List of credit unions in Ghana

List of credit unions in Ghana

Credit unions in Ghana are an integral part of the economy. In most countries, credit unions have been developed to provide their members credit and other financial services at a competitive rate. In Ghana credit unions have been developed to provide the same. This article seeks to educate you on credit unions in Ghana, operations and list of credit unions.

List of credit unions in Ghana

Source:sendwestafrica.org

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Worldwide, the system of credit union is a member-owned financial cooperative that is operated and controlled by its members. The major aim of the credit unions is to help people by providing them with financial services at competitive rates. Ghana has not been left behind. The credit unions in Ghana assist individuals to form necessary start-up including capitals for their business. In other words, the credit unions helps in financing micro-business in Ghana. Below is the history of credit unions in Ghana, list of credit unions, and their operations in Ghana.

History of credit unions in Ghana

In Ghana, credit unions started to be formed in September 1955. The first credit union was formed in Jirapa which is located in the North. The idea of credit unions was developed by an Irish Canadian known as Rev.Father John McNulty. In 1960, after the appointment of Bishop Dery as the Bishop of Wa, Pope John XXIII encouraged Credit Unions’ formation within the Parishes which are Wa,Kaleo, Ko, LawraNandom, Daffiama, and Tumu.

The Bishop encouraged the President of Ghana Dr. Francis Kwame Nkrumah to discuss with the people concerning the issues of Credit Unions Movement in Ghana. As a result membership was considered as a privilege and honor that everybody wished to be a member. In 1967, all the credit unions in the North became united in chapter and this is because the white fathers were the advisers to all of them. This made the credit unions in the south to feel the need for coming together for exchange of experience and training programs.

The idea of a National Association in Ghana was developed after the meeting in January, 1968, which was sponsored by CUMA International in Lesotho in January, 1968. In addition, another meeting was held in April which was understood as the follow-up conference and it gave birth to the Ghana National Union and Thrift Association. This is the forerunner of the Ghana Credit Unions Association (CUA) Limited. The major aim of the CUA is to educate, promote, support, and organize the Credit Union Movement internationally and nationally.

Credit union regulations in Ghana

The CUA Limited, has asked the government of Ghana to pass a law that will govern the operations of all the credit unions in order to empower them in the provision of a sustainable financial services that will improve the lives of people. The legislative instrument will facilitate monitoring of credit unions as central bank’s desire and also help discourage unauthorized formation of credit unions by quacks. The CUA is the umbrella body of all credit unions in Ghana and it creates an enabling environment for technical and financial services to the members. It supervises all the credit unions in Ghana on behalf of interest groups and the Bank of Ghana in order to ensure sanity prevails in the market. It also provides services to the credit unions which involve examining equipment and premises in relation to the provision of license to start business. The CUA audits the accounts of all credit unions as per the law of auditing so as to ensure there is justice and fairness in the provision of funds by all the credit unions. Finally, the credit unions’ co-operative nature provides an opportunity for the members to unite in fostering peace among themselves, while the financial nature enables them develop a habit of saving and using the finances in a wise manner.

List of credit unions in Ghana

Source:kolhazman.co.il

Teachers credit union in Ghana

The Teachers Credit Union in Ghana (TATCU) have been showing strong performance since its formation. In 2011, TATCU posted 211,578.55 which was an increase from GH¢ 143,368.86 in 2010. The surplus of the union increased from GH¢ 25, 008.42 to GH¢ 54, 307.72, which is 117.16 per cent. In 2011, the total assets of the union increased from GH¢ 657, 437.95 to GH¢ 1, 052,577.63 which represented 60 percent. The members’ deposits, shares reserves and liabilities stood at GH¢ 1, 052,577.63. The membership of the union increased from 2,500 to 2,853 and at the same time the savings increased from GH¢ 574, 234.30 in 2010 to GH¢ 912, 221.74. During the year, the union granted loans which totaled GH¢ 632, 701.12 to more than 1,200 members.

Credit union operations in Ghana

Since the introduction of the credit unions in Ghana, they have significantly contributed to the creation of a saving culture and also provide people in the society with access to various investment opportunities so as to improve their lives. The unions are striving to eradicate poverty in the society by creating wealth. The union has managed to achieve credit management, saving mobilization, service delivery, and product development.

How many credit unions are in Ghana

The number of credit unions in Ghana is 527 with more than 550 members. The members are expected to contribute to the CUA dues and also ensure that they don’t fail to attend the annual general meeting during which accounts of stewardship is deliberated.

number of credit unions in Ghana

Source:ramseyerccu.com

List of co-operative credit unions in Ghana

  • Ashanti.
  • BrongAhafo.
  • Central.
  • Eastern.
  • Greater Accra.
  • Northern.
  • Tema.
  • Upper East.
  • Upper West.
  • Volta.
  • Western.

