The Ghana Cooperative Unions Association (CUA), has appealed to government to take steps to ensure that the operations of credit unions are properly regulated.
Mr. Cyprian Basing, Board Chairman, said it was time that a well-functioning legal and regulatory framework was put in place to streamline the activities of the credit unions, which had over the years helped to create wealth and reduce poverty.
The credit union had since its introduction in the country about 50 years ago, significantly contributed to the building of savings culture and provided the people with access to various financial investment opportunities to improve their lives.
Mr. Basing was addressing the 2010 International Credit Union Day held by the Ashanti Regional Chapter of the CUA in Kumasi under the theme; “Local Trusted - Serving You.”
The Board Chairman counseled the various unions to ensure best practices, reminding them that prudent management of their finances was crucial to their sustainability and viability.
He spoke of the giant strides made within the last decade, noting that they had seen steady rise in assets, savings, loan services and membership.
Currently there are about 527 unions with a total membership of over 550,000 operating under the apex body of CUA.
Mr. Basing said efforts must be made to ensure that the goal of fighting poverty and creating wealth was sustained.
Dr. Yaw Dwomoh-Fokuo, a Lecturer at the Pharmacy Department of the Kwame Nkrumah University of Science and Technology, commended the Board for its hard work, which had resulted in stability in terms of savings mobilization, credit management, product development and service delivery.