The Oil and Gas Co-operative Credit Union (OGCCU), located at the BOST Depot in Kumasi, has achieved remarkable growth, with assets soaring to GH¢6,808,581.06 in 2024, up from GH¢3,264,564.85 in 2023, marking a 100% increase. This milestone was shared during the Union’s 4th Annual General Meeting (AGM) held at the BOST Depot in Kaase, Asokwa Municipality.
Ing. Gideon Amewugah Kumah, the Board Chairman, reported that total income grew by 66% to GH¢978,352 in 2024, compared to GH¢587,925 the previous year. Members’ deposits surged by 150% to GH¢5,592,591.39, while shares increased by 73.3% to GH¢681,476.37. Membership also rose by 40%, growing from 1,416 to 1,983 during the year.
The Board announced a proposed payout of GH¢46,652.20 from a net surplus of GH¢143,626.00, offering a 10% return on shares, pro-rated according to the timelines of share purchases. Looking ahead to 2025, the Board aims to strengthen internal controls, enhance staff training, boost membership recruitment, and improve operational efficiency to maintain this growth trajectory and enhance service delivery.