The concept of establishing a Credit Union within the Volta Lake Transport Company (VLTC) was first championed by Mr. Fred Sangmor and Mr. M.J.K. Koomson, following Mr. Sangmor’s exposure to Credit Union operations in Ho. Their visionary proposal received enthusiastic support from VLTC Workers Union leaders, notably Mr. P.P.A. Tetteh (Vice Chairman, Senior Staff Union) and Mr. S.K. Bonney (Chairman, Junior Staff Union).
40 Pioneers Unite
These advocates actively promoted the idea among staff and management, culminating in a general meeting where Mr. Asamoah, a resource person from Hydro Credit Union, introduced participants to the principles, ideology, and benefits of Credit Union membership. The initiative was warmly embraced, and 40 pioneering employees (37 men and 3 women) registered, committing to an initial monthly savings of GHS20.00 (then ¢200,000.00)—a measure designed to foster inclusivity and prevent concentration of influence.
Expert Guidance
A team led by Mr. Sangmor engaged the CUA-Eastern Chapter in Koforidua and the Ghana Co-operatives Association, refining the proposal with expert guidance. Through perseverance and shared purpose, the dream of a VLTC-based Credit Union was realized
First Management Committee
The first interim management committee, chaired by Mr. Emmanuel Nelson Coffie, guided the fledgling union with dedication and foresight. Their efforts led to formal registration with the Credit Union Association (CUA) in 2001 and the Department of Co-operatives in 2002. By August 2001, membership had grown to 118, reflecting the union’s rising credibility and appeal.
Official Incorporation
The Volta Lake Co-operative Credit Union (VLCCU) was incorporated as a Non-Banking Financial Institution. Operating under the Co-operative Societies Decree of 1968, VLCCU was registered as ER/NC/246 and affiliated with the Ghana Co-operative Credit Unions Association.
Formal Recognition
On June 5, 2000, the Volta Lake Co-operative Credit Union (VLCCU) was incorporated as a Non-Banking Financial Institution, offering deposit-taking, loans, and financial counseling to registered members. Operating under the Co-operative Societies Decree of 1968 (NLCD 252), VLCCU is registered as ER/NC/246 and affiliated with the Ghana Co-operative Credit Unions Association (CUA) Ltd.
Beyond VLTC Boundaries
Initially known as the Volta Lake Transport Company Employees Co-operative Credit Union (VLTC ECCU), it served only VLTC staff. However, in pursuit of broader impact, VLCCU expanded its Common Bond to include government and private institutions, individuals, churches, and Small & Medium Enterprises (SMEs).
Governance Framework
Supreme Authority
- Vested in members
- Exercised through Annual General Meetings
- Special General Meetings when needed
- Democratic decision-making process
Elected Committees
- Board of Directors (4-year terms)
- Supervisory Committee (4-year terms)
- Renewable once
- Democratic elections
Management Structure
- Board-appointed Manager
- Loan Committee (Board-appointed)
- Daily operations oversight
- Board-approved staff recruitment
Current Operations
Main Branch
Located at VLTC premises in Akosombo-Marine, serving as our headquarters and primary service center for members.
Adjena Agency
Agency office serving Adjena, Pese, Adumasa, Gyakiti, Kudikofe, Sedorm, and surrounding communities with accessible financial services.