Credit Union’s assets grow to over GH¢14m in 2017/2018 financial year
The Controller and Accountant General’s Employees Co-Operative Credit Union (CAGECCU) said its assets have grown from GH¢14,735,005.77 in 2017 to 17,088,790.18 in 2018, representing an increase of 15.8 per cent in growth.
The Union said during that same period savings stood at GH¢14,004,797.01 representing a growth rate of 13.6 per cent at the end of the financial year.
Mr Issac Dupey, the Board Chairman of CAGECUU, explained that due to the increase in growth rate members had been encouraged to support the increment of the minimum savings from GH¢50.00 to GH¢100.00.
He said a total of GH¢557,787.81 was paid as interest on members’ savings for the year 2017/2018 against the Ghc478,179.48 that was paid in the previous year.
Mr Dupey said this at the 20th Annual General Meeting of the Union on the theme: “Credit Union: Actualizing Your Dreams,” in Accra.
He said the total share capital stood at GH¢470,198.55 at the end of the year and due to this, the regulatory body; Credit Unions Association of Ghana (CUA), has recommended a minimum shareholding of Ghc300.00 per member and proposed a dividend payment of 22 and 25 per cent for 2017/2018 respectively.
Mr Dupey said the loan portfolio stood at GH¢1,967,385.40, which showed a growth of 9.12 per cent and a liquid investment of GH¢8,415,767.04 representing a rise of 24.15 per cent, compared to the previous year of GH¢6,778,637.71.
He said the Credit Union business had been relatively unstable due to some challenges being encountered in the financial sector.
“However, our Credit Union, CAGECCU, remains resolute in its sphere of operations,” he said.
Mr Dupey said with the turbulence in the financial sector, no member had ever requested for either savings withdrawals or loans, which had not been met, adding; “Prudent management of the Union funds is our greatest achievement.”
He said although the Union had made significant gains over the years, they were still faced with difficulty in contracting tenants to occupy the office complex.
He said the absence of satellite offices in the regions and deductions of new members’ contributions took quite some time, which deterred new entrants from joining the Association.
The Chairman urged members to continually save and advised that they limit their savings withdrawal in order to increase the assets of the Union as well as their savings.
Mr Oscar S. Braimah, the Acting Registrar of Co-operative Societies, lauded management of the Union for the successes chalked and advised members not to sit unconcerned while the Board of Directors did all the work.
He said the theme was appropriate considering the myriad of financial disappointments in the banking sector.
Mr Braimah, therefore, advised the Co-Operative Credit Union to restore the trust of its members to meet their dreams by ensuring effective protection and management of their funds.
He said there were laws governing co-operatives in the country and urged members to settle disputes through the Registrar or the Department of Co-operatives after the co-operative concerned had tried to settle but failed.
He said it was necessary that the various structures within the co-operative were exhausted before the Registrar was petitioned.
If after this the misunderstanding persisted, then it would be referred to the Minister of Employment and Labour Relations who had the sole responsibility of taking the matter to court if those affected were not satisfied, he said.
The meeting awarded two members for being the most saved account holders and three others for being the most dedicated.