A financial sector expert has described the decision to place large credit unions under the supervision of the Bank of Ghana (BoG) as a long-overdue reform that could transform the sector and strengthen financial governance in the country.
Joseph Akossey, a rural banking expert and Executive Director of Proven Trusted Solutions, noted that the move will help professionalise credit unions, improve governance, and expand financial inclusion across Ghana. Under the new reforms, credit unions with assets of GH¢60 million and above will now be licensed and placed under prudential supervision by the central bank. (The Business & Financial Times)
The reform follows years of industry calls for stronger oversight after the Cooperative Credit Union Regulation was introduced in 2015. Experts believe the sector has grown steadily but remains fragmented and under-penetrated despite Ghana being one of the pioneers of the credit union movement in Africa since 1955. (The Business & Financial Times)
Currently, Ghana has more than 400 credit unions serving about 2.5 million members. However, penetration remains below five percent of the adult population, far lower than countries such as Kenya where participation is significantly higher. (The Business & Financial Times)
Analysts say effective supervision by the central bank could improve public confidence, safeguard member savings, and position credit unions as stronger players within Ghana’s broader financial ecosystem.
Source: Business & Financial Times /thebftonline.com/2026/03/13/bog-oversight-of-large-credit-unions-long-overdue-expert/
Reporter: Kizito Cudjoe
