Oguaa Teachers Cooperative Credit Union has declared the next two years ahead as action year with emphasis to increase membership to ensure maximization of liquid funds and investments to facilitate increase profitability.
To achieve this, the Union has adopted a mechanism to educate and mobilize members among the informal sector to save while running a youth piloting saving initiative.
The Board Chairman, Nana Kwadwo Boateng Addo, disclosed this at the 34th Annual General Meeting (AGM), of the Union. On the theme: The Credit Union Concept- Focusing on the youth in wealth creation.
Nana Boateng Addo said in the coming years the credit union’s pre-occupation will be to increase membership and encourage the youth to adopt the habit of saving.
“One of the things that we are bringing to the fore is youth saving. We believe that the majority of our population are the youth and so in Oguaa we also have the advantage of our secondary schools. I want to reach out to them and encourage youth savings, the young man who is selling by the road side and the young man who is in school to cultivate the culture of savings for their future.”
Nana Boateng Addo, said as at the end of the financial year in June, 2017, the total Shares capital of the union stood at GHC627, 761.51 representing 13% of total assets. This he notes was an improvement over the previous year’s figure of GHC369, 830.38.
In the area of investment, Nana Boateng Addo disclosed that a significant increase in Liquid investment figures for the year under review was recorded. The figure according to him rose from GHC 771,841.95 to ghc1, 393,246.48 representing 80.50% increase over the previous year.
On the licensing of Oguaa Teachers cooperative credit union Ltd, the Board Chairman assured members, that plans are far advanced to grant license to the union.
Oguaa Teachers Cooperative Credit Union banking hall
On his part, Supervisory Manager (Deposit Guarantee) of the Ghana Cooperative Credit union Association (CUA) Ltd, William Adu Agyei noted that a youth desk has been established at the head office with aim of encouraging the youth to save.
“CUA in its wisdom has establish a youth desk at the head office. Currently there are about a 90 active savings class in the country. It is suggested that Oguaa teacher’s credit union adopt a basic and senior high school here in cape coast to build your model school to feed your credit union as they come of age.
Remember you have to save first because you spend but as it is now we rather spend and save what is left which is not a good practice. When we cut the right parts for our youth in the schools and colleges, and inculcate the habit of savings in them, we are potential successors for our cost and they will continue to create wealth for themselves and our credit union, so that in future the credit unions will not be a breed one.”
Source: ATL FM News