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Business News of Friday, 2 November 2012

Source: GNA

Gov't urged to pass a law for credit unions

The General Manager of the Credit Union Association (CUA), Mr. Emmanuel Oduro Darko, has appealed to the Government to pass a Legislative Instrument (LI) to govern the Association to gain more public recognition and assist the development process.

He said the existing law, Corporative Decree NLCD 252 of 1968, is inadequate and completely outdated to allow the Cooperative as well as the Credit Union to be competitive and abreast of current economic situation in the country.

Mr. Darko made the appeal when he addressed members of CUA from the various parts of the Eastern Region at Nkawkaw on Thursday as part of the celebration of the International Credit Union (ICU) day and the International Year of Cooperative Day celebration in the Country.

The celebration was under the theme: “Members matter most”. He said that Decree was unfair to the Credit Union System, which controls over 660,000 members with over 3,000.000 households.

Mr. Darko said Credit Unions were owned and managed by its members for their own economic and social interventions and other socio-economic development of the people for meaningful co-existence.

He said CUA, which operates in all the regions in the country had employed 150 staff who mobilizes huge sums of funds to offer credit assistance to its members.

The Eastern Regional Chapter Board Chairmen of CUA, Mr. Francis Adu Asare, advised members of CUA to intensify their campaigns to create awareness of the credit union.

He said CUA could not operate effectively in an unstable environment and advised members to preach peace, before, during and after the general election to ensure peace and development in the country.

The Kwahu West Municipal Director of the Department of the Cooperative, Mr. William Acheampong, advised members to pay their credit loans regularly to sustain the association.

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