The 22nd Annual General Meeting of the Controller and Accountant General Employees Co-operative Credit Union limited was held in Accra on 24th July 2021. The theme for the year’s Annual General Meeting was: “Soaring Beyond Challenges. The Credit Union Factor.”
The outgoing Chairman, Mr Isaac Dupay, mentioned that the value of the assets of the Union 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 per cent.
He said it was worthy to note that members’ savings increased considerably by 19.97 per cent 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.
Due to the drastic decline in the net surplus in the financial year, the Controller and Accountant General’s Employees Co-Operative Credit Union (CAGECCU) could not declare any dividend payment on members’ shares in the 2020 financial year.
Mr Dupay mentioned that the Net Surplus of the Credit Union during the year under review dropped from GH¢497,053.57 in 2019 to GH¢74.756.76 in 2020 because of the non-payment of interest on the Union’s locked up investments with the defunct financial houses.
He also said the shares portfolio during the period grew marginally as compared to the previous years due to the increment of the share value from GH¢100.00 to GH¢300.00 for members.