Golden Pride Savings and Loans inaugurated

The Ghana Mine Workers Union (GMWU) has inaugurated its investment entity known as the Golden Pride Savings and Loans (GPSL) Limited at Obuasi in the Ashanti Region.

The GPSL is a subsidiary of GMWU Investment Limited.

Delivering the keynote address at the inaugural ceremony, the Managing Director of the GPSL, Mr Johnson Boadi Asamoah, said the public had a legitimate and fundamental interest in an efficient, liquid and well-functioning financial institution with sound management and proactive staff.

He also said there was the need for a financial institution that could be effective in mobilising resources and channelling them into productive investments and in support of growth.

“We bring to the market highly motivated and self-driven professionals and staff who will offer banking solutions at the doorsteps of our cherished customers,”, he said.

“Our products have been customised to meet the different segments of clientele in the market, from the chief executive officer to his/her business, businessmen and women, traders, artisans employees, individuals and children”.

According to Mr Asamoah, effective intermediation required that banks and savings and loans institutions mobilised all available financial resources and deploy them to income-generating economic activities.

He said financial institutions ought to expand credit to the productive private sectors to support domestic and international trade.

The Executive Director of GMWU Investment Limited, Mr Robert Asamoah Gyekye, said his outfit sought to create viable business entities for the union and its entire workforce.

Mr Gyekye said the GPSL was not out to compete with commercial banks, “but we want to complement what other banks are doing so that we can reach out to the vast majority of Ghanaians who are unbanked”.

According to him, this was the first time a savings and loans company or bank had established its head office outside Accra and Kumasi, adding that the essence was to get closer to the main mine workers and mining communities.

For his part, the General Secretary of GMWU, Mr Prince William Ankrah, was happy about the launch of the GPSL, saying, “It’s been dream to get this facility opened”.

The GMWU Branch Chairman at AngloGold Ashanti (Obuasi Mine), Mr Nicholas Yeboah, expressed the hope that the GPSL would help improve income security for members of the union.

The launch was graced by the Vicar General of the Catholic Archdiocese of Obuasi, Rev. Fr. Maxwell Apiagyei.