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.

Regulatory and economic issues topped the agenda, and other topics included lessons learned in legislative development, designing supervisory systems appropriate for financial cooperatives and building service capacity among the continent's SACCOs. Roundtable participants included representatives from Ghana, Kenya, Lesotho, Malawi, South Africa, Tanzania and Uganda, all of which have SACCO-specific legislation in development.