Mr Mohammed Saani Siddique, Supervising Manager for Human Resource of the Ghana Co-operative Credit Unions Association (CUA), who gave the advice said Credit Unions must consider the Safety, Liquidity and Yield (SLY) concept, among others before investing.

Mr Siddique added that they should always anticipate the threats of the future as according to him, unprecedented pressures could be expected in the lending and investment sector. He noted that Credit Unions would therefore need to maneuver carefully to maintain their stability and to protect their members’ savings.

He gave the advice at the 15th Annual General Meeting (AGM) of the Tema St. Joseph Co-operative Credit Union on Saturday. The AGM was on the theme: “Member Education and Financial Literacy for Increased Benefits”.

He observed that Credit Unions in the country stood up better than other financial institutions during the recent crisis in the financial sector adding that “while credit unions have not escaped unharmed from the financial storm that swept over the financial space, they have a so far, stood up very well to the stresses”.

The Supervising Manager stated that despite the damage done by some investment lockups and losses in some credit unions, the movement itself remained healthy.Mr Siddique urged members of the various credit unions to be honest to the institution by increasing their savings, saving regularly, paying loans promptly and understanding the terms and references of their engagements.

He cautioned them against allowing themselves to be deceived by quack financial institutions with their flamboyant and unrealistic interest rates. He said members must also constantly remind themselves of the bye-laws and operating policies of the union, especially the shares and loans policies as that would help them appreciate better the union’s structures and functions.

Mrs Afia Agyapomaa, Chairperson of the Tema St. Joseph Co-operative Credit Union, said the Union began its operations on May 15, 2000 with 15 members comprising 10 females and five males.Mrs Agyapomaa said they currently had a membership of 1,053 and 32 groups from the St Joseph the Worker Catholic Church and communities in Tema and its environs.

She implored members to have confidence in the Credit union and invest to reap the needed returns. Three members: Mr Michael Osafo, Mr Michael Appiadu and Mrs Louisa Aidoo Kwao, were awarded for their contributions and dedication to the growth of the union.