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Credit Union movement represents 36% of GDP

President of the Grenada Cooperative League Ltd., (GCLL) Randy Boyke-Cadet urges members to get more actively involved

As the local credit union movement joined the international community in commemorating the 74th observance of International Credit Union Day last week Thursday, President of the Grenada Cooperative League Ltd., (GCLL) Randy Boyke-Cadet has said that all efforts must be made to ensure that the Grenadian dream of social and economic transformation is realised.

With combined assets of $1.3 bn, as of August 31, the GCLL President said there is no doubt that the 83, 000-member strong movement, which represents 36% of the country’s Gross Domestic Product (GDP), provides the critical support to facilitate a better quality of life for people of humble means.

Boyke-Cadet was at the time addressing members of the ten (10) registered, and functioning credit unions operating in Grenada – Ariza Credit Union, Brighgrove Credit Union, Communal Cooperative Credit Union, Gateway Credit Union, Grenville Credit Union, Grenada Union of Teachers Credit Union, Hermitage Credit Union, Huggins Employers Credit Union, Grenada Technical and Allied Union Credit Union, and the River Sallee Credit Union.

The credit union members converged at the Kirani James Athletics and Football Stadium at Queen’s Park, St George to mark the occasion under the theme: “Empower your financial future with a credit union.”

In his address, the GCLL President noted that the Credit Union Movement on the island.

Represents the “togetherness of ordinary Grenadian sons and daughters, 36% of Grenada’s GDP, the fruits of seeds that were sown over 74 years ago, and, as such, we should feel very proud of the strides made by our credit union movement.”

“I want to say to each one of you that there is no doubt that Grenada Credit Unions provide that critical support to allow for people of humble means, yes, people like you, people like me, to live a better quality life,” he said.

“Indeed, when I look across the car park I am encouraged that the credit union sector is indeed blessed to have each one of you, your efforts, our efforts, and all efforts, therefore, must be made to ensure that the Grenadian dream of social and economic transformation is realised,” he added.

“Together we can, and together we must,” Boyke-Cadet told members as he encouraged them to get more actively involved in their credit unions as the movement prepares to undertake bigger investments.

“I say to you my friends, be ye prepared. Get ready, and get more actively involved because, from tomorrow, Grenada Credit Unions intend to be in a position to play a bigger role in undertaking grassroots, and other projects. Therefore, we must organise ourselves to be productive and creative and to work hard to improve our lives as ordinary Grenadians,” he remarked.

According to the GCLL President, as of August 31, the movement boasted 83, 000 member accounts, which represents an increase from 82, 000 at the end of June, and $1.3 bn in combined assets, which stood at $1.2bn at the end of June.

“These results,” the GCLL President said, “is indicative of how entrenched credit unions are within the socio-economic landscape of Grenada.

“Let us commit, and in some cases recommit to the walk towards a sustained financial future as working-class people. I say to you, let us make our lives flourish,” Boyke-Cadet charged.

In a message ahead of the 74th observance of International Credit Union Day, Minister with responsibility for Co-operatives, , who commended the movement on its many achievements over the years said, “government looks forward to the forging of a strategic partnership to better the lives of all our citizens but particularly our young people through investments in the digital and creative economies, ICT agriculture and agribusiness.”

According to Sen. Thomas, the Credit Union sector has been identified as an important pillar in the attainment of the new government’s transformational agenda, stating that the government’s policy is “to work with and build strategic alliances with the credit union sector, to strengthen existing cooperatives, encourage the formation of new cooperatives, and to work towards fulfilling our vision – a sustainable equitable and prosperous Grenada for all.”

Credit unions evolved out of the growing need to help the less privileged in society by providing financial assistance and resources that otherwise would not have been made available to members.

The concept of credit unions is based on the philosophy of “people helping people” and serves as not-for-profit organisations.

The GCLL, which was established in 1958 serves as the apex body for the co-operatives sector, which consists of Credit Unions and non-financial co-operatives.

Since 1948, International Credit Union Day has been celebrated on the third Thursday in October.

This year saw the return of the annual march-past event, after a two-year hiatus due to the pandemic.

The G.U.T Credit Union copped the win with 285 points, following a lively and colourful march display through the Town of St. George onto the car park at the Kirani James Athletics and Football Stadium, followed by Ariza Credit Union in second place with 272 points, and the River Sallee Cooperative Credit Union in third position on 269 points.

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