Ghana Mineworkers venture savings and loans business

The Ghana Mineworkers Union (GMWU)of the Trades Union Congress (TUC) has inaugurated a modern corporate headquarters of its Golden Pride Savings and Loans Company at Obuasi.

The firm is established to help build strong small and medium enterprises whilst creating sustainable employment in the local economy.

Managing Director of Golden Pride Savings and Loans, Johnson Boadi Asamoah, says the firm offers enterprise-wide financial packages to support SMEs in peri-urban centres.

“We are well positioned to provide quality services not only to commensurate with the social and economic relevance of Obuasi and its environs but also properly aligned to the overall objectives of the Ghanaian finance sector,” he said.

The bank is one of the Union’s business investments that leverage on membership strength to establish a clear profitable future for mineworkers in the country.

Vice President, Kwesi Amissah Arthur, is confident implementation of good corporate governance systems will endear the firm to support the growth of small businesses.

He commended the bank’s operational performance in its short operational period. “I am happy to note that having started operations in may 2013, the Golden Pride Savings and Loans Limited has built total deposits of Gh₵2.24 million by end-August and has within the same period granted loans of Gh₵1.78million,” said the Vice President.

He however tasked management to strive to meet the Bank of Ghana’s new minimum capital requirement of Gh₵15million for the conduct of savings and loans operations.

Golden Pride, with a paid up capital of Gh₵8.59million, would need to raise an additional Gh₵6.41million to meet the minimum capital requirement.

Prince William Ankrah, Board Chair of Golden Pride Savings and Loans and General Secretary of the Mineworkers Union, says there are plans to shore up the firm’s capital after stabilizing its operations.

“GMWU has steadfastly given priority to varying forms of developmental activities in the efforts of transforming the lot of its members, and the country as a whole”, he said. “With great conviction and fortitude, the numerous investments that the Union has prudently established are progressively bearing up to reaching the state of satisfying the intent of establishment”.

The developmental activities are a systematic pursuit of laid down plans and policies that encompass the sustainable development of the mining economy, said Prince Ankrah.

He told Luv Fm the Union is courting partners in South Africa to venture into real estate and “demystify mortgage financing” for the middle-class economy with “innovative and creative borrowing arrangement” to own homes.

The Union also intends to establish ‘Fair Price Shops’ across the country.

Story by Kofi Adu Domfeh