In the wake of collapse of some financial institutions in the Upper East Region and in some parts of the country, an Aspiring Parliamentary Candidate of the National Democratic Congress (NDC) for Bolgatanga Central Constituency, Isaac Adongo has disclosed plans to set up a credit union for working professionals.
According to the financial analyst, many people in the region especially the youth need a financial mechanism that will aid their businesses and as well assist the youth who want to further their education.
In an interview with host of A1 radio’s Day Break Upper East, Albert Azongo on Tuesday, Mr. Adongo said he had earlier planned to set up a rural bank together with the Bolgatanga municipal assembly but it did not materialize.
The NDC aspiring parliamentary candidate for Bolgatanga central constituency was speaking to issues concerning a moratorium placed on the operations of DKM micro finance by the Bank of Ghana and the defunct situation of Diamond Winners microfinance and other financial institutions in the region that have left thousands of people in the region at a risk of losing their huge investments.
Mr. Adongo stated that “one of my key objectives having looked critically is that I will work closely with teachers and other professional young men in Bolga to try and set up a credit union that will help them raise their own money, get their own money and be able to avoid some of this risky investment”.
He added that “I’m sure if we are able to set up a credit union for working professionals in Bolga that will address this problems and it is one thing that is dear to my heart”.
Devastated customers of the companies on daily basis appeal to the Bank of Ghana to reconsider its decision by lifting the moratorium placed on the companies while some customers are threatening to commit suicide with the believe that it is the surest way to end the predicament they are going through currently.
Asked whether the disgruntled customers can take the Bank of Ghana to court for its inability to quickly halt activities of financial companies that operate contrary to the banking act, Mr. Adongo explained that the customers can only take the Bank of Ghana to court if it had endorsed a certain mode of action to the financial companies that is detrimental to the interest of the society.
By: Joshua Asaah/A1radioonline.com/Ghana
