A former Board Chairman of the credit union Association of Ghana Mr.Emmanuel Oduro Darko has appealed to the Central Bank Of Ghana to expedite the Legislation Instrument L.I.2225-2015 governing the operations of the credit Union Association to enhance their activities in amore formalized structure.

According to him, the current Co-operative law NLC-D-252-1968 was enacted under the erstwhile General Ankrah regime, which he thinks was very outmoded looking at the current trends at the banking landscape.

Mr. Emmanuel Oduro Darko, who is currently the goodwill Ambassador of credit unions of Africa said the current laws were having adverse effects on their activities adding the time for the amendment of the laws was ripe to enable them be in tune with the current situations.

Mr. Emmnuel Oduro Darko, made the call over the weekend during the 28th Annual General of the St. Paul’s Co-operative Credit Union at Amakom in Kumasi .

He indicated that the Bank of Ghana was currently exercising fears for the implementation of the new L.I. due to the recent crisis that hit the financial sector where several institutions were collapsed.

He therefore urged the central Bank to repose confidence in the implementation of the L.I. adding that it would help instill discipline and modernize the operations in the credit unions rather than to collapse them.

Mr. Emmanuel Oduro Darko, who has over 46 years experience in the credit union sector, stated that the credit unions in the country had survived the various turbulences that had hit the sector due to the discipline measures management and board of directors have upheld over the years.

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