Manage Credit Unions on businesslike lines CUA

Tema, Sept.7, GNA - The Tema Chapter of the Credit Union Association (CUA) was on Saturday inaugurated with a call on Co-operative Credit Unions (CCU) to run the associations in professional and efficient manner to meet the goal of promoting the interest of contributors. Inaugurating the chapter, made up of 30 Unions in Tema, Mr J. P. Kitcher Deputy Registrar of Co-operatives Societies said as business organisations, the unions must be managed in businesslike lines. This requires that competent Board of Directors, Management and staff must run the union and this demands periodic training to enhance its capacity to cope with the challenges posed by the present competitive liberalised market economy in which business enterprises operate. He therefore, asked leaders of the unions to pursue sound and prudent management practices so as to provide their members with cost effective quality services.

As micro-finance institutions whose core business consists of mobilising savings from members and granting loans at reasonable rates for investment, contribute immensely to the growth of the national economy.

The unions' activities are in line with government policy of poverty reduction and wealth creation, he said and stressed the need for the Chapter to embark on expansion programmes to cover the rural folks to enable them to have access to some financial assistance to start small businesses.

Mr. Kitcher advised the executives of the Chapter to hold regular consultations for mutual benefit, saying that their autonomy calls for great responsibility for ensuring effective promotion of the economic interests of the affiliate members to justify its status. Requesting the executives to operate in accordance with the aims and objectives of the Chapter, the Deputy Registrar entreated them to work diligently and conscientiously to ensure their success. Mr Frank Edua, General Manager of the CUA enumerated the functions of the union and asked the committee members not to flout them with impunity.

In a welcoming address, Mr Philip Agbalegeh, the Chapter Board Chairman appealed to the office of the Registrar of Co-operatives to expedite the promulgation of the Credit Union proposed Act that was drafted years ago, because it is long overdue.

With the attainment of a chapter status, he entreated all unions forming the chapter to attend meetings regularly as well as make prompt payments to enable it to function effectively. The five-member committee has Mr Agbalegah as Chairman, Mr Paul Danso Agyei, Secretary, Mrs Janet Acquah, Treasurer and Mr Addico Mensah and Mr Robert Ngissah as members.

Mrs Victoria Akwele Cudjoe, Chairman of the Accra Chapter of the CUA, swore them into office.