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Government seeks to amend policy and legislative environment for credit unions – Deputy Labour Minister

To enable credit unions to promote cooperative societies, local economic growth, and job creation, the government will work to change the law and policies in the coming months.

This was announced by Bright Wireko Bobby, the deputy minister of labor and employment, at the weekend celebration of international credit union day in Ho.

Mr. Wireko Bobby claims that the industry would keep talking to stakeholders to improve the draft cooperative law before it becomes law.

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“We hope to do so within the lifetime of this Parliament because it is long overdue. We will continue to guide you around the clock to achieve this important objective. We have indeed come far. And the International Credit Union day should remind us of the need for introspection on the future of cooperatives in Ghana” he said. Government seeks to amend policy and legislative environment for credit unions – Deputy Labour Minister The Deputy Minister noted that he has no doubt that the association will be able to weather the storm and ensure that the contribution of credit unions to the national economy is maximized for sustained growth and development of the country.

He said across the globe, credit unions play vital roles in connecting cooperatives to financial and non-financial services, not only for an individual or family interest, but generally for economic development. “Through the immense contribution of credit unions, cooperatives have established a significant presence in both developed and developing countries. We serve more than 1 billion members across the globe,’’ he said.

Dr. Benard B.B. Bingab, chairman of the Volta National Board of the Credit Unions Association (CUA) Limited, stated that International Credit Union [ICU] celebrates the spirit of the international credit union movement and that the day is recognized to reflect on the history, sacrifices, and member experiences of the credit union movement.

According to the Deputy Labour Minister, the government wants to change the regulatory and policy landscape for credit unions.

The ultimate objective, according to Dr. Bingad, is to increase awareness of the fantastic work that credit unions are carrying out all across the world and provide members with the chance to become more involved.

The central fiancé facility, deposit guarantee system, and risk management programs are among the items that Mr. Basing listed as being specifically designed to serve as solid pillars for the growth and sustainability of credit unions and their members in Ghana.

Regarding initiatives and collaborations, he stated that the Ghana Financial Sector Project (GFSP) is aiding in the implementation of a project to assist the credit union movement and CUA in acquiring core banking software that will improve activities, reporting, and oversight.

The American Credit Union, the World Council, the Volta Chapter of CUA, and the Credit Union National Association funded the program.

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