The Evangelical Lutheran Church of Ghana has officially launched the Lutheran Cooperative Credit Union (LUCU), marking a significant milestone in its efforts to strengthen the financial security and economic well-being of its members.
The colourful ceremony brought together church leaders, members of the National Education Board, officials of the Credit Union Association of Ghana (CUA), management and staff of the Evangelical Lutheran Church Schools, members of the Lutheran School Staff Welfare Association, and other distinguished guests.
Officially launching the credit union, the Bishop and President of the Evangelical Lutheran Church of Ghana, Rev. John Shadrack Donkoh, described the establishment of LUCU as a major step towards promoting financial inclusion, responsible savings and economic empowerment among members of the church and its schools.
Chairman of the occasion, Mr. Daniel Amekudzi, described the launch as a historic achievement that reflected the power of unity, trust and collective commitment. He said the credit union was not just another financial institution but the realization of a long-held vision to improve the welfare of members through cooperative finance.
According to him, the credit union is built on the principles of democratic ownership, transparency and accountability, where every member is both an owner and beneficiary.
He noted that LUCU would encourage a strong culture of savings while providing members with affordable credit to support education, housing, agriculture, entrepreneurship and other income-generating activities.
Mr. Amekudzi urged members to actively participate in the affairs of the credit union by saving consistently, repaying loans promptly and exercising their democratic rights to ensure the institution’s long-term sustainability.
He also challenged the Board of Directors and management to uphold the highest standards of professionalism, prudent financial management and ethical leadership, stressing that the success of the credit union would depend on integrity, accountability and sound governance.
Presenting the history of the Lutheran Cooperative Credit Union, Mr. Prosper M. Ataga explained that the initiative evolved from the Lutheran School Staff Welfare Association, which was established in November 2022 with the approval of the National Education Board to provide structured financial and social support for school staff.
He disclosed that the association began with 154 members contributing GH¢50 monthly, with 40 percent allocated to welfare activities and 60 percent invested.
Within three years, membership increased from 124 to 317 out of a workforce of 393 staff, while total net assets grew to GH¢402,197.94. The association also introduced a soft loan scheme and paid several welfare benefits to members.
Mr. Ataga said the increasing financial needs of members made it necessary to transform the welfare association into a fully-fledged cooperative credit union capable of providing greater financial opportunities through savings, shares, affordable loans and investment services.
He explained that the transition followed all regulatory requirements of the Credit Union Association of Ghana, with the Greater Accra Regional Chapter confirming that the institution had satisfied the conditions for registration.
He emphasized that LUCU is founded on two key pillars—shares, which represent ownership and participation, and savings, which provide the financial strength for sustainable growth.
He described the credit union as a testament to what can be achieved through faith, sacrifice, discipline and collective responsibility, expressing confidence that it would transform the lives of members for generations to come.
Also present at the ceremony was the Greater Accra Regional Manager of the Credit Union Association of Ghana, Mr. Daniel H. Kofi, together with other dignitaries who witnessed the official inauguration.
The launch of the Lutheran Cooperative Credit Union is expected to deepen financial inclusion within the Evangelical Lutheran Church community while providing members with sustainable financial solutions to improve their livelihoods and build long-term economic resilience.
