UCC Credit Union Bags More Money

The University of Cape Coast (UCC) Credit Union has increased its asset base from GH¢5,200,000 to GH¢5,600,000, representing a 7.2 percent increase in eight months.

The union also granted loans to the tune of GH¢1,622,799.75 to its members from July 1st 2010 to June 30th 2011 as well as GH¢1,106,946.37 in loans to its members from July to December 2011 to help them execute education and building projects.

This was made known by the chairman of the union, Napoleon O. Ankrah during the 17th Annual General Meeting (AGM) of the union in Cape Coast on Wednesday.

He noted that majority of their members invest the monies into profitable ventures, adding that many had taken advantage of the union’s financial facilities to improve their education qualitatively while others are currently building their own houses and stores.

Mr Ankrah noted that the economic stability and the peace that Ghana enjoys continues to attract competition in the financial sector, adding that their resilience helped them to achieve that feat.

He stated that the injunction imposed by government that no employee should have deduction from his or her salary to the tune of 50 percent of the take home salary as well as huge investment in the union’s building complex affected considerably the operations of the union.

He disclosed that his outfit was planning to undertake SMS banking to facilitate balance enquiry, mini statements and other requests to improve services to their members.

Commenting on this year’s general elections, Mr. Ankrah appealed to all Ghanaians to exercise their franchise in an orderly and peaceful manner in order not to cause mayhem in the country during the period.

He also charged political parties to preach peace before, during and after the elections, saying “we love Ghana and we want it to remain peaceful and a model of democracy in Africa.”

The Chairman of Oguaa Credit Union and First Vice Chairman at the chapter level, Sarah Quagraine, urged the members to save in order to deal with future problems at crucial times.