The Ghana Mine Workers Union (GMWU) has launched a $900,000 financial project to help assist members and empower Ghanaians in rural and urban communities.
The capital intensive project, which the union considers as a major step in fulfilling its objectives, forms part of plans to acquire a licence from the Bank of Ghana (BoG) to go into viable ventures.
Speaking at a sod cutting ceremony, Robert Asamoah-Gyekye, Chief Executive Officer (CEO) of GMWU Investments Unit, said the project would be known as Golden Pride Savings & Loans Company in a few months� time.� According to him, the savings and loans company is expected to become a fully fledged universal bank with its head office in Obuasi by 2016.
Mr. Asamoah-Gyekye pointed out that the project would be executed in phases. The first one will entail the construction of an ultra-modem banking hall while the second phase will involve the construction of a head office.
He said that GMWU Investment Unit has achieved a lot and mentioned in particular the establishment of welfare programmes that has helped its members through the provision of educational loans, among others.
He acknowledged the major role being played by members of the GMWU branch in Obuasi to execute the project.
Prince William Ankrah, General Secretary of GMWU, said the union intends to give people in mining communities access to credit and also cultivate the culture of savings among them.
According to him, the savings culture had helped countries like China to develop rapidly, indicating that it has the potential to bridge the gap between the rich and poor.
John Alexander Ackon, Municipal Chief Executive (MCE), commended the leadership of GMWU for implementing the projects that will create wealth for the association rather than the usual agitation for salary increment.
He called on GMWU to maintain the cordial relationship between members of the association and the municipal assembly.
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