Ghana: CAGECCU Records 16.9 Percent Increase in Savings

15 October 2019

The Controller and Accountant-General's Employees Co-operative Credit Union (CAGECCU) recorded total savings of GH¢16,137,251.08 in 2018.

This represented a 16.9 per cent growth in total savings from its members from GH₵¢13,809,645.88 in the previous year.

The union further realised an increase in assets size from GH¢17,088,790.18 last year to GH¢19,213,189.70 representing 12.4 per cent.

At the 21st annual general meeting of the Union in Accra on Saturday, Isaac Dupey, Board Chairman OF CAGECCU, attributed the growth to the positive savings culture of members despite the struggles in the financial sector.

Despite the growth, he said, the Union had to deal with operating challenges including lack of an official vehicle for transportation of members' inability to lease office space in the CAGECCU building and absence of regional and district offices.

He called on members to apply for loans from the Union and to desist from seeking for loans from other sources and the Union.

"This Union is for you, so come and borrow from us and after 31 years of existence we are dedicated to helping you with flexible rates and depending on the amount you can payback within 36 months," the Chairman added.

He entreated all 4390 members to continue to save with the Union and to have others join the Union, to increase the yield on the Union.

To be able to improve communication with the public, he said the Union had launched two new communication channels which included Union fliers which held information about the Union and some of the products and services.

The other was an official website for the Union 'www.cageccu.com' where members could assess current information about the Union.

Mr Kwasi Kwaning-Bosompem, Controller and Accountant-General (CAGD), commended the CAGECCU for managing the savings of members effectively since the inception of the Union 31 years ago.

He urged the management to strictly adhere to the laid-down rules governing the Union and maintain a high level of corporate governance.

He lauded the Union saying that the presence of these channels was long overdue and would go a long way to keep members and the general public informed on the activities of the Union.

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