The Guyana Agricultural and General Workers Union (GAWU) Cooperative Credit Union Society Limited, at its recent Annual General Meetings (AGM) approved $5,500,000 to eligible members in the form of dividends and interest rebates.
During the AGM, which took place at the Union’s headquarters at 59 High Street and Wights Lane, Kingston, Georgetown, Treasurer Seepaul Narine reported on the financial performance of the Credit Union for 2021 and 2022, based on audits supervised by the Cooperatives Department of the Labour Ministry.
Secretary Sattie Basdeo highlighted the Credit Union’s growth since the 28th AGM in December 2023. She noted that despite challenges, membership has increased significantly, reinforcing the Credit Union’s financial standing. Basdeo expressed gratitude for the trust placed in the organisation and encouraged others to become part of the growing cooperative.
In a release on Monday, the Union said that the AGM also featured a report from the Supervisory Committee, presented by Secretary Kavita Bishun. She confirmed that all transactions were conducted in strict accordance with the society’s regulations, ensuring financial integrity.
The Guyana Agricultural and General Workers Union (GAWU) Cooperative Credit Union Society Limited recent AGM
Following discussions, Treasurer Narine moved to adopt the audit reports, which revealed a surplus exceeding $8,000,000. In keeping with the Cooperative Society Act, the AGM approved statutory deductions for the Statutory Reserve and the Audit and Supervision Fund. After these allocations, the Credit Union moved to distribute the $5.5 million among its members, demonstrating its dedication to improving members’ financial stability.
Elections were also held for the Credit Union’s leadership. The newly elected eleven-member Committee of Management includes Gaietri Baron, Sattie Basdeo, Seepaul Narine, Aslim Singh, Porandatt Narine, Tarmattie Dyal, Harvey Tambron, Gordon Thomas, Julius Nurse, Bickram Singh, and Rikram Shrikishen. Additionally, a three-member Supervisory Committee, comprising Kavita Bishun, Raywattie Persaud, and Sasha Ruhoman, was unanimously elected.
According to the union, despite setbacks, including the closure of the Skeldon, Rose Hall, East Demerara, and Wales Estates between 2016 and 2017 by the A Partnership for National Unity/Alliance For Change (APNU/AFC) Government, the GAWU Credit Union continues to demonstrate resilience and growth.
