-at commissioning of Guyana Cooperative Credit Union League building
THE Guyana Cooperative Credit Union League Ltd. (GCCUL) yesterday officially declared open its newly renovated building at 127 D’Urban Street, Georgetown.

With a renovated upper flat, the building now boasts a spanking new lower facility, constructed of concrete; floor surface tiled throughout; and a ceiling of PVC vinyl. The facility, appropriately complemented with brand new conference facilities and amenities, is intended to provide a venue for educational activities such as conferences and workshops, as well as meetings of the League and affiliated unions.
The ceremonial cutting of the ribbon was done by Ms.  Lorraine Baird, Permanent Secretary of the Ministry of Labour, on behalf of Minister Nanda Gopaul who was unavoidably absent. Chairing the proceedings was Mr. Derek Cummings, Public Relations Officer of the Guyana Co-operative Credit Union League.
At the opening ceremony also, three students who are children of members of the Cooperative movements, were honoured for outstanding academic performance at examinations they wrote. Those honoured were: Sanyo Hamlet, a student of Queen’s College who wrote the CSEC examinations (her mother is a member of the Electra Credit Union);  Fitzgerald Mars of St. John’s College (son of a member of the Georgetown City Credit Union); and Brian Peters (son of a member of the Police Credit Union).
Immediately following the opening ceremony the League held its 40th Annual General Meeting (AGM), the first ever event to he hosted in the newly constructed Educational and Training Centre on the ground floor.
Ms. Baird, who also delivered the feature address, on behalf of the Ministry of Labour, congratulated the GCCUL on the opening of its renovated building, and for the work it has been doing to promote Co-operatives in Guyana. She noted that the ‘thrust forward’ was timely and significant for the Co-operative Movement in Guyana. “I say significant, because of the international underpinnings, as well as the focus on attempts to integrate this sector as a dominant economic segment home,” she declared.
Ms. Baird disclosed that in Guyana today, there are more than 1800 co-operative societies, 976 of which are functioning, ‘and functioning very well’; 276 Schools Thrift Co-operative Societies, and 1200 Friendly Societies governed under the Friendly Societies Act.
Baird noted that the League has played a significant role in promoting the interest of co-operatives and relations among co-operatives through training, institutional development and other support services.
The Permanent Secretary said the Ministry of Labour recognizes the significant role that co-operatives   can play in promoting both economic and social development. On a note of encouragement she added, “Co-operatives as economic enterprises and self-help organisations, have demonstrated that they have a meaningful function in uplifting their members and their local communities.”

Kudos for Co-operative Credit Unions
Meanwhile, the Permanent Secretary credited the local co-operative  movement with being responsible for an aggregate turn-over of about $15 Billion dollars in assets, adding that, if properly used it can be of tremendous benefit to the members.
Other pluses she had for Cooperatives in Guyana, included:
* Their rates are set, especially in comparison to those of other lending institutions.
*  She is optimistic that, the movement can play a significant role in nation building and the upliftment of people’s standard or living.

Lowest interest rates ever
Baird observed that the interest rate levied by the Co-operative Credit Unions in Guyana has been set at a very comparative level, so that when members borrow from their own funds, they benefit from a very low interest rate, most times – lower than commercial banks. “That’s why we should strive to benefit from what we put into the co-op movements,” Ms. Baird advised.
The Permanent Secretary was of the view that the movement can play a significant role in nation building and the upliftment of people’s standard of living. To this end, she said the Ministry of Labour looks forward to working with the Credit Union League to realize this goal.
Among the distinguished others at the opening ceremony were: Governor of the Bank of Guyana Mr. Lawrence Meredith; Chief Cooperatives & Community Development Officer, Mr. Karim Abdul Jabar; President of the Guyana Credit Union League, Ms.  Denise Benjamin; Ms. Dana Nestor, Manager of the Credit Union League; and Administrative Officer of the Kuru Kuru Co-operative College, Ms. Myrtle Richards and Ms. Eileen Rowe, past Chief Cooperatives Development Officer.