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18.05.2005 Regional News

Credit Unions need people with managerial skills - CUA

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Accra, May 18, GNA - Mr Emmanuel O. Darko, General Manager of Credit Unions Association (CUA), on Wednesday called on members to sharpen their managerial and technical skills to be competitive to meet the current economic standards.

He said Credit Unions must examine the pricing of their savings and loan products and manage their loan portfolio effectively. Mr Darko said this at the Annual General Meeting of the Associated Teachers' Co-operative Credit Union (ATCCU) held in Accra. He said lack of discipline in the management of loans and granting of multiple loans had resulted in so many Credits Unions experiencing liquidity problems.

Mr Darko encouraged Credit Unions to merge and to maintain adequate capital and liquidity levels for their future growth and development.

"These are some of the ways to guarantee our continued existence in this robust economic system and to continue to support the efforts of our members in the years ahead."

Mr Darko said CUA would continue to build the capacity of Credit Unions to meet future challenges through leadership training, technical support and the provision of essential services to promote and develop Credit Unions.

He urged members to contribute their quota in order to meet future demands.

Mr Victor Amaning-Yeboah, Chairman of the ATCCU, appealed to the Government to channel part of the Poverty Alleviation Fund to workers through their Credit Unions as recouping of funds would be easier. He also appealed to Parliament to help to expedite action on the Credit Union Bill.

Mr Yeboah-Amaning said the passing of the law would give CUA the mandate to monitor and control all operations of Credit Unions.

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