The Deputy Minister of Finance, Thomas Ampem Nyarko, has stated that governance is about accountability, responsibility, and transparency, explaining that the root causes of what the country witnessed and the pain it endured through surging inflation, currency volatility, and debt restructuring before 2025 were weak internal controls, poor risk management, and a lack of accountability at leadership levels during the period.

“The real cost showed in billions of Ghana cedis in public funds, loss of livelihoods for workers, and erosion of public trust.

“However, the key lesson from these is that institutions do not collapse overnight as they weaken gradually, especially when governance is compromised,” Mr. Ampem Nyarko indicated. 

Hydro AGM

Mr. Nyarko, who is also the National Democratic Congress (NDC) Member of Parliament for Asuogyaman in the Eastern Region, made the remarks as the guest speaker at the 45th Annual General Meeting (AGM) of the Hydro Co-operative Credit Union Limited (HCCUL) at Akosombo last Saturday.

The AGM was on the theme, “Strengthening governance and accountability for members’ confidence."

Hydro Co-operative Credit Union was established by the staff members of the Volta River Authority (VRA) in March 1971 with a mission of helping members to attain a lifetime of financial freedom.

It has a current membership of over 11,300, including staff of the VRA, GRIDCO, and Bui Power Authority, as well as other government and private institutions, individuals, churches, and small and medium-scale enterprises. 

Inclusive finance

Mr. Ampem Nyarko explained that the credit union movement in Ghana was a pillar of inclusive finance, as recent sector data from Ghana Co-operative Credit Unions Associations showed that over 700 credit unions were operating across the entire country with more than one million members nationwide and total assets exceeding GH¢3 billion, stressing, "This is strong penetration in underserved and semi-formal sectors that represent teachers, nurses, public servants, traders, and workers."

The MP for Asuogyaman noted with concern that for a credit union like HCCUL, strengthening governance must continue to be deliberate, structured, and uncompromising, which begins with board effectiveness.

"That is ensuring that board members are not only competent but also independent and fully accountable for their decisions, advising that there must be a clear separation between oversight and management."

Mr. Ampem Nyarko added that equally critical was financial discipline, which required accurate and timely financial reporting, robust internal audit systems, and absolute zero tolerance for the misapplication of funds, adding, “Financial integrity must not be negotiable."

“Strong governance must also be underpinned by sound risk management. This means adopting prudent lending practices, continuously monitoring portfolios, and avoiding excessive exposure to concentration risks that could undermine the stability of the institution,” Mr. Ampem Nyarko advised.

He called for transparent communication, inclusive decision-making processes, and an unwavering respect for the rights and interests of every member.

A representative of the CEO of Credit Union Associations (CUA), Desmond Kuranchie Mensah, in a solidarity message, lauded the leadership and management of the HCCUL for strong performance in capital adequacy, liquidity, and profitability, stressing, “The achievements are all as a result of stronger governance and accountability."