Ghanaian Chronicle

WACCU commissions GH¢400,000 office accommodation

Date published: September 12, 2012

 by Musah Umar Farouq

The Wa Community Co-operative Credit Union (WACCU) has commissioned a GH¢400,000 two storey facility, constructed through its own resources for its operations in Wa.

The Board Chairman of the WACCU, Mr. Moses N. Donneyong, said with the commissioning of the magnificent facility, WACCU, with about 1,100 members and a total asset size of GH¢6.5 million, was now better positioned to offer world class services to its clients.

He said the Credit Union System, which was a poverty fighting tool, first started in Jirapa in the 1950s, and later expanded to all parts of Ghana and Africa.

Mr. Donneyong explained that the Credit Union System enables 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 therefore, not surprising that most Credit Unions collapsed in the early 80s.

He said during the 2008/9 financial year, members of WAACU agreed to part with half of their dividends to support the project, and commended them for that show of commitment.

The WACCU Board Chairman appealed to those who had not yet joined the WACCU to do so, to enable them enjoy quality services alongside mouth-watering benefits that the Union presents.

The Upper West Regional Minister, Amin Amidu Sulemani, commended WACCU members for sacrificing part of their dividend, 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 of the Union had actually demonstrated the co-operative principles and values of self-help, democracy, equality, equity, and the ethical values of honesty, openness, and above all, the social responsibility of caring for one another.

Sulemani 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.

He said much as the government deemed it a duty to assist enterprises or groups to enable them to grow and provide employment and beneficial services to Ghanaians, it had also found it necessary to create the enabling environment for private sector growth, both at the macro and micro level.

He mentioned the undertaking of unrestricted business ventures under the laws of Ghana, tax exemptions, since Credit Unions were self-help organisations, financial assistance and guarantees, as some of the privileges and opportunities offered by the government to facilitate the growth of private organised groups.

The General Manager, Credit Union’s Association of Ghana Limited (CUA) Limited, Mr. Emmanuel Darko, 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.

He said the poor would never become rich until they begun appreciating and saving the little coins that passed through their hands, by cultivating the habit of saving.

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