The approval was done at the just-ended Annual General Meeting of the credit union in Accra, which was attended by stakeholders in-person and online.
Professor Samuel Nana Yaw Simpson, the immediate past Chairman of the credit union, said the project, when completed, would give first-class medical emergency to all members and the citizenry.
The construction of the facility, a Corporate Social Responsibility gesture of the union is to help improve access to health care in the University community and its surrounding communities.
Prof Simpson said this when he read the Management Board report at the AGM, noting that it would have among others, a theatre, conference and meeting rooms, and kitchenettes and create employment for workers at the facility.
The AGM saw the swearing-in of new Management Board members, with Mr Michael Antwi as the Chairperson, as well as the swearing-in of the Union’s Loan and Supervisory Committee members.
He explained that the additional cost of GHS1,361,540 had become necessary following recent developments in the economy, which had led to an increment in the cost of building and other materials for the project.
The new Management Board Chairperson, Mr Antwi, said the Board, together with Management Staff, and various Committees, would work closely to serve the interest of all members and give them value for their money.
He used the occasion to call on institutions to register with the UG credit union and enjoy the benefits thereof, including the 21.6 per cent per annum interest on loans, and said, “we’re still open to institutions with provident funds”.
Having posed a net surplus of GHS13,737,404.00 at the end of the financial year, ending 30 June 2022, the stakeholders approved the Management Board’s proposal of a 48 per cent dividend, amounting to GHS5,297,546.31 to be paid to members.
The GHS13.7 million for the year ended 2021, was compared with the GHS11,036,554.81 the Union made for the previous year, 2020, which reflected an increase of 24 per cent growth.
A total of GHS63,044,500.00 loan was approved for the 2020/2022 year, which was an increase of 12 per cent compared with the GHS56,185,752.70 for the 2020/2021 financial year.
During the year of review, the union received four awards at the Biennial Delegates Conference organised by the Ghana Cooperative Credit Unions Association (CUA), including Best performing credit Union for the years 2020 and 2021.
The Ghana Microfinance Institution Network (GHAMFIN) also conferred the Union Financial Institution of the Year award on the union at the Network’s maiden Non-Banking Financial Institutions award ceremony.