Senior officials from the Government of Ghana, including representatives from the Ghana Co-operative Credit Unions Association (CUA), Ministry of Finance, and the Department of Cooperatives, are currently in Kenya to benchmark the country’s cooperative movement which is considered the largest in Africa.
According to the 2022 Statistical Report by the World Council of Credit Unions, Kenya has the largest number of Saccos in Africa, with 10.8 million members spread across 8,744 credit unions and financial cooperatives.
CUA said that they are participating in a Learn and Share Initiative in Kenya, specifically focusing on credit union regulation and supervision.
The 7-day exchange program is sponsored by the World Bank through the Ghana Financial Sector Development Project, implemented by the Ministry of Finance and organized by the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) in collaboration with Sacco Societies Regulatory (SASRA).
The visit will provide the Ghanaian delegation with practical knowledge and skills regarding regulatory and supervision frameworks, which will ultimately strengthen and guide credit union operations in Ghana.
The Ghanaian delegation met with Co-operatives PS Patrick Kilemi, who highlighted the impressive achievements of the Kenyan cooperative movement which boasts of over 14 million members, an asset base of over Ksh1.5 trillion and a savings portfolio of Ksh1 trillion.
Kilemi expressed gratitude for hosting the Ghanaian team and emphasized the importance of exchanging ideas, discussing areas of mutual interest and learning from each other’s successes.
“We are privileged to host a team from Ghana’s cooperative sector who are in the country to learn the secrets behind our outstanding achievements in the sector. We exchanged ideas, briefed them on our milestones and discussed areas of mutual interest,” Kilemi said.
By Amos Kerich
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