Asantehene Takes Interest in Credit Unions Association’s Rural Development Initiatives

The Ghana Co-operative Credit Unions Association (CUA) has caught the attention and interest of the King of the Asante Kingdom, Otumfuo Osei Tutu with their focus on rural development.

The group in conjunction with the leadership of the African Confederation Co-operative Savings and Credit Union (ACCOSCU) were at the Palace on January 31 to inform His Majesty about their upcoming Assembly to mark the 17th Anniversary of the movement which was birthed in Ghana.

Among the delegation were COP Dr Samuel Otu-Nyarko, the Board Chairman of the CUA, Cyprian K A Basing, the CEO of CUA, Bernard BB Bingab, the First Vice Chairman of (ACCOSCU) and George Yashon, the Executive Director of ACCOSCU.

Invitation
The Monarch was told the Assembly will be held in October and expected to host members from 29 African Countries.

“The credit union movement started in Ghana 17 years ago… This year as we mark our 17th year, the Credit Unions Will assemble in Ghana and we are talking about 29 African countries.”

With the King’s interest in Pan-Africanism, the Union deemed it fit to inform and invite him to the Assembly.

“In view of and based on your Pan-Africanism, and preachings you have done going round the world, your sons and daughters have found it worthy to come to you to inform you about this gathering which is going to be in October for your blessings. Your Highness, we will be sending a formal invitation. We thought that it was appropriate to first come to you then we can proceed with the invitation.”

Objectives
Asked about the Union’s objectives, the Board Chairman mentioned ensuring financial inclusion in the rural areas and community development in remote areas.

“One of the things the Credit Unions have done is community development. You will find us involved in schools, social activities such as hospitals. We have donated quite a number of things. The University of Ghana Credit Union for example which is the biggest Credit Union has built a Children’s Ward for the UG Medical Centre at the cost of ¢5 million. There are quite a lot that we are doing.”

“We are usually found in the rural areas because we know that is where financial inclusion is a big challenge,” he furthered.

Interest
This was of much interest to the King as he expressed how dear the subject of rural development was to him.

“You said rural areas. That is my heart’s desire.”

He therefore served notice for his unflinching support to their group to push that objective.

The King opined that Africa’s urban development is hinged on the rural areas which most often do not get the needed focus for development.

He therefore commended the Unions for taking that up and shouldering that responsibility.

“Development in Africa and our countries is more from the rural areas to the cities. We all must have migrated from the rural areas to the city and that is where development is lacking…That’s where the food basket is and we need to support the people to develop…Groups like this that have communities at heart must be encouraged. You will have my support anytime.”

Otumfuo recognised that the Credit Unions provide the needed capital to the less privileged in rural areas, creating jobs for their sustenance and personal growth.

“Farming is an area that we all have to support. The Cooperative should be supporting that cause and creating employment…With this type of union in creating employment, a small amount of money can help the people as start-up capital to be self-employed. I want to encourage you.”

“This little support we give to families and single parents inure to the benefit of the development of the country. The widow or single parent will have the capital to trade because she cannot go to the banks because of the high interest rate and that doesn’t benefit so many people but just a few. A system like yours will go to benefit many.”

His Majesty further encouraged them in infrastructural development in such areas, noting that it helps create a sense of belongingness in the natives.

“Having built children’s ward, the school which is more important when you build it in the rural areas and you get the people to own it, they have a sense of belonging and maintenance is there. That’s something I will encourage.”

Source: opemsuo.com/Hajara Fuseini