The National Chairman of the Board of Directors of the Ghana Co-operatives Credit Unions Association (CUA), has called for a fast track enactment of a legislative instrument, to legalize the operations of the association.
Mr. Bless Kwame Darkey pointed out that even though Parliament had passed the Non Banking Financial Institutions' bill into law, it was the expectation of the association to have a legal backing that would enable its credit operations to be guided and regulated by the non-banking Act.
Mr. Darkey made the call when he addressed this year's national celebration of the International Credit Union Day in Cape Coast.
He noted that the credit union concept, which began in the country some 50 years ago now, has a membership of more than 500,000 and has been accepted as one of the best ways of creating wealth and reducing poverty amongst the people.
It was in this regard that the association has embarked on a new micro finance initiative, dubbed: "Bobrapa savings," to encourage daily savings among the people at the grass root level to mop up excess liquidity for the growth of the economy.
He pledged the association's commitment to compliment government's efforts towards poverty eradication, to help accelerate the attainment of the Millennium Development Goals.
The government should therefore support the association by waiving taxes on some 70,000 savings boxes it has imported for distribution to its members to encourage more people to make daily savings.
The Central Regional Minister, Mrs. Ama Benyiwa-Doe urged the credit unions to compliment government's efforts in the fight against poverty, by offering loans to small businesses to enable them undertake income generating activities.
She observed that low income businesses face a lot of difficulties in accessing loans from the conventional banks.Mrs. Benyiwa-Doe said the high poverty level in the region was not because of laziness of the people but lack of financial assistance to petty traders and small businesses.
She paid tribute to the CUA for its contributions towards individual and national growth, due to the honesty of the officials in dealing with members.Mrs. Benyiwa- Doe asked the 38 unions in the region to work harder to stem poverty.
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