Youth urged to patronize credit unions amid economic challenges

Chief Executive Officer (CEO) of Swedru Teachers’ Co-operative Credit Union (STCCU), Joseph Acquaye, has urged the youth to patronize activities of credit unions and cultivate the habit of savings to enable them to derive maximum benefits.

According to him, the youth should not forget that fiscal crisis could arise at any point in time and that shocks could only be absorbed if some investments had been made to get bailout.

Speaking to the Ghana News Agency in an exclusive interview at Agona Swedru, Mr Acquaye said the youth must not squander all their incomes accrued from businesses but try to save some for future purposes.

He also urged all traders at market centers and small and medium enterprise (SMEs) operators to save with the Union to enable them to receive financial support to expand their businesses.

The CEO hinted that the STCCU currently had 50,000 members, who mostly teachers and market women in and around Agona West Municipality.

During the Union’s 19th Annual General Meeting (AGM) at Agona Swedru, the CEO revealed that it had made significant growth in its operations as compared to 2021.

Mr Acquaye said the total assets of the union grew by GH¢38,768,737.72 in 2022 as against GH¢32,298,623.67 in 2021.

He said the membership savings increased to GH¢28,672,471.08 million from GH¢24,299,415.94 million in 2021.

The CEO disclosed that members’ shares made significant increase to GH¢10,096,266.6 in 2022 as against GH¢7,990,358.94 in 2021.

He announced that the total liability and equity of the union increased to GH¢38,768,737.72 in 2022 as against GH¢32,298,623.67 in 2021.

Mr Acquaye said the net surplus of the union also made giant growth to GH¢1,746,327.30 in 2022 from GH¢1,521,407.18 million in 2021 fiscal year.

He said the STCCU has chalked the growth in its operations because of digitalized and re-branding of financial evolution to strive hard to achieve its objectives.

The CEO said the expansion of the union and its growth called for drastic decisions especially in the use of IT tools, short codes, internet banking and others to meet the expansionary vision of the union.

Post COVID-19 challenges, he indicated were enormous and therefore, the need for all to save via digital platforms.

That, he said was the surest way to strategically position itself in the Credit Union movements across Africa and beyond.