Credit Union Bill to be passed into law soon – Dr Duffuor

Plans are far advance to pass the Credit Union Bill to ensure best practices and appropriate governance structures in operation of the unions, Finance Minister Dr Kwabena Duffuor, said on Thursday.

The Bill when passed would enable Credit Unions to be more competitive and prevent poor performing unions from operating.

Dr Duffuor said this in a speech read on his behalf at the Sixth Annual General Meeting of the Ghana Revenue Authority Co-operative Credit Union (GRACCU) in Accra.

It was on the theme: “Wealth Creation for Lifetime Benefits in an Integrated Environment.”

Dr Duffuor said his Ministry together with the Bank of Ghana was at the forefront in driving the passage of the Bill into law adding that Government was committed to collaborating with the Credit Union Association to build the capacity of members and to strengthen and expand their operations.

He said Government recognised the contributions made by GRACCU towards solving personal needs and the welfare of members and urged management to contribute to sustain the scheme.

“Government recognises your contribution to efforts towards wealth creation and poverty reduction and would therefore ensure that Credit Unions are assisted accordingly.”

Dr Duffuor said the Finance Ministry regularly conducted National Financial Literacy Week celebrations to educate the public on basic financial literacy to protect them against financial fraud.

“Experience in more developed economies has shown that financial education early in a person’s life leads to financial independence and sound investment decisions,” he added.

Mr George Vincent Blankson, Commissioner General of Ghana Revenue Authority, described credit unions as vehicles by which aspirations and plans of the future were ran and secured to support productivity and to improve the well-being of members.

He commended pioneers of the GRACCU and charged members to contribute their quota towards sustaining the scheme.

Mrs Rejoice Kwao, Regional Director, Department of Co-operatives, appealed to members of GRACCU to observe the borrowing policies of credit union, stressing that if members were allowed to “over-borrow”, it would adversely affect liquidity of the scheme.

Source: GNA

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