'SUSU' COMPANIES ATTEND CONSULTATIVE MEETING (PAGE 22, FEB 27, 2010)

FORTY representatives of “susu” companies and individuals from the Western and Central regions have attended a day’s consultative meeting in Takoradi to discuss the formation of an apex body for all ‘susu’ collectors in the country.
The meeting, organised under the auspices of the Ghana Co-operative Susu Collectors Association, also informed members of the association of the Bank of Ghana’s pre-requisites for granting apex status to the association.
It also educated the members on the duties and responsibilities of the association, when granted an apex status.
It was expected that after the meeting, the members would appreciate the need for general re-organisation of the association in pursuance of apex status and professionalisation of the susu trade in the common interest of all stakeholders.
The members would also appreciate the need for a common front to know and understand Bank of Ghana’s expectations of the Ghana Co-operative Susu Collectors Association before granting it the apex status, as well as the benefits of an apex body.
They would further appreciate the need for a unified and cohesive body and to develop higher regulatory standards, as well as improve the system of corporate governance at all levels of the association.
At the end of the meeting, the participants were expected to assist the association to develop systems for risk management, improve institutional framework, develop monitoring and supervision systems and liaise with the Ministry of Finance and Economic Planning and the Bank of Ghana on policy issues.
The President of the Ghana Co-operative Susu Collectors Association, Mr Elvis E. Aboagye Manuh, explained that “susu” collection was like any deposit taking and credit advancing institution in the country, and fell under the regulation and supervision of the Bank of Ghana.
He said over the years, there had been reports that “susu” collectors had absconded with the savings of micro-savers and that that negative practice tended to undermine the financial system.
“When properly harnessed, “susu” can promote higher investment leading to economic empowerment, in terms of poverty alleviation among the vulnerable in the society. This makes “susu” collection a very vital link with the formal banking sector,” Mr Manuh stated.
He said with the help of the Bank of Ghana, the association was trying to wipe out unscrupulous operators, formalise operations and protect depositors.