Following the collapse of local Banks in the country as a result of liquidity challenges among other things, Ghanaians have been urged to consider joining credit unions in order to liberate themselves financially.
In an interview with a section of journalists at the 50th anniversary celebration of the Ghana Cooperative Credit Unions Association Ltd.(CUA), the Acting CEO of the Union, Mr. Stephen Asiamah said that Ghanaians over the years have been denied loans from banks because they are unable to provide collateral even though there are similar avenues like credit unions where they can seek for financial assistance.
“When you are a member of a credit union, you don’t need to provide any collateral before you are given a loan, been a member of the union qualifies you to get the loan”.
When asked what makes Credit unions different from banks, he said that while some of the banks are usually faced with liquidity problems, credit unions are always financially secured because monies available are contributions from members. “we don’t have challenges with liquidity, with all these financial meltdowns.” he maintained.
Mr. Asiamah added that apart from the support received by members, profit realised at the end of the year are shared among members.
He further advised the youth, religious bodies and other organisations to form credit unions wherever they are to support themselves instead of relying on the banks for assistance.
The Ashanti Regional Chairman of (CUA), Dr. Charles Anane on his part commended the government for their support for the union over the years.
According to him, even though there are over 570 credit unions across the country, plans are been put in place to expand them to help improve the lives of people.