Business News of 2014-03-04

Mine workers’ union ventures into financial market

Ghana Mineworkers' Union (GMWU) of the Trades Union Congress has established a savings and loans company to provide access to credit to small scale enterprises (SMEs) within the mining communities as well as to encourage savings.

The company, known as the Golden Pride Savings and Loans Company (GPSL), will be expected to provide solution to the financial challenges the SMEs supporting the mining activities face in accessing loans from the traditional banking sector.

Speaking at the inauguration of the Tarkwa Branch of the company, the Managing Director, Mr Johnson Boadi Asamoah, said it was the intention of the company to whip up the local economy (especially in the mining communities).

In the long term, he said, the company’s focus would change towards growing its services from savings and loans company to a fully-fledged universal bank within four years, but would still maintain its core value of addressing the needs of the public especially the SMEs.

Mr Asamoah said currently the products and services of the company were developed with the intention to meet and support local needs as well as empower local businesses to grow.

He observed that it was only through the support and quest to nurture home-grown businesses that the country could move forward at an accelerated pace.

He said GPSL would provide ready platform that would give ready assistance to local enterprises to contribute to the development of the country.

“Aside what we have currently, we will continue to introduce tailored products and services in line with the demands to buttress the company’s trademark,” he said.

He said the Tarkwa Branch was the second, after successfully opening the Obuasi branch in the Ashanti Region, which serves as its headquarters, unlike other savings and loans companies headquartered in Accra.

The General Secretary of the Ghana Mineworkers’ Union (GMWU), Mr Prince Ankrah, said: “the Union treads on its ingrained belief of promoting local content as one of the key elements of boosting the local capacity needed to ensure a sustainable developmental growth for the country.

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