Bank of Ghana cleansing – CUA safe
Mr. Gilbert Bene-Pewudie, Volta Regional Manager of the Ghana Cooperative Credit Union Association (CUA) Limited has said the Association remained solid and would not fall victim to the Bank of Ghana’s financial sector cleansing.
He therefore asked members of the Association to stop the panic withdrawals and help the Association to grow stronger.
Mr Bene-Pewudie said this at the 14th Annual General Meeting of the Hohoe Paradise Co-operative Credit Union Limited held in Hohoe on the theme; “Financial Independence, the Hallmark of Credit Unions.”
He said the growth of Credit Unions was dependent on the ability of members to fulfil their financial obligations such as regular savings and repayment of loans received from the Credit Union and called for more commitment from members.
Mr Bene-Pewudie encouraged members to inculcate the habit of savings in their children and groom them to join the Association.
Mr. Akpalu Besa Michael, Chairman of the Board of Directors of Paradise Co-operative Credit Union Limited said the Union had embarked on public sensitisation programmes to attract more members.
He said Credit Unions were potent weapons to improving the economic situations of members urging them to make themselves financially independent through savings.
“We are therefore encouraging members to come and save, borrow more and pay quickly to enable them improve themselves financially.”
Mr. Akpalu said though work was ongoing on an office complex for the Union it was at a very slow pace, the Union was undertaking a face-lift on two of its offices in Hohoe and Kwamekrom and appealed to members to make voluntary donations to enable work to progress.
He said saving withdrawal and loan defaults were challenges the Union was facing, adding that the management of the Union would continue to educate members on the benefits of paying loans on time and also urged them to take loans.
The Paradise Co-operative Credit Union Limited has a total membership of 956 with 556 females, 394 males and six groups.