BRIEF HISTORY OF STCCU
The Swedru Teachers Co-operative Credit Union was founded on 20th October, 1970, through an initiative by Mr. J. A. Biney who was a teacher at Methodist Middle School, brought together group members numbering ten (10) to establish the union with technical support from Mr. Bartholomew Quainoo, National Field Officer for CUA responsible for the Eastern and Central Region. The official launch took place at the Swedru A.M.E. Zion Middle School currently, A.M.E. Zion ‘A’ Junior High School on 24th April, 1971.
The first elected BOD members were Mr. Kofi Osei, Mr. J. A. Barnes, Mr. S. K. Essah and Mr. Frank Eduah, all of Swedru Urban Council Middle ‘A’ School and A.M.E. Zion Middle School.
The credit union affiliated to Ghana Co-operative Credit Unions Association (CUA) Limited in 1st June, 1971. The society from its inception was operated from one of the offices of the Department of Social Welfare but was ejected when the Department returned the building to its landlords. With this, the then officers were forced to operate from their private homes and also through school-to-school mobilization under the chairmanship of Mr. E. W. Kankam. The society by this lost lots of confidence in the members because of the high risk factor. The union through these challenges adopted a number of strategies to regain confidence by organizing monthly meetings, presenting financial reports to members and involving all members in the running of the society.
Following the discovery of oil in Nigeria in late 1970s, many teachers especially those living in and around Swedru left to seek for greener pastures and this seriously affected STCCU as some of its members left including those indebted to the society.
With time, membership and assets began to grow steadily and in 1986 the then Board of Directors appointed the first Manager of the Credit Union, the long serving Mr. J. K. Amuah. He served the society for Thirty (30) years as a Book-keeper and Manager. During that same year, the Board received a permanent office at the old education office in Agona Swedru granted by the Ghana Education Service. In 1993, the society rented yet another office to operate from and acquired a plot of land for the eventual erection of its own building as well as expanded its staff base in the year 1998. A major booster started in the history of the society in the year 2000 after the opening of its common bond. The influx of members and liquidity permitted substantial developments in the structure and capital assets of STCCU such as the construction of the new office premises and the purchase of a vehicle in 2004. Currently, teachers still remain as majority in membership about 55% but market women, artisans, drivers, small-business and some institutions are also represented. The credit union is currently one of the leading credit union in the Central Region and aspiring to be the best in the country. STCCU has secured numerous awards within the industry as result of high standard leadership qualities.
The Total Assets of the Credit Union now stands at GH¢11.9m as at June, 2017. It is governed by the Board of Directors, Loans, Supervisory and Education Committees and the Staff. The society has expanded with three (3) new branches at AgonaNsaba, Nyakrom and Bobikuma, membership of 6000 and Staff strength of 48. Late Mr. Jacob Amuah was the first Manager from the year 1976 to 2000. Mr. James Yamoah succeeded from 200 to February 2014. Mrs. Fortunate Adu took over from March 2014 to 25th July 2017. Mr. Joseph Acquaye is the current manager.
The credit union is now 48 years old. Membership of the society during the period July 2015 to June 2016 increased from 7,840 to 8,504.