Wa credit union puts up GH¢400,000 office

The Wa Community Co-operative Credit Union (WACCU) has commissioned a two storey facility for its operations, constructed through its resources at the cost of GH¢400,000.

The union has a membership of about 11,000 and total asset size of GH¢6.5 million.

Mr. Moses N. Donneyong, the Board Chairman of WACCU said with the commissioning of the magnificent facility as an office accommodation, WACCU was now better positioned to offer world class services to its clients.

He said the Credit Union system, which was a poverty fighting tool, first started in Jirapa in the 1950s and later expanded to all parts of Ghana and Africa.

Mr. Donneyong explained that the Credit Union System enables individuals with a common bond to come together to save money and take loans to develop themselves and their businesses.

He said unfortunately, due to mismanagement, greed and malfeasance, the first phase of Credit Unionism passed through turbulent times, adding that, it was therefore not surprising that most Credit Unions collapsed in the early 80s.

He said during the 2008/9 financial year, members of WAACU agreed to part with half of their dividends to support the project and commended them for that show of commitment.

The WACCU Board Chairman appealed to those who had not yet joined the WACCU to do so, to enable them to enjoy quality services alongside mouth watering benefits that the Union presented.

Alhaji Amidu Sulemana, Upper West Regional Minister, in a speech read on his behalf, commended WACCU members for sacrificing part of their dividends, in addition to net income surpluses of the Union, to make it possible for the building to be put up.

He said by so doing, the members of the Union had actually demonstrated the co-operative principles and values of self-help, democracy, equality, equity and the ethical values of honesty, openness and above all the social responsibility of caring for one another.

Alhaji Sulemana said the establishment of the co-operative law and regulations as well as the Department of Co-operatives was an initiative geared towards encouraging groups or societies to pool their resources together in the private sector to support each other.

He said much as government deemed it a duty to assist enterprises or groups to enable them to grow and provide employment and beneficial services to Ghanaians, it had also found it necessary to create the enabling environment for private sector growth both at the macro and micro level.

He mentioned the undertaking of unrestricted business ventures under the laws of Ghana, tax exemptions, since Credit Unions were self-help organisations, financial assistance and guarantees as some of the privileges and opportunities offered by the government to facilitate the growth of private organised groups.

Mr. Emmanuel Darko, General Manager, Credit Union’s Association of Ghana Limited (CUA Ltd) said the objective of the Credit Union was to develop the human being and encouraged people to join the Credit Unions to help them out of poverty.

He said the poor will never become rich until he or she begun appreciating the little coins that passed through his or her hands by cultivating the habit of saving it.

Source: GNA

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