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Business & Finance | Jun 1, 2004

Legon sod cutting ceremony for Credit Union

GNA

Legon, June 1, GNA - The Vice-Chancellor of the University of Ghana, Professor Kwadwo Asenso-Okyere, today told the membership of the University of Ghana Co-Operative Credit Union that, no matter how little income they earn, they should try and save some towards the future. He also regretted that workers in the country do not have the culture of savings.

He mentioned that the rate of savings in the country is between seven and eight per cent of the GDP, while in some countries the rate is about 50 per cent.

Professor Asenso-Okyere therefore, encouraged Ghanaians workers to save. He said he was trying to arrange for a rural bank on campus that may have softer terms to encourage workers to save more.

Prof. Asenso-Okyere was speaking during a sod cutting ceremony for the construction of a 834-million-cedi office building for the University of Ghana Co-Operative Credit Union in Legon.

He called on the Legon branch to embark on a membership drive to get more people for the credit union. He also asked the union to organise a long term planning towards converting the Credit Union into a full bank, since this will enhance the process for a universal bank, where they may need about 70 billion cedis as a capital base to operate money transfers, foreign exchange and other banking facilities to enhance its growth.

He also called on the University of Ghana pensioners to apply and be part of the credit union.

In a welcome address by the chairperson of the University of Ghana Co-Operative Credit Union, Mrs. Victoria A. Codjoe said the University credit union begun operation on August 6, 1971, by the junior staff of the University and was later joined by the senior members of staff. She said from a meagre asset of four billion cedis about six years ago, it has grown to 12 billion cedis.

Mrs. Codjoe added that the current membership of the Legon Credit Union stood at 2,671.

She was grateful to the University authorities for assisting them with the land for the construction of the building. She said when the credit union building complex is completed it will have a conference room, an open office, a dining room, a kitchen and a store.

The zonal manager of the Credit Union Association of Ghana (CUA) Mr. Dominic Bawuley said there were about 240 credit unions in Ghana and that in the near future, these credit unions would be converted into a gigantic bank in the country.

He also called on the Legon branch management to double their efforts to complete the construction of their building.

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