News

DAILY GRAPHIC, 10th September 2012

The Wa Community Co-operative Credit Union (WACCU)has inaugurated a two storey facility for its operations,constructed through its resources at the cost of GHC400,000. The union has a membership of about 11,000. Mr. Moses N. Donneyong, Board Chairman of WACCU, said with the commissioning of thefacility an office accommodation, WACCU was now better positioned o offer world class services to its clients. He said the Credit Union system, which was a poverty fighting tool, first started in Jirapa in 1950s and later expanded to all to all parts of Ghana and Africa.
Mr. Donneyong explained that the Credit Union system enabled individuals with a common bond to come together to save money and take loans to develop themselves and their businesses. He said unfortunately,due to mismanagement, greed and malfeasance, the first phase of credit unionism passed through turbulent times,adding that it was not surprising that most credit unions collapsed in the early 80s. He said during the 2008/9 financial year, members of WACCU agreed to part with half
of thier  dividends to support the project,and commended them for that show of commitment.

The WACCU Board of Chairman appealed to those who had not yet joined the WACCU to do so, to enable them to enjoy quality services alongside mouth, watering benefits that the union presented. Alhaji Amidu Sulemana, Upper West Regional Minister, in a speech read on his behalf, commended WACCU members for sacrificing part of their dividends, in addition to net income surpluses of the union, to make it possible for the building to be put up. He said by so doing, the members had actually demostrated the co-operative principles and values of  self help democracy,equality,equity and the ethical values of honesty, openness and and above all the social responsibility of caring for one another.Alhaji Sulemana said the establishment of the Co-operative Law and Regulations,as well as the Department of Co-operatives was an initiative geared towards encouraging groups or societies to pool their resources together in the private sector to support each other. Mr. Emmanuel Oduro Darko, General Manager of Credit Unions Asssociations of Ghana (CUA)Limited,said the objective of the Credit Union was to develop the human being, and encouraged people to join the Credit Unions to help them out of poverty.