“Over the past year NACCUG have witnessed remarkable growth in development of the micro-finance sector, especially savings and credit cooperative organisation. 

Here in The Gambia, the total savings of the 66 credit unions has grown to 136.7 million out of which D120.8 million is outstanding as loans to members. Similar trends are accuring in other sub-sectors of the micro-finance industry such as the VISACAs and other non-bank financing institutions” these was brief to members during a four-day technical congress at the Kairaba Beach Hotel last Tuesday.

Speaking at the ceremony, Bakary LO Sonko, director general of the National Agricultural Development Agency outlined that the remarkable achievement registered in the sector are positive adding that they were also mindful of the need for a regulatory framework for the SACCOs so that members stake in their credit unions are protected.

For his part, Edward Demba, chairman of the NACCUG, reiterated the unflinching support of The Gambia government towards NACCUG to ensure the growth and development of the credit union.

On the concerns of the union, the NACCUG chairman said the existing Cooperative Act 1950 Cap 50, Section 33 is not only obsolete but lacks specific provisions for financial cooperatives.

According to him, the existing cooperative societies act that currently extends to credit unions were specifically tailored to the needs of groundnut marketing and other forms of agricultural cooperatives.  He attributed this phenomena to the lack of knowledge of the operating principles of the credit union movement on the part of the regulators couple with inadequacies of the act as hindering the development of the credit union movement in The Gambia.

The time has come for journalists to come together and support each other. Many other professionals, most notably teachers, have credit unions that members of the profession can approach and get loans from as well as save wit Journalists should follow this example. Of course the seed capitol for such a venture will not be easy to come by and it is for this reason that embassies, banks and other institutions should lend their financial support to this project in order to get it off the ground.

As we have said many times freedom of the press is vital to any democracy and so all democracy loving countries should invest in the journalists of The Gambia by supporting this initiative.

While journalism is a noble profession it tends in many countries to be a low paid one. This is especially true in The Gambia where heavy taxation leaves many publishers struggling to meet their costs let alone pay decent wages. In many cases this leaves working journalists struggling to cope with the rising cost of living. If a credit union were to be established then journalists, like so many other professions, could have access to cheap credit and improve their lives and the lives of their extended families.

The credit union would also serve as a focal point in the journalistic community in The Gambia and increase unity as a result. This is vital for our profession. There is strength in numbers and in every profession this kind of supportive unity is needed.

Much has been written about the spiraling costs of basic commodities in recent times but wages have not increased in tandem. The result is that journalists, like many other professionals, are beginning to feel the financial pinch. The establishment of a credit union would go some way towards alleviating this. For this reason The Gambia Press Union should take up the torch and spearhead the project. In this the union would fulfil its duty to look after the interests of journalists.

If the kind of financial support a credit union would bring were to be in place it would also make the profession more attractive to the next generation. There is no doubt that many young people who would have made excellent journalists have chosen not to follow that career route simply because the remuneration is not large enough.

For all these reasons a credit union must be established so that journalists can be supported. The time has come for freedom and democracy loving institutions to invest some capitol in those whose profession and duty it is to uphold the ideals of freedom of speech, truth, freedom of expression and democracy.

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