He described the 25 per cent tax on surplus for traditional banks slapped on Credit Unions as unfair to the Credit Union since they were limited in their service and products to members compared to the traditional banks.
He added that the high taxes on Credit Unions hampered the financial inclusion of the poor and vulnerable in society – persons with disabilities, the aged, and the poor people – who were mostly members of Credit Unions.

Mr Dakurah said this in an interview with the Ghana News Agency (GNA) in Wa on the sidelines of the WACCU’s 2025 Annual General Meeting (AGM) and the launch of its 60th anniversary celebration.

The WACCU Supervising Manager explained, for instance, that his Credit Union paid about GH?1.1 million in tax on about GH?3.7 million surplus it made in 2024, which he said, were savings of the “vulnerable members of the Union”.

“Yes, we should contribute something to the development of the country, but why should we pay the same rate as the banks when our hands are tied when it comes to certain products and services that the banks render, which the law prevents us from rendering.

“Some of the credit unions have become big now, and we have the muscles to go into those spaces, but the law does not allow us,” Mr Dakurah explained.
He indicated that Credit Unions were considered not-for-profit entities and, therefore, exempted from tax but regretted that the Ghana Revenue Authority (GRA) “descended on the Credit Unions” with the 25 per cent tax a few years ago.

He, therefore, appealed to the government to consider reducing the taxes on Credit Unions from 25 per cent to at most ten per cent (10%) to enable them to thrive and meet their members’ financial needs.

Credit Unions were by law barred from providing certain products and services the traditional banks provided such as forex though some Credit Unions had the capacity to provide such products and services.

They were also not part of the clearinghouse, which had made it more cumbersome to do certain transactions, such as directly issuing cheques to their members but through a bank.

Mr Dakurah also recommended to the government to allow Credit Unions to provide all the banking services that they had been restricted from providing to enable them to become competitive in the banking sector if they must pay the 25 per cent tax.