The Chief Executive Officer of Swedru Teachers’ Co-operative Credit Union (STCCU), Mr Joseph Acquaye, has urged the youth to patronise the activities of credit unions and cultivate a savings habit to enable them to derive the maximum benefits.
The youth should not forget that financial crisis could arise at any point in time and those shocks could only be absorbed if some investments had been made for a bailout, he said.
In an interview with the Ghana News Agency (GNA) at Agona Swedru in the Central Region, Mr Acquaye said the advice also went to all traders at market centers and small and medium enterprise operators.
Similarly, he urged “big time” business executives to save with the Swedru Teachers’ Co-operative Credit Union to enable them to receive financial support for business expansion.
The STCCU currently has 50,000 clients mostly teachers and market women in and around Agona West Municipality.
During the Union’s 19th Annual General Meeting held at Agona Swedru, the CEO said the union made significant growth in its operations as compared to the 2021 profit margin.
The total assets grew to 38, 768,737.72 million cedis in 2022 from 32, 298,623.67 million cedis in 2021.
Members savings increased to 28,672, 471.08 million cedis in the year under review from 24,299, 415.94 million cedis the previous year.
Shares made significant increase to 10, 096, 266.64 million cedis in 2022 as against 7,990, 358. 94 million Ghana cedis in 2021.
The total liability and equity of the union increased to 38, 768, 737.72 million Ghana cedis in 2022 as against 32,298, 623.67 million cedis in 2021.
Mr Acquaye said the net surplus of the union also made giant growth to 1, 746, 327 .30 million Ghana Cedis in 2022 as against 1,521, 407.18 million cedis in the 2021 fiscal year.
These successes were chalked because of the digitalised and re-branded financial evolution it had embarked on, he said.
“The expansion of the union and its growth calls for drastic decisions, especially in the use of IT tools, short codes, internet banking and others to meet the expansionary vision of the union,” the CEO said.
He said the post COVID-19 challenges were enormous, bringing to the fore the importance of savings through digitalisation to facilitate the processes and ensure safety.
The union was strategically positioning itself in Credit Union movements across Africa and beyond to concretise the gains made and enhance growth, he noted.