List of credit unions in Ghana

The names of credit unions in Ghana include:

  • A.M.E Zion Church Co-Operative Credit Union Ltd.
  • AAK Teachers Co-operative Credit Union.
  • AbosomankotereCo-operative Credit Union.
  • Abotareye Co-operative Credit Union.
  • Abuakwa Emmanuel Methodist .
  • Cooperative Credit UnionAbuakwa.
  • North Teachers Co-operative Credit Union.
  • Accra Academy Credit Union Ltd.
  • Adoagyiri Catholic Teachers' Co-operative Credit Union.
  • Agape Assemblies of God Credit Union.
  • Agogo Presbyterian Co-operative Credit Union.
  • Agona District Workers Co-operative Credit Union.
  • Ajumako District Workers Credit Union.
  • Ajumako E.E. District Teachers' Credit Union.
  • Akrofuom Area Teachers Credit Union.
  • Anaji Christ the King Community Co-operative Credit Union.
  • Anglican Diocese Co-operative Credit Union.
  • Anigyeda Co-operative Credit Union.
  • AnumApapam Community Co-operative Credit Union.
  • ApamWorkers Co-operative Credit Union.
  • Apostles Co-operative Credit Union.
  • Appiadu Community Co-operative Credit Union.
  • Arccu Co-operative Credit Union.
  • Asawase St Theresa's Co-operative Credit Union.
number of credit unions in Ghana

Source:ceditalk.com

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  • Asawasi District Presbyterian Credit Union.
  • Ashaiman Methodist Co-operative Credit Union.
  • Ashaiman S.D.A Credit Union.
  • Ashtown Baptist Co-operative Credit Union.
  • AsikumaOdobenBrakwa District .
  • Teachers' Co-operative Credit.
  • AsiriFarmers Co-operative Credit Union.
  • Assemblies of God Co-operative Credit Union (Accra).
  • Assemblies of God Co-operative Credit Union (Kumasi).
  • Assemblies of God Co-operative Credit Union (Bolga).
  • Assin Teachers Credit Union.
  • Associated Teachers' Co-operative Credit Union .
  • Atebubu District Presby Co-operative Credit Union.
  • Atonsu District PresbytarianCo-operative Credit Union.
  • Atonsu Pentecost Cooperative Credit Union Limited.
  • Awutu-EffutuSenya Teachers Co-operative Credit Union.
  • Bantama Ebenezer Cooperative Credit Union.
  • Bawku Community Credit Union.
  • Borae Community Co-operative Credit Union.
  • Broadcasting Employees Credit Union (Beccu).
  • BrongAhafo Regional Hospital Co-operative Credit Union.
  • Bunso CRIG Workers Co-operative Credit Union.
  • Calvary Charismatic Co-operative Credit Union.
  • Calvary Community Co-operative Credit Union .
  • Calvary Methodist Credit Union.
  • Church of God Co-operative Credit Union.
  • Church of Pentecost Atico Assembly Credit Union.
  • Damongo Diocesan Credit Union.
  • Dormaa Area Teachers Co-operative Credit Union.
  • Dunkwa Traders Co-operative Credit Union.
  • Dzadikuma Co-operative Credit Union.
  • Ebenezer Community Co-operative Credit Union.
  • Ebenezer Presbyterian Church Credit Union.
  • Entrepreneurs Capital Co-operative Credit Union.
  • Forikrom Community Co-operative union.
  • Freighters Friend C0-operative Credit Union.
  • GESRO Co-operative Credit Union.
  • Ghana Breweries Credit Union.
  • Ghana Registered Midwives Co-operative Credit Union.
  • Global Teachers Co-operative Credit Union.
  • GomoaDistrict Teachers Co-operative Credit Union.
  • House of Faith Co-operative Credit Union.
  • Hydro Employees Co-operative Credit Union.
  • Intravenous Infusions Cooperative Credit Union.
  • Jaman South Teachers Co-operative credit Union.
  • Kama Financial Co-operative Credit Union.
  • KEEADistrict Teachers Co-operative Credit Union.
  • KeteKrachi Community Co-operative Credit Union.
  • KomfoAnokye Teaching Hospital Co-operative Credit Union.
  • Kumasi Polytechnic Staff Co-operative Credit Union.
  • KwaebibiremGES Co-operative Credit Union.
  • Light ofthe World A/G Co-operative Credit Union.
  • Madina Teachers Co-operative credit Union.
  • Maranatha Assemblies of God Co-operative Credit Union.
  • Martyrs Of Uganda Co-operative Credit Union .
  • Melody Co-operative Credit Union.
  • MimAhafo Community Co-operative Credit Union.
  • Navrongo Teachers Co-operative Credit union.
  • New Fadama Co-operative Credit Union.
  • Parliamentary Staff Credit Union .
  • Pentecost International Worship Center Co-operative Credit Union.
  • Presec Employees Co-operative Credit Union.
  • RhemaAssemblies of God Co-operative Credit Union.
List of credit unions in Ghana

Source:newsghana.com.gh

  • Saboba District Co-operative Credit Union.
  • Sawla Community Co-operation Credit Union.
  • DA-Dansoman Co-operative Credit Union among others.

How to join credit unions in Ghana

One can become a member of any credit union of his or her own choice. You will be required to visit the premise and complete a form and pay the entrance fees including the minimum share as per the credit union of your choice. As a new member you will be required to have a minimum saving which has been prescribed by the board. Children, clubs, and organizations can also join credit unions in Ghana. There is also join membership whereby a man and his wife can have a joint account in the credit union. It is wise to seek more information on the same.

Source: Yen.com.gh

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