Vof the Ghana Co-operative Susu Collectors Association (GCSCA) have raised concerns about the increasing number of unregistered Susu operators in the country.
The concerns, which bordered on the insanity in the industry and the threat it has on the entire country’s security, dominated discussions at the association’s Annual General Meeting (AGM) at Cape-Coast.
One after the other, the members took turns to voice their concerns as to the future of one of the country’s foremost business, which is as old as banking.
A member, Mr K. Gabriel Hooper, told the Daily Graphic after the meeting that currently a large number of susu collectors were operating without licences.
He said a study conducted on the industry showed that only 472 operators out of a total of 1,500 had formal licences from the Bank of Ghana.
“The small number, which represents a meager 31 per cent, implies that a large chunk of operators are not credible and as such the security of clients’ savings cannot be fully guaranteed,” he said.
He attributed the abnormality in the industry to the absence of formal regulation and supervisory control from the authorities.
Another member, Mr Sanni Bashiru, did not mince words in expressing his displeasure at the situation and appealed to the central bank to review the regulatory mandate of the GCSCA in order to ensure that all susu operators fell under the regulatory and supervisory control of the umbrella association.
“The Bank of Ghana (BoG), must provide the association with more regulatory and supervisory powers to sanction and cause the arrest of illegal operators who do not conform to the regulatory regime,” he said.
Mr Joseph Akakpo, another member, wanted the metropolitan, municipal and district assemblies (MMDAs) to seek clearance from the BoG before registering susu collectors to operate within their jurisdiction.
That, he said, would ensure that collectors complied with all the regulatory requirements of the central bank to check the negativity associated with the industry which includes the embezzlement of clients’ savings.
Financial performance
The association posted a total asset of GH¢ 218,742.45 in 2015 compared to GH¢ 218,038.06 in 2014.
The income of the association reached GH¢ 540,909.74, up from GH¢ 279,283.28 in 2014, showing a positive variance of about 51 per cent.
However, operating expenses increased by 40 per cent from GH¢ 524,442.66 in 2014 to GH¢ 310,193.90 in 2015.