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Global Recession Will Make Life Even Harder for African CU Members, Regulators Say

PRETORIA, South Africa-- The global recession and its impact on African credit unions, or SACCOs, was a popular topic among regulators at the World Council of Credit Union's second annual African SACCO Regulators' Roundtable last week.

By Heather Anderson | Updated on December 02, 2008

PRETORIA, South Africa– The global recession and its impact on African credit unions, or SACCOs, was a popular topic among regulators at the World Council of Credit Union’s second annual African SACCO Regulators’ Roundtable last week.

The global recession could have a severe effect on food prices, which had already been rising, said Dave Grace, WOCCU’s vice president of association services. In addition, economic downturns in developed countries often result in declines in economic aid and reductions in charitable giving, all of which could present unforeseen challenges for Africa’s SACCOs.

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