The UEW Co-operative Credit Union Limited has celebrated its 23rd Annual General Meeting (AGM) with a strong call to action for students, especially those at the Akenten Appiah-Menka University of Skills Training and Entrepreneurial Development (AAMUSTED), to embrace financial literacy and entrepreneurship.
The credit union, which is currently ranked 3rd in the Central Region and 7th nationally out of over 500 credit unions, emphasised its commitment to student empowerment through savings and access to loans.
Speaking at the event, AAMUSTED’s Pro-Vice Chancellor, Professor Isaac Boateng, underscored the university’s core mandate of equipping students not only with technical and entrepreneurial skills but also with financial knowledge.
“Many of our students graduate with business ideas but lack the capital to bring them to life,” Professor Boateng noted. “That’s why we are integrating financial literacy into our curriculum to encourage students to save and eventually invest in their own ventures.”
He further advocated for collaborative entrepreneurship.
“Even if a student cannot raise enough capital alone, a group of them can pool their savings to launch a business, with each member acting as a shareholder and benefiting from the profits,” he explained.
According to him, such partnerships are grounded in the legal framework of company law, yet many young people fear entering them due to the lack of understanding of the gap that the university aims to close through education.
Aligning with this vision, Board Chairman of the UEW Co-operative Credit Union, Mr Charles A. Kofi, highlighted the union’s dedication to supporting individuals who subscribe to the credit union philosophy.
He revealed that the Union’s minimum share requirement has increased from GHS300 to GHS 600, and members can access various loan types including Regular, Special, Kiddie, Agriculture, and Micro loans.
“Loan amounts are calculated based on a member’s total savings and shares, multiplied by three,” Mr Kofi explained. “We encourage students to start saving as early as their first year. Even modest contributions from their allowances can grow into significant capital.”
He admitted, however, that encouraging students to save remains a challenge. “It’s difficult to get students to think long-term about saving, but those who do will benefit immensely from access to capital when they need it most, like when starting a business.”
He also assured members that the union offers one of the most flexible interest rates in the country and can adjust repayment conditions based on individual needs.
“We urge students to support the credit union throughout their time in school. It’s a financial support system that grows with them,” Mr Kofi stated.
The collaboration between AAMUSTED and the UEW Co-operative Credit Union represents a strategic effort to cultivate a generation of financially literate, entrepreneurial students who can shape their futures through smart savings and investment decisions.
The AGM served not only as a celebration of past achievements but also as a platform to rally the next generation toward sustainable financial independence.
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