Oil and Gas Co-operative Credit Union records significant financial growth

The Oil and Gas Co-operative Credit Union (OGCCU), located at the BOSTenergies Depot in Kumasi, has experienced remarkable financial growth during the 2025 fiscal year. The Union reported a substantial increase in assets, reaching GHS 9,800,563.20 in 2025 from GHS 6,808,581.06 in 2024, marking a 69 percent rise. This significant achievement was unveiled at the Union's 5th Annual General Meeting (AGM) held at the BOSTenergies Depot in Kaase, Asokwa municipality.

In a presentation of the report, OGCCU's Board Chairman, Mr Gideon Amewugah Kumah, disclosed that the Union's total income grew by 58 percent to GHS 1,662,921.72 in 2025 compared to GHS 978,351.81 in 2024. Members' deposits increased by 73 percent to GHS 7,564,278.19, while members' shares rose by 60 percent to GHS 1,130,475.48.

Membership also expanded by 27 percent, growing from 1983 to 2533 during the period. Mr Kumah disclosed that the Union's net surplus surged by 300 percent from GHS 143,626.15 in 2024 to GHS 575,224.49 in 2025. He further elaborated that this surplus would be distributed as a proposed dividend of 10 percent return on shares, prorated based on the shareholders' purchase timelines.

For the forthcoming 2026 fiscal year, the Board intends to enhance internal controls, improve loan recovery and monitoring, augment savings mobilization, control operational costs, and explore new income-generating avenues. The Union's General Manager (GM) of Finance, BOSTenergies, Mr Eric Achindiba, commended the Union's financial performance during the reviewed year, acknowledging it as a testament to the commendable efforts of the management and staff.

He encouraged all BOSTenergies staff to actively engage in the Credit Union's activities and make full use of the available financial products. BOSTenergies' General Manager (GM) of Human Resource and Administration, Mr Michael Laud Zigah, advised the BOST staff to leverage the credit union to acquire more shares as a means of securing their retirement, emphasizing that relying solely on the PETRA pension scheme could be detrimental in the long run.

Mr Duncan Nimako, the Depot Manager in Kumasi, applauded the members, staff, and Management Board for their support in the Union's growth, promising to remain involved in future activities to contribute to its continued expansion.