RCCU posts 38.7% growth in assets

…celebrates 25th anniversary

By Elizabeth PUNSU, Kumasi

The Ramseyer Co-operative Credit Union (RCCU) has posted a 38.7 percent growth in assets for the year 2024, underscoring its strong performance and steady expansion.

Board Chair, RCCU, Minta Bieni, disclosed that the union’s asset base rose from more than GH?33.8million in 2023 to a little over GH?47million in 2024.

He commended management and staff for their dedication, noting that the growth reflects stability and a renewed commitment to members.

“We are on a good track. RCCU is steadily growing and stabilising, thanks to the efforts of management and staff,” Mr. Bieni said.

He made these remarks at the union’s 24th Annual General Meeting (AGM) of shareholders, which also marked the 25th anniversary of RCCU.

As part of the anniversary celebrations, RCCU rolled out several community initiatives, including financial literacy training at its head office, a health screening exercise for the Ejisu community and the donation of books, teachers’ tables and chairs to the Ejisu Presbyterian Junior High School.

In line with sustainability and cost efficiency, the Board also announced an agreement with a solar energy company to install solar panels at the head office. The project, expected to be completed by December 2025, is projected to cut electricity bills by half while ensuring uninterrupted 24-hour power supply for the entire complex.

Community impact

Chief Executive Officer of RCCU, Mr. Kennedy Yeboah, revealed that in the past 25 years, the union has supported more than 9,000 individual members and businesses with loans totalling over GH?131million. Members have also received more than GH?9.2million in returns on savings and dividends — a demonstration of shared growth and prosperity.

Speaking at the union’s 24^th AGM, he mentioned RCCU has survived major economic and industry challenges, including the 2018 banking sector crisis, COVID-19 restrictions in 2020, investment haircuts in 2023, as well as inflationary pressures and high loan default rates.

“At each stage, RCCU responded with innovation — diversifying loan products, automating operations, improving customer service and embracing technology. Our strength has been built on prudent financial management, trust and adaptability,” Mr. Yeboah highlighted.

With the introduction of the *718*220# USSD platform and the Ramseyer Mobile App – available on both Google Play Store and Apple App Store, members can now transact seamlessly anytime, anywhere.  Mr. Yeboah described this as a milestone that has positioned RCCU as a forward-thinking credit union.

“From a kiosk to a tower, our 25-year journey is a true testament of our branding, visibility and transformation,” he added.

Future outlook

The CEO emphasised that while the 25th anniversary is a celebration of achievements, it also marks the beginning of a new chapter for RCCU to be marked by good governance and accountability. Additionally, RCCU would expand its digital banking services for a cashless and convenient future.

Moreso, the union would make funding for members’ businesses, homes, etc. a priority. Another major future plan is youth development. Under this, youth development initiatives would be implemented to equip the next generation with financial literacy, skills and entrepreneurial support.

Mr. Yeboah further indicated that the union will deepen its investments in education, health and local economic empowerment.

The 25th anniversary celebrations climaxed with a dinner and awards ceremony attended by the Board of Directors, management, staff, shareholders and stakeholders.

Kennedy Yeboah, CEO, Ramseyer Co-operative Credit Union

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