In Ghana, there are over twelve million workers, but only about two million are protected by pension plans, according to Minister of Pensions, Employment, and Labor Relations, Ignatius Baffuor-Awuah, .

Mr. Awuah made this statement during the 55th anniversary celebration of the Ghana Co-operative Credit Unions Association Limited in Koforidua, in the Eastern region.

He urged the credit unions to collaborate with the National Pensions Regulatory Authority to establish a trust scheme, facilitating savings for informal sector workers' future financial security.

"We have roughly twelve million people working in Ghana but those who are on pensions are less than two million, which means that many of our people reach their pensions without being on any social security system", Mr Baffuor-Awuah indicated.

"We have together with the National Pensions Regulatory Authority begun programmes to enrol especially all persons within the informal sector of the economy. But I see a window in the credit unions because there are quite a number of informal operators who also are members of credit unions", he said.

During the event, the association requested that the government grant its members tax exemptions. Dr. Bernard Bingab, the Board Chairman, emphasized that such an exemption would safeguard the investments of credit unions.

Dr Bingab said: "One of my biggest appeals to our government is tax exemptions for co-operatives".

"Almost all African countries exempt co-operatives from tax. In recent years the Ghana Revenue Authority has clamped down on credit unions asking some to pay as high as one million cedis. Mr. Minister this is totally unwanted", he noted.

"This is a group that is there to help the country. Monies that we take as credit unions get back to the pool, so, we have difficulty as to why other African countries have exempted co-operatives and yet the credit unions are being asked to pay tax", he wondered.

Dr Bingab also noted: "As we navigate the future of credit unions, it is important to acknowledge that just as with any evolving industry, there are both threats and opportunities".

"The threat of cyber-crimes is significant to us. We have recently engaged the Cyber Security Authority to see how they can help us. As credit unions, we see the way to go is technology but there's a threat of cyber-crime", he added.