He said the new service charge from one per cent to three per cent was too much for Credit Unions (CUs) to operate especially when it was raising its operational expenses and projected premium targets.

Effective January 15 this year, the CAGD raised its charges for the various deductions it makes from the salaries of government workers on behalf of all third party institutions including insurance companies, credit unions, financial institutions, hire purchase companies, and welfare unions.

“Reconsider the rate of three per cent to probably one per cent again as it is hindering the activities of credit unions and other financial institutions,” he said. Mr Nyarko made the call at the 19th Annual General Meeting (AGM) of the Controller and Accountant-General’s Employees Co-Operative Credit Union (CAGECCU) held in Accra at the weekend.

He also appealed to government to consider the call and intervene.

“By doing this it will help build the nation and members will be served as they deserve,” he said.Mr Nyarko therefore charged management of respective CUs to bring to bear clear effective policies and run the sector with its proper implementations.“Effective roles played as leaders and members will bring a vibrant front for a good credit union to be built for a secured future,” he said.

Speaking on the theme: “Credit Union: Your Future is Secured”, Nana Akwasi Agyapong, the General Manager of Credit Union Associations, said going forward, it was expected that the membership of CUs would increase to two million. “And so since the credit union licensing has begun, it is an expected process that smaller ones will merge with big ones for effective operations,” he said.

He noted that plans were in place to strategise all CUs for them to be strong and vibrant to the standards of financial institutions with high liquidity and run at all times. Lauding CAGECCU as a viable entity because of how safe it was, with members liking its services, trust as well as confidence, Nana Agyapong advised management to work with good governance, democratic principles and financial assistance, as some of the good foundations it could thrive on in the coming years.

“I however challenge CAGECCU to be among the best ten credit unions in the country within two years, based on product, service, members and access,” he said.     He also advised the leaders of CAGECCU to make their systems operations transparent and let their members have access to adequate and accurate information.  As part of events marking the AGM, elections were held to elect new leaders who would steer the affairs of CAGECUU.

The new leaders for the Board of Directors are Mr Isaac K. Dupey; Chairman, Madam Juliana O. Addo; Vice President, Mr Martin Dordzie; Treasurer, Mr Christian Osei Yaw; Assistant Treasurer and Mr Andrews K. Dzokoto; Member.For the Supervisory they are Mr Kennedy K.K Quartey; Chariman, Mr Ebenezer A. Yirenkyi; Secretary and Mr Amatus Belakpeng; member. 

Other were, Mr Anthony Kojo Dankwa; Chairman, Madam Patience Akparipoka; Secretary and Madam Evelyn Mauwuse Dzidzormu; member all going for the loans committee.

   In his remarks, the newly elected Chairman of the Board of Directors, Mr Isaac K. Dupey told the members to trust the leadership and assured them of moving the union forward.

    Giving his address after steering the affairs of CAGECCU for two-four-year terms, the immediate past Chairman of CAGECCU, Mr Albert Ben Crabbe, observed that the total assets of CAGECCU increased from 11,085,110 to 12,884,855.09 representing a growth of 16.24 per cent.

    On membership savings, Mr Crabbe said there was an increase from 8,671.75 to 10,605,829.13 representing 22.31 per cent raised over the year 2015.

    “We are also happy to report that our investments increased by 26.28 per cent from the previous year and we attribute these achievements to the collective efforts of the members and staff,” he said.

    He mentioned inadequate staff strength, absence of official vehicle and the lack of development of additional programmes to expand operations as some of their challenges.

     Mr Crabbe expressed gratitude to members of CAGECCU for making 2016 one of the most successful year of its existence and urged them to give same support to the new management team.