GRA cooperative credit union balance sheet hits D30M

Monday, July 23, 2018

The Gambia Revenue Authority’s (GRA) cooperative credit union has registered tremendous achievements, with a balance sheet that grew from D22.6 million to D30.7 million between 2016 and 2017.

According to Mohammed Juwara, who spoke at the revenue authority’s 1st AGM held at Joint Officers’ Mess, in Kotu, the cash balance increased from D2.4 million to D7.6 million, disclosing that disbursement of loan to members has also increased. He added that the accumulated fund also increased from D706,000 to D1.1 million.

Commissioner General Yankuba Darboe who was at the meeting said he was delighted to hear the achievements registered over the period. “Mobilising savings to the tune of D28.4 million and registering a net surplus of D413,265 is a great achievement,” he said.

He said that efforts taken to mobilise savings of members and to make such savings accessible to members in the form of short and long-term loans have gone a long way in enhancing the lives and livelihoods of the members and their families.

Mr. Darboe went on to say the operetion of the GRA cooperative credit union has indeed greatly reduced the burden and pressure previously placed on the GRA corporate loan scheme for staff.

He pointed out that the importance of the GRA cooperative credit union warranted his management to agree to support and guide the union. He assured that his management would always give support to the union whenever the need arises.

“Therefore, I challenge the incoming board of directors to raise the flag of the union to higher heights; given that the out- going board has already paved the way for a smooth transition and business continuity.”

“I also challenge the general body to be very mindful in their selection of candidates for election into the board. For those vying for election to the board, remember that these positions are voluntary, demanding and requires sacrifice for efficient and effective service delivery to the members.”

He also seized the opportunity on behalf of the board, management and staff of GRA, to sincerely thank the out-going board of directors of the GRA cooperative credit union for the wonderful job done and the efforts taken to see the credit union advancing. 

For his part, Maari Sarr, the out-going board chairman, disclosed that the total savings by end of end 2017 was D28,369,736 and increased to D81,130,261 from a total savings of D20,239.475 in 2016, which he said represents an increase of  22%.

Author: Abdoulie Nyockeh
Source: Picture: Commissioner General Yankuba Darboe