Some members of the credit unions at the AGM in Kumasi
The umbrella body of credit unions, Ghana Cooperative Credit Unions Association (CUA), intends to introduce a licensing regime to regulate the activities of credit unions across the country.
CUA General Manger, Nana Kwasi Agyapong, who gave the hint, said the move was to protect the interest of individual members and give them hope for the future while helping the credit unions to innovate to offer quality services.
Speaking at the Annual General Meeting (AGM) of Saint Peter’s Cooperative Credit Union (SPCCU) in Kumasi, Nana Agyapong called for cooperation from the union institutions to implement the planned licensing regime and assured the public that no person would lose his savings during the transition programme.
“The interest of members of credit unions should be supreme in the delivery of products and services,” he stated.
He called on management of SPCCU to conduct clients’ satisfaction surveys to assess the performance of staff.
Dr Anthony Edusei, President of the SPCCU’s Board of Directors, said the Credit Union made a modest gain with a net surplus of GH?1,202,337.19 for the 2015/2016 financial year.
According to him, this represents 67 percent increase from GH?719,957.61 in the last financial year of SPCCU and added that total assets of the credit union also grew from GH?12,267,549.97 to GH?15,227,479.60, representing 24 percent during the year under review.
“Clients’ deposit again increased from GH?9,736,751.31 to GH?11,645,016.66, representing 16 percent increase.
Dr Anthony Edusei stated that they made strides despite high cost of operations, inflation and debilitating energy crisis that hit the country during the financial year.
He attributed the credit union’s success to pragmatic measures put in place by the board, management and staff.
From Ernest Kofi Adu, Kumasi