UG Cooperative Credit Union launches 50th anniversary celebration

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The University of Ghana Cooperative Credit Union has launched its 50th-anniversary celebration.

The launch, which was held on its premises on the university’s campus, will be followed by a series of activities for the year-long celebration.

Speaking to UniversNews, Board Chairman of the Union, Dr. Samuel Nana Yaw Simpson, touted the achievements of the Credit Union, particularly, as the coronavirus disease continues to cause havoc.

He said that the Union was proactive in dealing with challenges that came with the outbreak of the disease.

Dr. Simpson also called for a “well-resourced” regulatory body that will supervise the operation of credit unions.

“Clearly, we want an independent, formidable, and well-resourced regulatory body to look at the activities of the credit unions. I think that the credit union concept has not been projected in the way it should. I believe that the credit union can address most of the problems we are going through. A lot of people think credit unions are for poor people but that is not the case, rather a credit union is where you make your resources available to help others,” he stated.

With the country’s economy yet to recover from the shocks of the coronavirus disease, Dr. Simpson, who is the Head of the Department of Accounting and a Senior Lecturer at the University of Ghana Business School, advised the government to cut down its expenditure.

“Managing a country has different dynamics, looking at revenue, expenditure and of course the COVID effect. So as a country, I think we need to look at our expenditure because the revenue is not coming the way we want. So for as to reach our target we need to check our expenditure,” he said.

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