Mr Abraham Dakurah, the Supervising Manager of the Wa Community Cooperative Credit Union (WACCU), has expressed confidence that the bank's financial strength would help meet the Bank of Ghana's (BoG) minimum capital requirement.
He said the BoG required that Cooperative Credit Unions should have a capital adequacy of at least 15 per cent, but that the WACCU had a capital adequacy of 17 per cent, which qualified it to meet the requirement.
Mr Dakurah said Cooperative Credit Unions were also required to have a liquidity standard of 18 per cent of total asset and the WACCU had a liquidity of 51 per cent to meet the demand of its members.
Speaking in an interview with the Ghana News Agency in Wa, the Supervising Manager noted that the bank currently had a total asset of GH?21 million and a loan portfolio of GH?8.1 million.
Mr Dakurah commended the government for the banking sector clean-up, which would help restore depositors' confidence in the banks and cited third-party transaction in some defunct banks as a contributing factor that led to their collapse, and added that the WACCU put in place checks to avoid transactions that could cause the bank to collapse.
"We (WACCU) are here to stay and the people should protect their own bank. The small boys will always come and go and the old boys will continue to be there." he said.
Mr Dakurah noted that WACCU had introduced a youth savings programme to give opportunity to the youth to save towards the future with eight schools - three Junior High Schools and five Senior High Schools in the Wa Municipality benefiting from the programme.
Mr Dakurah entreated the public to have confidence in the WACCU and to transact business with the bank for maximum security of their monies.
He said the management of WACCU regularly trained its staff to ensure that they provided quality customer-centred services to customers and members.
The Wa Community Cooperative Credit Union was established in 1960 and currently had total of 12,000 members.
It provides services such as loan facilities, investment opportunities, and non-commercial-financial services to members, including; business training and financial advice.