Credit union mangers undergo financial reporting training

Global Investment Bankers Limited, has exposed credit unions’ managers to international financial reporting and accounting standards as well as ethics to help them meet contemporary international benchmark for financial management and reporting systems.

The managers are also scheduled for training on fraud prevention and internal controls, anti-money laundering and sustainable credit policies.

The training forms part of the Ghana Association of Credit Union Managers 17th Annual Educational Conference held on the theme: “Managing Credit Union in Financial Meltdown,” at the Credit Unions Training Centre in Kasoa in Central Region, for managers of credit unions.

Mr Francis Afful Benteh, Vice President of Global Investment Bankers said: “The training is to give a bird’s eye view of the International Financial Reporting Systems to credit union managers to prepare them for compliance with international standards in the near future”.

He noted that credit unions play unique role in the growth of the Ghanaian economy, which is crucial to the development of micro and small businesses and the improvement in the quality of lives of ordinary Ghanaians.

He added that Credit Unions are credible institutions in the financial sector and therefore admonished managers of the institutions to uphold the high standards and ethics in order to sustain the enviable reputation the unions have built over the years.

Mr Benteh said the products of Global Investment Bankers are tailored to meet the modern needs of credit unions, based on the company’s continuous interaction with union managers.

“Peculiar among these tailored product are flexible tenures to meet investors own time horizon, call accounts to improve liquidity management of investors and kids life starter, which aims at handing over an investment account to kids on their 18th birthday,” he added.

Mr Benteh observed that given the credibility reposed in credit unions, any attempt and subsequent adoption of International Financial Reporting Standards by credit unions in Ghana would be a plus to companies and advance an international exposure to the unions.

Mr Kingsford Owusu-Ansah, President of the association said members ought to be wary of numerous challenges facing the financial sector and by extension affecting their operations.

He therefore encouraged members to continue with the financial synergies they have been practicing to be able to stand what he described as “the stronger storms” ahead of them.

Global Investments Bankers announced some initiatives required to deepen its relationship with the Credit Union Managers including continuous training programmes to enhance the capacity of the managers.