Co-Operative Credit Unions and Development of their Members in Bolgatanga Municipality

Abstract

This study examined the contributions of cooperative credit unions to their members in Bolgatanga Municipality of the Upper East Region. A sample of 150 credit union members and 20 management committee members were used for data collection. With the help of Statistical Package for Social Sciences Software, the results were analyzed using descriptive statistics. Results of the study indicated that credit union members have cultivated the habit of saving regularly which enhanced their savings culture. Also, through the credit unions, members are able to establish and expand businesses. This is as a result of easy access to credit and lower interest of loans from the credit unions. The results further revealed that credit unions have contributed greatly to the education of members and their relatives. It is recommended that, there should be capacity building for the management committees to enable them manage the affairs of the credit unions under their care. It is again recommended that there should be a strong collaboration between the government of Ghana and the credit unions to reduce poverty especially in the rural areas.