GH¢10.31 million, demonstrating resilience despite rising operational costs.

Members’ savings increased by 24.5 percent to GH¢137 million, while total equity climbed to GH¢115.5 million, underlining sustained confidence in the institution. Membership expanded by 16.69 percent, reaching 17,209 by the end of 2025.

Financial Adjustments Enhance Reporting Integrity

The Board also disclosed prior-year financial adjustments following a recent audit, including corrections to loan loss reserves and other accounting entries. As a result, the 2024 financial statements were restated in compliance with International Financial Reporting Standards.

According to Koranteng, these adjustments, though technical, are critical to ensuring transparency, strengthening the Union’s capital base, and safeguarding members’ interests.

Investment In Operations And Community Impact

In line with efforts to improve operational efficiency, the Union acquired an additional vehicle to support field operations, enhance cash collection security, and improve service delivery.

On the social front, the Credit Union reinforced its commitment to community development through the distribution of branded exercise books to public schools in the Akosombo area. It also continues to run a Youth Savings Programme aimed at promoting financial literacy among young people.

Strategic Plan Targets Sustainable Growth

Looking ahead, the Board has outlined a five-year strategic plan (2026–2030) anchored on six key pillars, including governance, risk management, technology, membership growth, staff productivity, and innovation.

The strategy will be implemented in phases—stabilisation, strengthening, and selective growth—with a focus on enhancing digital banking services, improving risk management systems, and deepening member engagement.

The Board Chairman emphasised that the Union is positioning itself to adapt to evolving regulatory requirements, particularly as larger credit unions come under the supervision of the Bank of Ghana.

Resilience Amid External Risks

While expressing optimism about the Union’s outlook, the Board Chairman noted potential risks from global economic uncertainties, including geopolitical tensions and their impact on inflation and commodity prices.

Nevertheless, he maintained that the Credit Union remains on a “solid foundation,” supported by growing assets, expanding membership, and improved operational stability.

Commitment To Members

Koranteng commended members for their continued trust and participation, noting that their engagement remains central to the Union’s success.

“The progress achieved in 2025 provides a strong foundation for future growth,” he said. “We remain committed to prudent governance, financial discipline, and delivering long-term value to our members.”

Founded in 1971 by staff of the Volta River Authority, Hydro Co-operative Credit Union has grown into one of Ghana’s leading credit unions, with a strong presence in Akosombo and expanding operations across the country.