The government, in the coming months, will seek to amend the policy and legislative environment to enable credit unions to support cooperative societies and local economic development and job creation.
The Deputy Minister for Labour and Employment, Bright Wireko Bobby made this known at the International Credit Union Day held in Ho over the weekend.
According to Mr. Wireko Bobby, the sector will continue to engage and interact with stakeholders to fine-tune the draft cooperative bill for passage into law.
“We hope to do so within the lifetime of this Parliament because it is long overdue. We will continue to guide you around the clock to achieve this important objective. We have indeed come far. And the International Credit Union day should remind us of the need for introspection on the future of cooperatives in Ghana” he said.
The Deputy Minister noted that he has no doubt that the association will be able to weather the storm and ensure that the contribution of credit unions to the national economy is maximized for sustained growth and development of the country.
He said across the globe, credit unions play vital roles in connecting cooperatives to financial and non-financial services, not only for an individual or family interest, but generally for economic development.
“Through the immense contribution of credit unions, cooperatives have established a significant presence in both developed and developing countries. We serve more than 1 billion members across the globe,’’ he said.
The Volta National Board Chairman of Credit Unions Association (CUA) Limited, Dr. Benard B.B Bingab noted that International Credit Union [ICU] celebrates the spirit of the global credit union movement and the day is recognized to reflect upon the credit union movement’s history, hard work and share member experiences.
Dr. Bingad noted that the ultimate goal is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more engaged.
“As we continue to chart the path of financial well-being for all, today is another chance to show the nation and the world at large how we are improving our members’ lives and also help more people improve their financial well-being through accessible and affordable products and services provided by credit unions,” he said.
Dr. Bingad noted that credit unions offer opportunities and competitive credit, among other relevant financial services which have impacted positively, the lives of many people around the world.
According to the Chairman of Volta Chapter, Doh Redacord the celebration is meant to look beyond the local community to recognize the credit unions for the important roles they play in many distressed urban and rural areas in the world.
Mr. Doh Redacord noted that many people would not have been able to have access to financial services without credit unions, adding that credit unions have consistently carried on the traditions set forth by their founders and represented the values.
General Manager for CUA, Cyprian K.A. Basing said the role of credit unions cannot be overemphasized; particularly in the challenging times triggered by an unfavorable and volatile external environment that has crippled many economies, organizations and individuals around the world.
“As we know, credit unions have over the years played significant roles in transforming the economic development of their members and have significantly brought people together to cooperate towards liberating themselves from financial challenges and the shackles of poverty” Mr. Basing said.
He noted that, despite the challenges, the credit unions movement has remained vibrant due to the core products and services advanced by CUA to credit unions in the country.
“These products include; the central fiancé facility, deposit guarantee scheme and risk management programs; tailored to provide firm pillars for the development and sustainability of credit unions and their members in Ghana,” Mr. Basing said.
On projects and partnerships, he said the Ghana Financial Sector Project (GFSP) is supporting the implementation of a project to support CUA and the credit union movement to acquire a core banking software that will enhance the operations, reporting and supervision
The program was sponsored by the Credit Union National Association, The American Credit Union, World Council and the Volta Chapter of CUA.
