GAWU Credit Union distributes $5.5M in dividends to eligible members

The Guyana Agricultural and General Workers Union (GAWU) Cooperative Credit Union Society Limited has disbursed approximately $5.5 million to its eligible members through dividends and interest rebates.

The organisation convened its 29th and 30th Annual General Meetings (AGM) on March 28, 2025, at the union’s headquarters at 59 High Street and Wights Lane, Kingston, where it highlighted a significant increase in membership.

According to a release, a comprehensive review of the Credit Union’s operations for 2021 and 2022 was conducted following meticulous audits supervised by the Cooperatives Department of the Ministry of Labour.

In adherence to the Cooperative Act, these audits are crucial for ensuring transparency and accountability.

“We are pleased to announce that both audit reports delivered an unequivocal clean bill of health for our society. Our Treasurer, Seepaul Narine, confidently reported that the audits confirmed our financial activities adhered to exemplary accounting procedures and were properly accounted for, underscoring our commitment to maintaining integrity in our financial affairs,” the release said.

The Credit Union pointed out that despite significant challenges, the society has not only persevered but thrived. It noted that membership has grown substantially as more individuals recognise the exceptional services provided.

“This surge has significantly bolstered our financial holdings, showcasing the growing confidence in our Credit Union. The society offers a seamless and convenient way for members to save towards achieving their personal objectives,” the release pointed out.

GAWU noted a surplus exceeding $8 million in the adoption of its audit reports. In accordance with the guidelines established by the Cooperative Society Act, the AGM authorised statutory deductions towards the Statutory Reserve and the Audit and Supervision Fund.

“After these deductions, a resolution was passed to distribute five million five hundred thousand dollars ($5,500,000) to eligible members through dividends and interest rebates,” the union explained.

GAWU announced that a robust eleven-member Committee of Management was selected, comprising 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, including Kavita Bishun, Raywattie Persaud, and Sasha Ruhoman, was unanimously elected.

Despite setbacks from the closure of the Skeldon, Rose Hall, East Demerara, and Wales Estates between 2016 and 2017, GAWU emphasised its resilience and continued growth.

“Our Credit Union is dedicated to helping members save and achieve their personal aspirations, and we take great pride in distributing a substantial portion of our surplus directly to our members,” the organisation stated.