Ghana’s CUs Request Their Own Legal Structure

ACCRA, Ghana - The Ghana Co-operative Credit Union Association (CUA) is urging the Bank of Ghana (BOG) to move more quickly in working with the country’s parliament to create a legal structure for credit unions in the country. CUA Board Chairman Robert Kofi Ngissah told local media that the parliamentary approval would give it sufficient supervisory powers to monitor any groups or individuals seeking to set up a credit union and would require them to have the experience, capital and resources necessary before moving forward with such plans. Separately, the CUA has created a new Micro Finance Credit Facility aimed at providing financial support to poor rural community and market traders who are unable to access loans due to their low savings and lack of collateral security. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com