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Regional News Wed, 6 Nov 2002

Credit Union Day marked

The Eastern Regional Chapter of Ghana Co-operative Credit Unions Association has celebrated International Credit Union Day at Kade, in the Kwaebibirem District.

The theme for the celebration was "Credit Union - Building a Better Tomorrow"

In an address, Mr Andrews Ampomah, Regional Chairman, said the Association was restructuring its administration and equipping staff to ensure the growth and viability of Credit Unions.

Mr. Ampomah, who is also the Chairman of the Credit Union of the University of Ghana Agricultural Research Station at Kade, said wealth creation and capital accumulation in the country were low because of the peoples' income levels.

He noted that a lot of funds were outside the financial market because of the location of banks in urban areas, which made it difficult for rural dwellers to save with the banks.

Mr Ampomah said it was easy to save with Credit Unions and therefore advised the people to join them to derive benefit .

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In a speech on behalf of the District Chief Executive, Mr. Yaw Yiadom Boakye, he said credit unions were playing a vital role especially in the private sector.

He commended the Union for the low rate of interest on its loans and called on non-banking financial institutions to support the government to "the Golden Age of Business" a reality.

Mr Emmanuel O Darko, General Manager of the Association, said the Union, which was started in 1955 raised its savings 4.8 billion to 103 billion cedis over the past five years.

Professor Kwame Afreh-Nuamah, a Pesticide and Integrated Pest Management Expert, advised the people to embrace the habit of saving since that would enable them obtain loans to expand their businesses.

He commended the Catholic Church for introducing Credit Unions in the country and called for government assistance to enable them to support the socio-economic advancement of the country.

Source: gna
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