Africa-Press – Ghana. Mr. Kwabena Apraku Yeboah, Registrar of Co-operative Societies, has urged credit union members to resolve disputes internally before resorting to litigation.
He stressed that dialogue within established internal processes is crucial for maintaining financial stability in Ghana’s credit union movement and national socio-economic development.
Mr Yeboah was speaking at the University of Ghana Co-operative Credit Union’s Annual General Meeting at the Great Hall.
The event, attended by members, management, board representatives, and shareholders, featured key discussions, including the approval of 2023 minutes and major expenditures for 2025.
Mr. Yeboah said that credit unions had contributed to development through their partnerships with the Ghana Co-operative Credit Unions Association (GUA), the Department of Co-operatives, and the Bank of Ghana.
He stressed the need for strong governance and a sound regulatory framework, noting that credit unions thrived on democratic participation and shareholder accountability.
“Regular communication, transparent financial disclosures, and key publications keep members informed about their credit unions’ condition,” he said.
Miss Stella Tasa Mawunyo, Head of Supervision at the Credit Union Association (CUA) Limited, urged the University of Ghana Co-operative Credit Union to prioritise people over profit and invest in members’ financial literacy.
She noted that credit unions, including UG’s, hold an asset size of GHS 320 million.
Miss Mawunyo stated that ethical principles such as integrity, trust, and good governance would enable credit unions to remain competitive.
Prof. Jemima Asabea Anderson, Vice-Chairperson of the UG Credit Union, noted achievements from the previous year, including a four per cent growth in total assets and a 24 per cent increase in members’ shares.
She announced plans to implement a 2021-2025 strategic framework to enhance member growth and satisfaction through improved internal processes and personal development.
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