Members need the credit union but there are reservations about its immediate future

The Guyana Public Service Cooperative Credit Union registered number 849 is dear to my heart. In 1979, when I married, I was able to secure my first loan from the credit union, sufficient to purchase essentials for the home. Then just after leaving university I purchased my first car, an Opel 1100 cc, with a credit union loan. I worked as Secretary Manager at the credit union between 1985 and 1989, then served on the committee of management from 2011 until 2018 when an interim management committee was introduced by the Labour Minister. The reason for the IMC was not that most Committee members did not perform, there was a difficulty between the Ministry and the Committee of Management with respect to the retention and use of the audit and supervision fund, a concession which was approved by former Minister Mr. Nanda Gopaul. I felt that at least three months, at the most, would have been enough to resolve that matter it took two years.

When you analyze the impact of the

IMC you clearly see that during this period their performance could not have led to the transformational changes warranted by members. The minimum loan a member could have in 2018 - and still have was one million dollars. And this sum would have increased over the years from G$200,000, $350,000, $500,000. Incidentally, if you look at the periods the credit union increased these maximum ceilings, they coincided consistently when there were increases in wages and salaries in the public service. Wage increases helped members to save more with the credit union, and thus they qualify for that loan which would have been used to purchase a piece of land, start a house foundation or make a down payment for a motor car. Note that in the last two years there were no salary increases for the public service. The big elephant in the room then is the parent body – the Public Service Union, the organization which organized the credit union over fifty three years ago. The credit union was controlled by the union hierarchy, who were highly represented on the management committee.

Credit Unions, as any cooperative that is run on a democratic basis, cannot be cast aside simply because their affairs is beyond anyone else’s control. Dominance by one group in a credit union can be resolved by implementing changes to Chapter 88:01 and the rules of the society. In fact in 2018, the Management Committee of GPSCCU Ltd had a modernization programme in place and issues like term limits, improvement to the physical space as well as carrying services to the far flung regions were considered. I dare say that having seen the writing on the wall, with the expected competition in the financial market in an oil rich country, the GPSU must lead with conscience. I want to move a motion for term limits at this AGM. I merely want to say at this juncture that the ministry, public service union and interim management committee levels learn from the experience of the last two years so that the society can move forward now. I want to close by saying this, I wish the AGM great success, and that members need the credit union. However, I have great reservations about the virtual voting and absence of a meeting for discussions as happened in the past.