Credit Unions attend workshop on best practices

Kumasi, Nov.3, GNA - Members of sixty Credit Unions in the Ashanti Region have attended a three-day workshop designed to reinforce best practices and efficiency in their operations. The 136 participants were taken through topics like "Model Financial Management," "Shares and Savings Policies," "Corporate Governance," "Conditions of Service," and "Loan Policies." Mr Emmanuel Oduro-Darko, General Manager of Credit Union Association of Ghana (CUA), said it was time a standard policy document was developed to serve as a guide to the members.

This should embody among other things, accountability procedures, control mechanisms, selection of the leadership, their roles and responsibilities, he said.

Mr Oduro-Darko said this would not only lead to good corporate governance but also make the unions to become more vibrant and efficient. He said he was not particularly happy that the Credit Unions over the years had not had such a document to direct their operations. Mr Oduro-Darko said there was the need to for the unions to be more innovative in their savings mobilization and ensure that contributors received reasonable returns on their investments. They should also find a way to retrieve all outstanding loans. Mr Kenneth Danquah, Ashanti Chapter Chairman, called for transparency in the management of the Unions to enable them to attract more contributors. He also called for team work among the Board of Directors and the various committees to improve performance.