News & Events
No Credit Union Has Been Declared Insolvent
Following the revocation of the licenses of 347 micro finances institution in the country by the Bank of Ghana (BoG) on the bases of being insolvent, the Ghana Co-operative Credit Unions Association (CUA) Limited organised a press conference on the 7th June 2019, to address the misconception in the public domain that the licenses of some credit unions have been revoked.
The press release read by the General Manager, Mr Emmanuel Coffie, stated emphatically that “NO CREDIT UNION has been declared INSOLVENT or its license revoked in the latest move by Bank of Ghana to sanitize the micro finance ecosystem.
He said, “Credit Unions have existed in Ghana for over 60 years promoting economic development among members and as a member owned financial institution”, credit unions have been consistent and will remain consistent, solvent and viable.
He also admitted that, the pronouncement by BoG has led to panic withdrawal by members of some Credit Unions in the country and assured members that credit unions remain as one of the safest, sound and viable financial institutions that are propelling the financial inclusion agenda spelt out in the goal one of the sustainable development goals(SDGs) in eradicating poverty by the year 2030.
He explained that Credit Unions are in the process of being licensed by BoG, so therefore its erroneous to say that BoG has revoked the licenses of Credit Unions.
He invited the general public to join Credit Unions within their communities that are dully affiliated to CUA because, CUA has schemes, policies and structures that assure or guarantees the deposits of members.