CREDIT UNIONS HAVE COMPETITIVE ADVANTAGE IN GHANA’S MICRO FINANCE SECTOR

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By Afia Nyarko Asare

Credit Unions have been acknowledged as one of the finest micro sector financial institution with a philosophy that gives them a competitive advantage in the Ghanaian Micro Finance sector.
The Director of Third Trimester Field Practice Program (TTFPP) at the University for Development Studies (UDS), Professor Francis Obeng, made these remarks during the 2019 International Credit Union (ICU) Day in Tamale.
He commended the Ghana Co-operative Credit Union Association (CUA) for their efforts in ensuring that Credit Unions survived the financial crisis at both national and international levels by sticking to their policies and adopting tested innovative practices.
The General Manager of CUA, Mr. Emmanuel Coffie, in his address assured the public of the safety and security of their assets within CUA and called on all to join the movement for improved financial life.
He clarified that products such as the Central Finance Facility (CFF) and the Risk Management products among others were performing well in terms of providing social support and guaranteed trust to members.
Mr. Coffie revealed that in 2019 alone, the CFF mobilized contributions of about GH¢ 22.5 million from members of the credit unions and honored withdrawal of GH¢ 8.4 million and granted loans to members of about GH¢ 10.1 million.
Also the Risk Management product mobilized funds totaling about GH¢ 5.7 million and paid debt of 2.5 million to members saving them from several financial burdens.
Finally he urged Credit Unions to ensure timely submission of reports to ensure effective and efficient data analysis.
These happened when the Northern Chapter of the Ghana Co-operatives Credit Unions Association (CUA) together with other cooperatives across the country at the weekend embarked on a float and a health screening exercise to commemorate the Themed: “Local Service, Global Reach.
It was intended to sensitize the General Public about the values and contribution of Credit Unions in promoting sustainable development in the Ghanaian economic sector as well as promoting its achievements and member experience.
The event commenced with a float from the Tamale Jubilee Park, continued through the principal streets in main town traffic light, Afa Ajura Mosque at Sakasaka through to the Agric traffic light and ended at the Aliu Mahama Sports Stadium.
Mr. Thomas Azuure, the Board Chairman for the Northern Chapter of the Ghana Co-operatives Credit Unions Association, called on the unions promote efficiency by leveraging on technology.
He encourage CUA play its supervisory and monitoring roles vigorously to ensure transparency, accountability and improved service delivery.


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