By
Philip Tengzu, GNA
Wa, (UW/R), Nov. 13,
GNA – Mr Abraham Dakurah, the Supervising Manager of the Wa Community
Cooperative Credit Union (WACCU), has expressed confidence that the bank’s
financial strength would help meet the Bank of Ghana’s (BoG) minimum capital
requirement.
He said the BoG
required that Cooperative Credit Unions should have a capital adequacy of at
least 15 per cent, but that the WACCU had a capital adequacy of 17 per cent,
which qualified it to meet the requirement.
Mr Dakurah said
Cooperative Credit Unions were also required to have a liquidity standard of 18
per cent of total asset and the WACCU had a liquidity of 51 per cent to meet
the demand of its members.
Speaking in an
interview with the Ghana News Agency in Wa, the Supervising Manager noted that
the bank currently had a total asset of GH₵21 million and a loan portfolio of
GH₵8.1 million.
Mr Dakurah commended
the government for the banking sector clean-up, which would help restore
depositors’ confidence in the banks and cited third-party transaction in some
defunct banks as a contributing factor that led to their collapse, and added
that the WACCU put in place checks to avoid transactions that could cause the
bank to collapse.
“We (WACCU) are
here to stay and the people should protect their own bank. The small boys will
always come and go and the old boys will continue to be there.” he said.
Mr Dakurah noted
that WACCU had introduced a youth savings programme to give opportunity to the
youth to save towards the future with eight schools – three Junior High Schools
and five Senior High Schools in the Wa Municipality benefiting from the
programme.
Mr Dakurah entreated
the public to have confidence in the WACCU and to transact business with the
bank for maximum security of their monies.
He said the
management of WACCU regularly trained its staff to ensure that they provided
quality customer-centred services to customers and members.
The Wa Community
Cooperative Credit Union was established in 1960 and currently had total of
12,000 members.
It provides services
such as loan facilities, investment opportunities, and non-commercial-financial
services to members, including; business training and financial advice.
GNA
