Co-operative Credit Union Regulations, 2015 (L.I. 2225)
Regulation 16: Financial Standards
(1) The Agency shall, with the approval of the Bank and in consultation with a Co-operative Credit Unions Association appointed under regulation 8(1)(d), issue Financial Standards to govern the activities of the Co-operative Credit Union.
(2) The Financial Standards issued under subregulation (1) includes
(a) the minimum capital adequacy ratio required to be maintained by a Co-operative Credit Union; and
(b) the secondary reserve ratio required to be maintained by a Co-operative Credit Union.
(3) The Agency shall publish the Financial Standards in the Gazette and in at least two newspapers of national circulation.
(4) The Financial Standards are binding after they have been published in accordance with subregulation (3).
(5) A Co-operative Credit Union shall, in the conduct of its business, comply with the Financial Standards.
(6) A Co-operative Credit Union that contravenes the Financial Standards issued under subregulation (1) commits an offence and is liable on summary conviction to a fine of not less than one hundred penalty units and not more than five hundred penalty units.
Subject : Co-operative credit unions
Procedure to Follow
Not Avaiable
Responsible Institution
28th February Road, Finance Drv, Accra
- Email: info@mofep.gov.gh
- Website: www.mofep.gov.gh
- GPS: GA-144-2024
- Telephone: +233 302 747 197
Relevant Forms to Download
Not Available
Online System
Link Unavailable
Fees/ charges
Not Avaiable
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