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16.05.2007 General News

Credit Unions laud economic growth


The General Manager of Ghana Co-operative Credit Unions Association Limited, Mr. Emmanuel Oduro Darko, has urged the branch unions to work effectively to complement government efforts at reducing poverty among the people.

Mr. Darko who was addressing a seminar organized by the Brong Ahafo Credit Unions Managers Association in Sunyani said the managers would have to work effectively, and that if they do so “no financial institution in the country can surpass them”.

The general manager expressed his regret that most of the Credit Unions in the country were liquidated due to economic pressures in the 1980s, but the current favourable economic environment had revived the association.

“We are now revitalized and this can be seen in more credit unions operating in their own modern constructed business premises while others have initiated theirs”, Mr. Darko noted.

He added that the government had become aware of the important role that credit unions play in the economic development of a country especially for people in the rural communities and the urban poor.

“We are all happy and proud of the current developments”, Mr. Darko said and asked the managers to advise their members to support their institutions, which could assist them to grow and sustain it.

He urged the managers to educate clients to save, instead of taking loans, since the practice rather tended to entangle them in economic enslavement.

“You do not have to depend on loans for survival”, the General Manager advised and asked the managers to package their information well in order to attract more members.

Source: GNA