The Oil and Gas Co-operative Credit Union (OGCCU) with its head office at BOST Depot in Kumasi, has recorded significant financial growth with exceptional performance under the 2023 financial year.

The Union also recorded an annual increase in growth despite the economic challenges melting down giant companies.

This was revealed at the Union's 3rd Annual General Meeting (AGM), at BOST Depot, at Kaase in Kumasi.

Mr Gideon Amewugah Kumah, the Board Chairman of the Union, in a report said the income increased from GH?338,996.93 in 2022 to GH?587,924.54 in 2023 representing a 73.4 per cent.

He said total deposits (savings) increased by 43 per cent from GH?1,735,202.41 to GH?2,481,403.16 during the period under review.

The Chairman said total assets also increased from GH?2,194,323.54 in 2022 to GH?3,264,564.85 in 2023.

The number of shares increased from GH?221,104.00 in 2022 to GH?393,459.60 in 2023, representing a 77.9 per cent growth.

Mr Amewugah Kumah said the Union's reserve increased from GH?217,683.93 in 2022 to GH?363,865.34 in 2023, representing a growth rate of 67.1 per cent of the total asset prior to the payment of dividend.

The membership of the Union increased from 922 to 1416 within the same period, representing a 53.6 per cent rise.

The Chairman commended the Board, management and staff as well as other committee members on loans, supervisory and education for their enormous efforts and contributions to woo more members and improving the performance of the Union.

Mr. Kingsford Osei Sarfo, the Manager of the Union, said management in collaboration with the board, had put in place a strong internal mechanism to help improve and sustain the operations of the Union.

He said the Union had introduced some new products such as 'Youth Savings' and 'Kiddy Savings' to encourage the youth to save money for their future and strengthen and increase the financial base of the Credit Union.

Thus, he encouraged the youth around the area to cultivate the habit of savings and parents to also register their kids on the 'Kiddy Savings' to help secure a better future for them.

Mr. Osei Sarfo advised members to continue saving with the Union, which would support them with the necessary requirements to access loans at low-interest rates.

Source: Ghana News Agency