CAGECCU MARKS 21st AGM IN ACCRA

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The Controller and Accountant General’s Employees Co-operative Credit Union (CAGECCU), has marked its 21st Annual General Meeting (AGM) with a vastly attended ceremony at the Osu Ebenezer Presby Church in the Greater Accra Region on Saturday 12th October, 2019.
It commenced with a prayer by Mrs. Juliana Addo-Yobo, the Vice Chairman of CAGECCU and the singing of the Credit Unions’ Association Anthem.
The AGM brought together stakeholders in the financial sector, leadership of the credit union movement in the Greater Accra Region, the Department of Co-operatives, Board members as well as scores of members of CAGECCU.
The drive for the AGM was to review the Union’s audited accounts for the year ending 2019, presentation of its 2019/2020 annual budget and also set a platform for the adoption of resolution for payment of dividends to its members.
CAGECCU’s 21st AGM was under the theme; “Safe and Secure”. The Board Chairman for CAGECCU, Mr. Isaac Dupey in his welcome address explained that the theme was deemed appropriate to clear doubts created in the minds of members with regards to the safety of their funds. Therefore the theme was intended to assure members that their funds are secured.
He also guaranteed the Union’s dedication and selfless ambitions to create a vibrant financial institution for its members. Mr. Dupey also launched the Union’s website (www.cageccu.com), email (cageccu@gmail.com) and flyers to improve communication with its members and the general public.
The Controller and Accountant General, Mr. Kwesi Kwaning Bosompem was the guest speaker, he emphasized the relevance of the Credit Unions to the financial development of its staff. He also encouraged members to maintain their confidence in the Union in spite of the turbulence in the Ghanaian financial sector and stated that efforts are on-going to retrieve locked up funds.
Presenting the Annual Report and Financial Statements for the year ended 30th June, 2019, the Board Chairman reviewed the performance, dividends and budget for that financial year.
He also noted that the Union survived the chaos in the Ghanaian financial sector due to the good corporate governance adopted by its management. As at June, 2019, total membership stood at four thousand three hundred and ninety (4,390) indicating an increment of three hundred and forty eight (348).
The financial statement also gave details of operations which included interest earnings, total financial income, and total cost of funds, gross financial margin and finally the total operational expenses.
The Secretary of the Loans Committee, Patience Ndebugre, presented her Committee’s report. She revealed that the total amount of loan applied for in the year under review was three million four hundred and forty four thousand six hundred and seventy (GHS3, 444,670).
However, three million two hundred and forty five thousand Ghana Cedis (GHS3, 245,000) representing 93% of the total amount applied for. She concluded that these figures indicates about 28% increase in loans approval.
Furthermore, the Chairman of the Supervisory Committee, Mr. Kennedy k.K.Quartey unfilled the Supervisory Committee’s report for the financial year under review. He revealed that three hundred and ten (310) members withdrew their savings totaling one million one hundred and eighty two cedis eighty nine pesewas (1,144,282.89) from the union. However, total investment stood at ten million seven hundred and eighty eight thousand five hundred and ninety one Ghana Cedis seventy six pesewas (GHS10, 788,591.76)
The audited report for CACECCU was organized by the Department of Co-operatives was represented by William Darli, endorsed by CUA and presented Kwame T. Mankattah, CUA Auditor. 
Mr. Dupey led the discussion of the Auditors report whiles the Board Treasurer, Mr. Martin Dordzie presented the 2019/2020 budget which included the adoption of resolution for payment of Dividend and sampling of the views of shareholding members on the resolution for payment.
Outstanding members were presented with awards after which the Chairman gave his closing remarks. Rev. Andrews Dzokoto said the closing prayer bringing the 21st Annual General Meeting of CAGECCU to a close.


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