GAWU credit union approves $6.1M payout to members

The Guyana Agricultural and General Workers Cooperative Credit Union Society Limited (GAWU credit union) has approved approximately $6.1 million in distributions to its members after recording a surplus of more than $9 million for the 2023 financial year.

The decision was taken during the Credit Union’s 31st Annual General Meeting (AGM), held on Thursday at its headquarters at High Street and Wights Lane, Kingston, Georgetown.
According to the Credit Union, members reviewed the Society’s operations and financial performance for the year ending December 31, 2023, following audits conducted under the supervision of the Cooperatives Department of the Labour and Manpower Planning Ministry.
The audits, which are required under the Cooperative Act, resulted in what the Society described as a clean bill of health, confirming compliance with regulatory requirements and financial accountability standards.
Financial statements presented at the meeting showed that the credit union recorded a surplus of $9,067,516 before statutory deductions. From this amount, $1,813,503 was allocated to the Statutory Reserve Fund and $906,752 to the Audit and Supervision Fund.
Following those deductions, members approved several distributions for eligible shareholders and borrowers.
The AGM authorised dividend payments totalling $4,355,478, representing a return of 1.5 per cent on ordinary shares valued at $290,365,249. Members also approved an interest rebate of $1,767,828, equivalent to 21 per cent of members’ interest charges for 2023.
In addition, $223,956 was approved for the Society’s Social and Entertainment Fund.
Combined, the approved allocations amount to approximately $6.1 million being returned to members.
The meeting also received a report from the supervisory committee, which confirmed that the credit union’s transactions were conducted in accordance with its rules and regulations.
Members were informed that following representations made by the credit union, the Cooperatives Department revised its audit and supervision fee for 2023. The fee was reduced to $906,752 from an initial invoice of $3,425,620.
During the AGM, members elected a 10-member Committee of Management comprising Gaietri Baron, Sattie Basdeo, Seepaul Narine, Porandatt Narine, Taramattie Dyal, Harvey Tambron, Gordon Thomas, Julius Nurse, Bhikram Singh and Rikhram Srikishen.
A three-member supervisory committee was also unanimously elected. The committee comprises Kavita Bishun, Rawattie Persaud and Sasha Ruhoman.
In a statement following the meeting, the credit union said it remains committed to supporting members’ savings and financial goals while maintaining steady growth and stability.
The credit union noted that the surplus achieved in 2023 reflects continued confidence in the institution and enables it to return benefits directly to its membership through dividends and rebates.