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A high-profile delegation led by the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) and the Ghana Cooperative Credit Unions Association (CUA) paid a courtesy call on the Asantehene, Otumfuo Osei Tutu II, at the Manhyia Palace in Kumasi. The visit, which took place as part of efforts to strengthen cooperative financial systems in Ghana and across Africa, was marked by discussions on financial inclusion, economic empowerment, and the role of credit unions in sustainable development.
The delegation, which included key stakeholders from ACCOSCA and CUA, was warmly received by Otumfuo Osei Tutu II, who has been a strong advocate for financial literacy and community development.
Strengthening Financial Inclusion Through Cooperatives
Speaking at the meeting, the leadership of ACCOSCA and CUA expressed their commitment to enhancing financial accessibility, particularly for underserved communities. They highlighted the impact of cooperative credit unions in providing affordable financial services, fostering economic empowerment, and promoting wealth creation among low-income earners.
The delegation emphasized the importance of financial literacy and capacity-building initiatives to ensure that individuals and small businesses can maximize the benefits of cooperative banking. They also underscored the need for strong leadership and governance structures to sustain the growth and credibility of credit unions.
Otumfuo’s Endorsement of Cooperative Finance
Otumfuo Osei Tutu II, in his response, commended the delegation for their dedication to financial inclusion and community development. He acknowledged the significant role of credit unions in empowering Ghanaians, particularly in rural areas where access to traditional banking services remains limited.
The Asantehene encouraged ACCOSCA and CUA to continue their efforts in fostering a savings culture, ensuring financial discipline, and supporting small and medium-sized enterprises (SMEs). He also called for increased collaboration between cooperative financial institutions and traditional leadership to drive grassroots economic growth.
Future Collaboration and Initiatives
The visit also provided an opportunity to discuss potential partnerships between the Manhyia Palace and cooperative financial bodies in Ghana and beyond. Discussions centered on initiatives to promote youth entrepreneurship, women’s economic empowerment, and cooperative financing models that align with Ghana’s economic development goals.
The delegation expressed their appreciation for the warm reception and reiterated their commitment to working closely with traditional leaders and stakeholders to enhance financial stability and economic progress.
Conclusion
The courtesy call to Otumfuo Osei Tutu II marks a significant step in strengthening the role of cooperative credit unions in Ghana’s economic landscape. With the endorsement and support of traditional leadership, the sector is poised to make even greater strides in financial inclusion, poverty alleviation, and sustainable economic development.
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