Accra, Nov. 8, GNA - The assets of University of Ghana Legon Co-Operative Credit Union (UGCCU) increased from 12.77 billion cedis last year to 18.4 billion cedis in 2005.

Total income also increased from 2.49 billion cedis to 3.15 billion cedis while the net surplus of the Union decreased from 811.99 million cedis to 514.18 million cedis.

Mrs Victoria Akweley Codjoe, Chairperson of the Management of UGCCC, told the General Annual Meeting of the Union held at the Great Hall of the University of Ghana.

She called for the reduction in the Statutory Reserved Deposit of 25 per cent that were paid by the primary societies to the National Credit Union Association (CUA) saying that it led to the locking up of funds that could be given out as loans and created liquidity problems. Mrs Codjoe, who had served for six years and is not contesting, appealed to incoming Board Members to continue to improve upon the good works of their predecessors.

The Regional Co-operative Officer, Mr Peter K. Antwi swore 16 elected members of the Union into office. They would be in office for the next three years.