World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high-quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions’ financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 86,055 credit unions in 118 countries serve 291 million people.
The Ghana Credit Unions Association is a council that brings people with a common interest together in a society, to mobilize funds regularly. The concept has been a success and its has been appreciated to be promoted in workplaces, parish, and communities. Moreover, Eleven region have established Credit Unions and it is growing bigger and better each year.
All chapters organise their Annual General meeting at every quarter of the year.The societies also organise their Annual General Meeting to account to their members of their stewardship that is once a year.
The first credit union was formed in September 1955, in Jiraps which is located in the North. The idea of the credit union was developed by an Irish Canadian known as Rev. Father John McNulty. In 1960, after the appointment of Bishop Dery as the Bishop of Wa, Pope John XXIII encouraged the formation Credit Unions within the Parishes which are Wa,Kaleo, Ko, LawraNandom, Daffiama, and Tumu.
FACTS ABOUT COOPERATIVE CREDIT UNIONS
CREDIT UNIONS ARE MEMBER OWNED: Members are owners of the union. they are seen as persons rather than a cost centre.
CREDIT UNIONS ARE NOT FOR PROFIT: This explains the very high interest earned on savings.
NO CORPORATE TAXES: Credit Unions are exempted from all corporate taxes. This helps you to save and grow your money.
HIGH INTEREST ON SAVINGS: Interest gained on savings are on the high side due to our member base management system.