The Chief Executive Officer of the Ghana Cooperative Credit Unions Association (CUA), Cyprian K.A. Basing, has called on government to strengthen regulations for credit unions as the association marked its 70th anniversary on Saturday, November 15, 2025. He emphasized the urgent need for laws that would enable the sector to thrive and protect members from unregulated operators.
Basing told Asaase News that people frequently approach CUA with passbooks from credit unions that are not association members, leaving officials unable to assist. He stressed that stronger regulatory frameworks would help address this challenge and ensure consumer protection across the sector.
The national celebration, held at the Great Hall of the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, marked a significant milestone. Ghana was the first African country to establish a credit union, and the 2025 edition coincides with seven decades of cooperative finance in the country.
The day was observed under the theme “Cooperation for a Prosperous World,” aligning with the United Nations’ declaration of 2025 as the International Year of Cooperatives. Although the global event was marked in October, Ghana’s celebration was postponed to November to enable the country to host the all-African Credit Union congress, which was held at Alisa Hotel from October 12 to 17, 2025.
Board Chairman Commissioner of Police (C.O.P.) Dr. Samuel Otu-Nyarko explained that members join credit unions to pool resources through share purchases, which they then leverage for loans, enabling every member to prosper economically. He identified lack of technical tools in most credit unions as a major challenge facing the sector.
Dr. Otu-Nyarko announced plans to launch an extensive social media campaign to attract young people. He noted that youth rarely watch television but spend considerable time on mobile devices, making digital platforms the ideal space to reach them. The association plans to establish presence on multiple social media platforms including X, Facebook, Instagram, Snapchat and TikTok.
The event featured a colorful float through the streets of Kumasi from 7 a.m., followed by the formal ceremony at 10 a.m. Distinguished guests included Professor Rita Akosua Dickson, Vice Chancellor of KNUST, who delivered the keynote address; Dr. Frank Amoakohene, Ashanti Regional Minister; and Reverend Dr. Douglas Okonah Frempong, General Overseer of the Centre for Christian Outreach Ministries, who served as Special Guest of Honour.
As of December 2021, the sector comprised 490 credit unions with combined assets of GH₵2.68 billion, member savings and shares of GH₵2.2 billion, and 984,034 members. These credit unions were managed by a total of 4,250 staff.
The association encouraged unions to organize community-focused events including financial literacy workshops, member appreciation days and storytelling of member success cases to deepen financial inclusion, especially for youth and women.
