UG Credit Union adjudged richest and largest in Ghana

Business News of Saturday, 25 October 2014

Source: GNA

Ghana Cedis 19Nov2010

Mr Fidelis Bazaanah, General Manager of the Co-operative Credit Union Limited in Ghana, on Thursday adjudged the University of Ghana Co-operative Credit Union as the richest and largest Co-operative Credit Union in the country, and therefore charged the union not to be complacent, but to continue to work hard.

Mr Bazanaah made the commendation at the union’s Annual General Meeting (AGM) held at the Great Hall of the Premier University at Legon.

He recounted the history of Co-operative Credit Union, and said the first in Ghana was established at Jirapa in the Upper-West Region about sixty years ago.

The General Manager congratulated the Legon Branch of the Credit Union for raising its assets level from 25,119.179.16 Ghana Cedis in 2013 to 35,017,418.73 Ghana Cedis in 2014.

The University of Ghana Co-operative Credit Union Legon, has a numerical strength which grew from 4,548 to 4,979 at the beginning of the financial year.

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Professor Peter Quartey, Chairman of Legon CUA, disclosed that the University of Ghana CUA donated an amount of 5,000 Ghana Cedis to the University of Ghana Staff Village School for the purchase of classroom furniture.

Prof Quartey said while membership of the union increased from 4,548 to 4,979 at the beginning of the financial year, five institutions, namely, the Ghana Institute of Languages, Ghana Institute of Journalism, Rev. John Teye Memorial Institute, Akrofi-Christeller Institute of Theology and Kay-Billie Klair International School, were admitted as members

He said during the year under review, a total amount of 91,683.19 Ghana Cedis was paid to 110 members who retired from the University

Prof. Quartey disclosed that the University of Ghana CUA paid an amount of 3,106,166.05 Ghana Cedis as interest on savings in 2014, as compared to 2,087,151.87 Ghana Cedis in 2013.

Mr. Francis Fiayiya, General Manager of the Legon CUA, urged members to walk into his office and open the Kiddy Account for their children who are below 18 years, explaining that withdrawals from the Kiddy Account could be done only the children attain 18.

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On Shares and Savings, Mr. Fiayiya disclosed that Management has increased the minimum savings per member from 15 to 20 Ghana Cedis per month, with the minimum shares also being raised from 50 to 100 Ghana Cedis

The rationale, he said, is to strengthen the Union financially to give more loans to members.

New Executives for the Management Board, Loans Committee and Supervisory Committee were sworn into office for a two-year term.

The AGM was attended by a large number of current and retired staff of the University of Ghana Legon, members from the Ghana Broadcasting Corporation Credit Union, the Police Hospital Credit Union led by Assistant Commissioner of Police Dr. Tetteh Korboe, as well as local Bank Managers from HCF and CAL.