Credit Union members called to save for their future

Isaac Dupey, the Chairman, Controller and Accountant General’s Employees Co-Operative Credit Union (CAGECCU), has called on members to persevere in their efforts to save for their future.

He said even though there has been turbulence in the financial sector there is the need for members to save to safeguard their future.

Mr Dupey was speaking at the 21st Annual General Meeting of CAGECCU in Accra with a launch of a website and flyers to facilitate the sharing of information.

The Meeting was held under the theme: “CAGECCU: Safe and Secure.”

He said the need for saving has become necessary as the union observed a massive savings withdrawal during 2018/2019 financial year.

The Chairman said despite the challenge, the Union realized an increase in assets size from GHC 17, 088,790.18 last year to GHC 19,213,189.70 which represents 12.4 per cent increment.

He said the total savings for the over 4,000 members for the period was GHC 16, 137,251.08 as compared to the GHC 13, 809,645.88 last year.

“This represents a growth rate of 16.9 per cent despite the challenges in the financial sector but there is more room for improvement,” he said.

Mr Dupey said the total shares/dividend capital of the Union stood at GHC 545,298.43 while the loan portfolio also stood at GHC 2,304,132.02 indicating a substantive growth of 22 per cent at the end of the financial year.

He said the Union’s total investments also stood at 10,758,591.76 with an increase of 20.4 per cent.

Savings for fellow co-operators is an important avenue of wealth creation and urged members to save regularly to accumulate funds for their future projects, he said.

Mr Dupey urged members to also take advantage of the Kiddy Savings, Planning for Pension Plus, and the Fixed Deposit, services to safeguard the future of their families.

He urged members to as well take advantage of the Zenith Bank Direct Debit System which has been accepted by the Union to increase their savings.

Mr Kwasi Kwaning-Bosompeh, the Controller and Accountant General, commended the Union for working hard for the past 31 years to achieve its mandate.

He said the achievements of the Union are a clear indication of competence on the part of managers.

Mr Kwaning-Bosompeh said the recent happenings in the financial sector should be a wake-up call to managers to ensure transparency in all their transactions.

He said there is the need for an active sensitization to create awareness on the mandate of the Union and urged civil servants to cultivate the habit of saving as it is the genesis of a good future.

Five outstanding members were honoured at the meeting for their loyalty.