Ghana Mine Workers Union (GMWU)’s savings and loan company, Golden Pride, is
expected to be operational by January 2013.
The Golden Pride Savings and Loans Limited is being wholly owned by the Union at present.
Speaking at the first annual general meeting of the company in Accra, Mr. Ankrah, who is also the Board Chairman of the company said the exigencies of the time required trades unionism to break new frontiers to make them more productive and dynamic.
“We have to fully comply with the BOG requirement and at the moment we have been able to raise the stated capital of GH¢7 million.
“We want to move smoothly and transparency and this will prevail in all the affairs of the company. Our business is already incorporated and we are not going to enter the financial industry with a mediocre mind.
“We want to tread cautiously and we will not rush into any shareholding structure. We are ready for it, and now it is purely GMWU property,” he told workers of the union at the meeting.”
He said as the business progresses, the Union’s various branches could increase their holdings from time to time.
“In the next five years, Golden Pride Savings and Loans Limited will move into universal banking. We are starting operations in Obuasi, in the Ashanti Region, but we will spread to Accra and in all the mining towns like Tarkwa and Dunkwa,” Mr Ankrah stated.
He assured the workers, who are also attending Union’s National Executive Council Meeting that the right calibre of people had been recruited to serve on the board and they would formulate the right policies for the growth of Golden Pride.
The GMWU currently has about 18,500 members, is a an independent trade union organization affiliated locally to the Ghana Trades Union Congress of Ghana and the International Federation of Chemical, Energy, Mines and General Workers’ Union (ICEM) based in Brussels, Belgium.
It was founded on June 7, 1944 at Abosso near Tarkwa and it was known at the time as the Gold Coast Mines Employees Union.
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