The Ghana Co-operative Credit Union Association (CUA) Limited has called on the Bank of Ghana (BOG) to expedite action in presenting its concerns to parliament for legal backing to ensure effective security in its operations.

Mr Robert Kofi Ngissah, Board chairman of the CUA, said the parliamentary approval would give the CUA the needed supervisory role to check individuals or group of people attempting to set-up Credit Unions without the requisite accreditation, knowledge, experience, resources and purpose.

He was addressing CUA members in Tema at the weekend to mark International Credit Unions Day, which was observed under the theme: "Credit unions: together we are better".

"We need the Credit Union law to position ourselves in the wake of emerging challenges, to avoid fraud, increase the confidence and security for savings, promote enhanced accountability, respond to current business and financial environment and support the growth of the economy".

Mr Ngissah said Credit union offers the opportunity to cultivate the habit of savings and urged others to patronize it to better their lot.

Mr Emmanuel Oduro Darko, General Manager of CUA, said the Association had initiated a new Micro Finance Credit Facility to provide financial support to relatively poor rural community and market traders who are unable to access loans due to their low savings and lack of collateral security.

Mr Darko said so far, over 3.6 billion cedis had been disbursed to 35 credit unions throughout the country on pilot basis.


Source: GNA