Banking sector clean-up: ACCU remain financially stable-CEO assures members


The Chief Executive Officer(CEO) of the Abosomakotere Co-operative Credit Union Limited, Mr. Prosper Aforbu has said, the Union remain financially sound despite the crisis that led to the merger and collapse of some financial institutions in the last two years.

He explained that, “the exercise led to panic withdrawals that affected the union in diverse ways. However, because of prudent management non of our members had their monies lost.”

“Confidence has been restored in the financial sector now that the central bank is done with the clean up exercise, so I urge all to do business with Abosomakotere Cooperative Credit Union”, Mr. Aforbu asserted.

He admonished persons charged to ensure such incidents doesn’t occur in the future to discharge their mandates effectively without engaging in politics and nepotism.

“Ghana existed before the arrival of Politics so Ghana must be first in whatever they do, I pray such incidents doesn’t occur again”, he added.

He was addressing members at the 49th Annual General meeting held Saturday February 15 at the Encom Hotel Annex in the Bono East regional capital, Techiman.

The Union which was formed on Friday January 1,1971 has its head office at Techiman with branches at Sunyani, Kintampo and Buipe.

In August 2017, the Bank of Ghana (BoG) gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank due to severe impairment of their capital.

In August 2018, the Bank of Ghana consolidated five other local banks into what it calls the Consolidated Bank Ghana Limited.

347 microfinance companies also had their licenses revoked by the Bank of Ghana in May 2019.

The Securities and Exchange Commission (SEC) also in November 2019 revoked the licenses of 52 fund managers as part of efforts to sanitize the industry.

His Lordship Simon Gaga, the Board Chairman of the Abosomakotere Cooperative Credit Union noted that, even though the banking sector was in crisis, the Union made great strides in its financial performance last year.

His Lordship Simon Gaga

Touching on the Union’s Corporate Social Responsibility, His Lordship Gaga said, “the union gave the Oforikrom Police station a facelift at an additional cost. This led to the upgrade of the Police post to a district police station by the Ghana Police Service after formal handing over pending an official commissioning by the Inspector General of Police. Following the handing over,security along the Techiman-Nkoranza highway and within the communities in the area is expected to improve to allow residents and commuters pursue all activities in a peaceful and conducive atmosphere.”

He added that, farming equipment such as spraying machines, weedicides and cutlasses were donated to the Municipal and district Assemblies within their operational areas to help support farmers during last year’s Farmers’ day celebration.

On education, the Board Chairman disclosed that, the union contributed towards the building of a Girl’s dormitory for the Techiman Senior High School and supported the Ghana Education Service at Kintampo during its organization of an inter schools competition.

He added that, during the year under review, an 80KVA power generator was purchased for the Catholic Diocese of Techiman to help in the provision of stable power supply to the pastoral centre at our Lady of Calvary Grotto, supported in the repair of the Fire Engine of the Ghana National Fire Service at Buipe, supported Buipewura Jinapor II during his 10th anniversary celebration of enskinment.

In the area of Health, the Abosomakotere Cooperative Credit Union discharged its corporate social responsibility by supporting the ‘Healthy Child Fair’, an annual event of the Paediatric ward of the Holy Family Hospital at Techiman. The fair seeks to sensitize the public on Child health issues and to raise funds to support children with cancer admitted at the hospital but are unable to pay their bills.

Some of the members expressed their profound gratitude to the union for its relentless support offered them.

Ghana/ Nyarko Abronoma

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