National Credit Union Associations of Barbados and Ghana Sign Agreement to Strengthen Ties

The national credit union associations of Barbados and Ghana have signed an agreement to strengthen ties between the two leagues.

The Barbados Cooperative and Credit Union League Limited (BCCULL) and the Ghana Cooperative Credit Unions Association Limited (GCCUAL) signed a memorandum of understanding (MOU) to collaborate on advocacy, training and development, education, deposit insurance and digital solutions, among other areas.

“While these four areas are the key areas of cooperation, we are hoping that we can advance things that will be beneficial to both Barbados and Ghana and we are looking forward to strengthening that relationship in the coming years,” said BCCULL president Kemar Cumberbatch at the signing on Wednesday.

He underscored the importance of the MOU to the development of the cooperative movement and young people:

“Every year, Barbados allocates significant resources to education on a yearly basis and the credit union movement spends hundreds of thousands of dollars every year, whether it be on grants, scholarships or initiatives that we think benefit the young people in this country, that will help develop them, that will help keep them out of trouble and those negative influences out there,” Cumberbatch said.

“It is hoped that the signing of this agreement will allow us to exchange some ideas, exchange some young people, as we try to strengthen the links that we have with our Ghanaian counterparts. We as a sector are happy to facilitate, where practical, any initiative that is in the best interest of the people, for the public good.”

Cooperatives, he suggested, were looking at building generation wealth where possible, adding they were also trying to avoid a situation where the movement dies out due to a lack of young people taking over from older members.

Dr Bernard Bingab, the chairman of GCCUAL, said the relationship now being cultivated between the two should have occurred long ago. He noted that the two organisations shared a common enemy – poverty – and a sure way to overcome this problem was through financial inclusion.

He added: “It is important that we have entered into this Memorandum of Understanding which seeks to build the capacity of both countries…. I do trust that these two organisations have what it takes to speak for and on behalf of the bigger credit union movement in both countries. For us in Ghana, we are looking at how we can bring in more young people . . . because the future belongs to the young people and we have to do everything within our means to support that cause.”