The Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited has reported that a surplus of $22,254,706 was realized in the 2017 fiscal year.
In a press statement following its 25th Annual General Meeting on Sunday the union lamented the impact that the “haphazard minimization” of the sugar industry has had on its membership which has declined. The statement does not state how many members have withdrawn over the last few years nor does it state the financial impact these withdrawals have had on the Credit Union but it argues that “workers are facing the most difficult period of their lives with hardship and misery becoming more and more entrenched.”
Notably the union has reported that the Co-operatives Division of the Ministry of Social Protection has agreed to reduce its demand for Audit and Supervision Fees of 1% of it working-capital which would’ve seen the Society paying $4,759,661 to 10% or $2,225,471 of
