The role of credit unions in developing economies: case of St. Joseph’s Credit Union-Jirapa.

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According to the Credit Union Association of Ghana (CUA, 1968 — 1978), a credit union is a financial co-operative, which is owned and controlled by its members. Members of a credit union save in a common fund, as well as being a good saving option with successful credit union paying an annual dividend of up to 8%. The money saved can be used to make low interest loans to other credit union members. They are also the best vehicle for mobilising resources for domestic development. Co-operatives are therefore alternatives for individual and small holders in the mobilisation of resources for the development of the individual and the country as a whole. It is in this light that it would be valuable to take a look at the activities of these co-operatives in developing economies. Further, to investigate the role of credit unions on the lives of the ordinary people in developing economies. The study is basically an exploratory and analytical research. Data was gathered from the study area and analysed based on the objectives of the study. The research was carried out using the multi-method case study approach. This method gives the researcher a rich understanding of the context; it is also a flexible method that allows the use of questionnaires, interviews, observation and documentary analysis. Even though this study focuses on the St Joseph’s credit union in Ghana, it would be worthwhile to widen further research to cover other areas to unravel the deficiencies hindering the growth and efficient function of developing credit union in a bid to correcting and adopting new strategies for their growth.
A thesis submitted to the Board of Postgraduate Studies, Kwame Nkrumah University of Science and Technology, Kumasi, in partial fulfilment of the requirements for the award of the Degree of Master of Business Administration