The Chief
Executive Officer for RAMSERY Credit Union in Kumasi, Ashanti regional capital,
Mr. Kennedy Yeboah has called on Ghanaians to be able to separate credit unions
from micro finances.
The renowned
financial expert disclosed this to pressmen in an interview today, whilst
commenting on the recent bankruptcy and fraud cases registered by some
collapsed micro finances.
He said that,
most of the micro finances in the system do not meet requisite requirements
from the central bank, therefore, are not recognized and collapse, as a result
must be clearly identified by customers willing to save with financial
institution.
"Majority
of the collapsed micro finances are not recognized by the Bank of Ghana (BoG)
,which has led to their bankruptcy" ,he lamented. He concluded that, every
credit Union is managed by effective and quality management as well as board
members; hence it would be very difficult to run into bankrupt.
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