Credit unions key to sustaining trust in financial sector – Nyarko Ampem

Correspondence from the Eastern Region

Deputy Minister for Finance and Member of Parliament for Asuogyaman, Thomas Ampem Nyarko, has underscored the central role of government-led reforms in stabilising Ghana’s economy and restoring confidence in the financial sector, positioning credit unions as critical anchors of trust in the country’s recovery phase.

Delivering the keynote address at the 45th Annual General Meeting of the Hydro Co-operative Credit Union on Saturday, April 18, 2026, at Akosombo in the Eastern Region, Ampem said Ghana is witnessing a steady turnaround following a period of macroeconomic instability marked by high inflation, currency volatility, and debt restructuring challenges.

According to him, ongoing fiscal discipline and structural reforms are beginning to reposition the financial sector for resilience and sustainable growth.

He emphasised that the government’s reform agenda, focused on strengthening regulation, enhancing consumer protection, and promoting digital financial innovation, is aimed at preventing past governance failures that undermined public trust and cost the economy billions of cedis.

“Sustainable recovery is built on trust,” he noted, adding that transparency, accountability, and sound governance must remain at the core of all financial institutions.

Ampem pointed to lessons from the recent economic crisis, attributing much of the hardship to weak internal controls, poor risk management, and lapses in accountability.

He cautioned that institutional collapse often occurs gradually when governance systems are compromised, stressing the need for vigilance across both banking and non-bank financial institutions.

Highlighting the importance of credit unions within Ghana’s financial ecosystem, the Deputy Minister described the movement as a pillar of inclusive finance, with over 700 unions serving more than one million members nationwide and managing assets exceeding GH¢3 billion.

He noted that such institutions play a vital role in supporting underserved communities, including teachers, traders, and public sector workers.

He singled out the Hydro Co-operative Credit Union for its growth and impact over the past 45 years, citing its membership of over 18,000, asset base exceeding GH¢72 million, and high customer satisfaction levels. These achievements, he said, reflect strong member confidence built on consistent governance and accountability practices.

Ampem urged the union to deepen its governance structures through effective board oversight, strict financial discipline, robust risk management, and active member engagement.

He stressed that ethical leadership must guide decision-making at all levels to safeguard member interests and sustain institutional integrity.

Reaffirming government’s commitment, he assured stakeholders of continued support for inclusive financial institutions under the administration of President John Dramani Mahama, particularly in areas of regulatory strengthening and innovation.

He concluded with a call to action for board members, management, and union members to uphold integrity, demand transparency, and actively participate in the institution’s growth.

Looking ahead, he noted that the future of credit unions will depend on their ability to embrace digital transformation, strengthen compliance, and prioritise member-centred innovation.

“Confidence is the currency of co-operative finance,” Ampem stated. “Without it, growth stalls—but with it, institutions thrive.”