Include credit unions in financial policy implementation – Kennedy Yeboah urges government
Financial consultant, Kennedy Yeboah, has called on the government to integrate credit unions into the formulation and implementation of financial policies in Ghana.
He said credit unions, which work closely with grassroots traders and low-income earners, are in the best position to interpret and relay financial policies to the wider population.
Mr. Yeboah, the CEO of Ramseyer Cooperative Credit Union (RCCU), made the call during an awards dinner held in Kumasi on Saturday, August 16, 2024, to celebrate RCCU’s 25th anniversary.
The dinner was to also celebrate and honour Kennedy Yeboah’s 20 years in his position as the CEO of the financial institution.
He emphasized that excluding credit unions from key financial decisions undermines efforts to build a robust and inclusive financial system that addresses the needs of all Ghanaians.
Credit unions: Trusted financial institutions
He stressed that credit unions are more trusted at the community level than many mainstream banks, and have a better record in loan recovery due to their personalized services and close ties with members.
“If the government wants its financial policies to be well understood and implemented, then credit unions must be part of the conversation,” he stated.
Kennedy Yeboah also recommended that future loan disbursements from the government should pass through credit unions to ensure higher repayment rates and targeted reach.
“Our institutions are more effective at identifying creditworthy members and monitoring loan usage. That’s why repayment is higher with us,” he added.
Assurance of support
As National President of the Ghana Association of Credit Union Managers, Mr. Yeboah reassured the public of the reliability and integrity of credit unions across the country.
He encouraged more Ghanaians to patronize their services, especially in these challenging economic times.
Awards and recognition
During the event, several individuals, including shareholders, staff members, and loyal clients of RCCU, were honored with plaques and certificates for their outstanding contributions to the union’s growth.
