Ghana's PromProm Co-op Holds First AGM

DAMANG, Ghana– The still-new Promprom Cooperative Credit Union has held its first annual general meeting held in the Prestea HuniValley municipality of the Western Region.

Screen Shot 2019-01-25 at 11.22.05 AM

The credit union was formed to help provide financial support and help members around the Aboso Gold Fields Limited and Damang Mine. Promprom Credit Union has opened offices at Damang and New Atuabo in Tarkwa, according to the Ghanaian Times. 

Manager of Community Affairs 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) program was implemented for members to grow vegetables, according to the Ghanaian Times.

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, the Times reported.

He also noted that the credit union is working to 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,” Yakubu told the Ghanaian Times. “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.”

The Interim chairman of the credit union and chief of New Atuabo, Nana Kwaku Baah II, said the members of the CU were committed to ensuring that the project was successful.

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

According to the interim chairman, members need to access loans, adding "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, according to the Ghanaian Times.

Section: Standard
Word Count: 470
Copyright Holder:
Copyright Year: 2019
Is Based On: