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Thursday, September 23, 2021

CAG Employees Credit Union unable to declare a dividend to members

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The Controller and Accountant General’s Employees Co-operative Credit Union (CAGECCU) has not been able to declare any dividend payment on members’ shares in the 2020 financial year.

This is because the financial year recorded a drastic decline in the net surplus of the Credit Union.

Mr. Isaac Dupay, the outgoing Chairman of the Board of Directors of the CAGECCU,  said the Union’s assets value grew significantly during the year under review from GH¢19,213,189.70 to GH¢22,136.722.77 in 2020.

That indicated a difference of GH¢923,533.07, representing 15.22 percent, he said.

Mr. Dupay made these known at the 22nd Annual General Meeting of the Credit Union in Accra on the theme: “Soaring Beyond Challenges. The Credit Union Factor.”

He said it was worthy of note that members’ savings increased considerably by 19.97 percent in that financial year as compared to the previous year. GH¢19,359.686.19 was realized in 2020 as against GH¢16,137,251 08 in 2019, he said.

During the year under review, the net Surplus of the Credit Union dropped from GH¢497,053.57 in 2019 to GH¢74.756.76 in 2020 due to non-payment of interest on the Union’s locked up investments with the defunct financial houses, Mr. Dupay said.

He said the shares portfolio during the period also grew marginally as compared to the previous years due to the increment of the share value from GH¢100 to GH¢300 for members.

“The total value of shares in 2019 amounted to GH¢545.298.43 as compared to that of 2020, which summed up to GH¢696,867.54 recording a rise of 27.80 percent,” he added.

Mr. Dupay said total loans disbursed to members amounted to GH¢3.359.102.02 as compared to the 2019 figure of GH¢2.372.832.89 a difference of GH¢986,269,13, representing a significant percentage of 41.57 percent.

“On investments our liquid investment has increased appreciably from GH¢10,758,591.76 in 2019 to GH¢12 297.257.60 in 2020, registering a difference of GH¢1,538,665.84,” he said.

Mr. Kwasi Kwaning Bosopem, the Controller and Accountant-General, commended the leadership of the Union for the success chalked over the years, having survived the challenges that came with operating a financial organization.

He encouraged the Board and Management to undertake a continuous review of their risk assessment procedures on investments to ensure the net worth of members’ savings was maximized.

Mr. Bosopem said credit must go to the Government for its bold step to embark on the financial sector clean-up and restructuring amongst other measures
to ensure a much more robust system to protect the deposits and investments of employees.

“The Union can count on your continued support in the discharge of your mandates as we look forward to a closer collaboration that is mutually beneficial,” he said.

He said a lot of Ghanaian workers had not had access to appropriate financial advice, which had been a long-standing challenge that had plunged many into deep financial and emotional crises.

As part of events marking the AGM, elections were held to choose new leaders who would steer the affairs of CAGECUU.

The new Board of Directors are Christian Osei- Yaw; Chairman, Cephas Dosso; Vice Chairman, Kofi Afrifa; Treasurer, Isaac Dupay; Member, and Julian Addo-Yobo, Member.

For the Supervisory Committee, the leaders are Emmanuel Kevin Vanderpuye; Chairman, Patience Tetteh; Secretary, and Aiyshatu Sulemana, Member.

The Loans Committee comprises Patience A. Ndebugre, Chairperson, Evelyn M. Dzidzornu; Secretary, and Beatrice Nantwi, Member.

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SourceGNA

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