THE 2010 International Credit Union Day in the Ashanti Region has been held in Kumasi with a call on the government to properly regularise the operations of credit unions.
The board chairman of the Ghana Co-operative Union Association (CUA), Mr Cyprian Basing, who made the call, said only a well functioning legal and regulatory framework could effectively streamline the operations of the credit unions.
He alluded to the laudable role credit unions had played in creating wealth within the society and said if the unions were effectively regulated, they could do even more to reduce poverty in the rural and other areas of the country to significant levels.
The celebration was on the theme, “Local trusted – serving you.”
Mr Basing said during the past 50 years that credit unions had been in existence in Ghana, they had contributed to building the culture of savings.
He noted the importance of savings in the economic development of the country and said this needed to be encouraged.
The board chairman urged the people to continue to have confidence in the credit unions as they moved to deliver more qualitative services.
He also advised the unions to come up with practices that would give hope to the people and credit unions.
The board chairman stated that the unions had made significant strides in the areas of assets, savings, loan services and membership.
To date, there are about 527 unions with membership totalling over 550,000 operating under the umbrella of CUA.
A lecturer at the Pharmacy Department of the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, Dr Yaw Dwomoh-Fokuo, commended the board for working hard to win the trust of the membership of the unions.
He said the work of the board had resulted in the growth of savings mobilisation, credit management, product development and service delivery.