…20 Years Of Growth & Stability
The Ghana Association of Credit Union Managers (GHACUM) under the umbrella of Ghana Co-operative Credit Unions Association (CUA) has marked 20 years of its existence with a charge on its members to comply with rules and regulations in the financial sector by demonstrating highest form of professionalism and integrity.
The event, which is an educational and annual conference under the theme: “Stability and Growth in the Financial Sector, the Way Forward for Co-Operative Credit Unions”, was highly attended by credit union managers across the country.
It was held last Monday, November 19, at the Credit Unions Training Centre (CUTraC) at Kasoa in the Central Region.
Addressing the gathering, the President of GHACUM, Alhaji Ali Suraju, said the theme for the occasion “has been carefully selected to reflect our vision even in the midst of the current challenges in the financial sector”.
According to him, irrespective of what is happening both in the financial sector in general and the Co-operative movement in particular, our professional mandate as managers is to stabilize our Credit Unions and grow them for the benefit of our cherished members and stakeholders.”
“That is our task, that is our mandate, that is what we have been doing and that is what we will continue to do,” Alhaji Suraju stressed.
He indicated that, this year’s Conference had carefully selected topics to address knowledge and skills gaps of Managers to in order to enable them deliver on their duties and responsibilities.
The GHACUM president also informed the participants that it has come to the notice of the Association that, some of the Credit Unions do not pay Social Security contributions of Managers and Staff which is a violation of the laws.
He warned that, “We entreat CUA to issue a directive to all Board of Directors of primary societies to do the right thing to avoid any sanctions from the relevant statutory bodies”.
Banking Sector Crisis
On his part, acting Chief Executive Officer (CEO) of CUA, Mr Stephen Asiamah speaking in an interview with the media said the current crisis in the financial sector resulting in the collapse of seven banks, was like a “tsunami” that has hit them (Credit Unions) hard.
He said despite the effect the crisis may have had on their operations, he was hopeful that government will put stringent measures in place for the situation to be normalized soon.
Earlier, Mr Asiamah pointed out in his speech that “In many cases these crisis/stress have been caused the interaction of vulnerabilities and in some cases policy direction at the macroeconomic level and in the financial sector by managers of the economy.”
According to him, “the financial sector plays an irreplaceable role as an inter-mediator of financial flows in the economy, for which the credit unions is part, so the malfunctions in the sector can have serious economic consequences. This consequences can then spill back into the financial sector and cause systematic crisis that often spread beyond the frontiers of only the commercial banks”.
On the way forward to position themselves as credit unions and remain in business, the CUA boss said fund managers and Credit Unions “should complywith the Co-operative laws, financial regulations and standards”.
He also advised that, “Credit Unions should ensure they have right governance structures” as well as continue to build confidence in their members, by providing them with unparalleled services”.
“W can only remain relevant and against all odds be in business (sustainable) and continue to serve our members (growth) if we as practitioners comply with the rules and regulations governing the rules and management of financial co-operatives,” Mr Asiamah cautioned the participants.
Mr. Stephen Asiamah, Acting CEO of CUA speaking in an interview with the media
A section of the participants
Alhaji Ali President of GHACUM