Dear blog,
Update! I have been very pleased with this new board of directors. They are enthusiastic and committed to turning things around. Can you imagine having 100% new directors? They are all brand new and have been in place for only three months. They have accomplished a lot. With the assistane of CUA - the apex organization for Ghanaian credit unions - they have written and approved a comprehesive business plan. This document is very good. It is better than the business plans I have seen at many Canadian credit unions. It identifies their critical issues, assigns accountabilities, metrics, action plans and time frames. They took CUAs advice and downsized the board from 11 to 7. They have focused on solving their delinquency issues and have clear and measurable steps outlined. They have put themselves and the staff through CUA sponsored training as it relates to correcting their key financial ratios and they are contributing to their reserves by being disciplined in their cash management practices.
Gene and I focused on assisting with some governance suggestions, helping focus their business plan and we had many suggestions regarding their delinquency. The suggestion the board liked the most was to post the names of the debtors, and their guarantors, on the front door of the credit union. Can you imagine doing this at home? The credit union is in good hands and the board saw our working visit as a boost to their morale and independent confirmation that they were on the right track.
Yesterday we drove south - eight hours to the coast in order to meet up with the other eight Canadians who have been working all over Ghana. This weekend we will finally have a chance to relax and catch up with each other and their credit union work.
On Monday we drive the 200 km to the capital - we were told that it might take as long as six hours....I think I will bring a book. On Tuesday we meet with CUA to debrief. Tuesday evening we leave Accra on the red eye departing at 11:00 PM . Our route is Ghana - Nigeria - Frankfurt - Vancouver. I should be home on Wednesday in time for dinner with Ramona and the children where I will entertain them with funny stories about the wonderful and generous Ghanian people that I met and became friends with.
I will write my next blog on Tuesday after we have had our debrief session at the capital. Have a good weekend every one.