17 January 2019

Ghana: Promprom Cooperative Credit Union Inaugurated

Damang — The Promprom Cooperative Credit Union formed to provide varied financial services to members has been inaugurated at its first annual general meeting held at the Damang, in the Prestea HuniValley municipality of the Western Region.

The Union will also mobilise capital and provide financial support to stakeholders in host communities of Aboso Gold Fields Limited (AGL) and Damang Mine.

Presently, the union, with support from AGL, has opened offices at Damang and New Atuabo in Tarkwa.

Addressing the meeting, the Manager, Community Affairs, AGL, Mr Abdel -Razak, Yakubu, recalled that about two and half years ago, the Promprom Credit Union was born after the Youth in Organic Horticulture Production (YouHop) programme was implemented for members to grow vegetables.

The credit union, he said, was to serve as a vehicle that would provide a sustainable access to credit and grow businesses in the host communities, adding that overcoming financial challenges were critical to business growth.

He also noted that the credit union would improve the welfare of the host communities.

"The financial sector is faced with various challenges and we believe that the Promprom initiative would help farmers to work and expand their businesses. It is important for us to realise the sustainability of the credit union does not rest on AGL or GIZ. You the members need to own and sustain the project," Mr Yakubu stressed.

The Interim Chairman of the Union and Chief of New Atuabo, Nana Kwaku Baah II, said the members of the Union were committed to ensuring that the project was successful.

He urged members to increase their stake in the so that they would reap more dividends stating that, "Let your money grow your farming businesses."

According to the interim chairman, members who want to access credit facility adding that "we don't want the Union to collapse".

"If you have deposits and no shares, you will have no dividends. Buy the shares and let the union grow. We have a membership of 1,982 with 1,215 being active members who have bought total shares of GHȻ41, 183. Indeed, this is good but we need to redouble our efforts. We have a future." he said.

He expressed thanks to the consultant, Akua Asantewaa and GIZ for the technical support and the staff of the union for their sacrifices despite the challenges.

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