There shall be two (2) categories of Membership: Full Member and Associate Member

Full Member

A Full Member of GHASALC must be legally registered as a limited liability Savings and Loans Company with the Registrar General’s Department operating in Ghana and must meet the following criteria:

  1. Have acquired a final license from Bank of Ghana to operate as a Savings and Loans Company.
  2. Be committed to the promotion of the objects of the Association as well as good industry practices
  3. Show commitment to promoting performance-based Membership criteria.

Associate Member

An Associate Member of GHASALC must be legally registered as a limited liability Savings and Loans Company with the Registrar General’s Department operating in Ghana and must meet the following criteria:

  1. Have acquired a provisional license from Bank of Ghana to operate as a Savings and Loans Company.
  2. Be committed to the promotion of the objects of the Association as well as good industry practices f. Show commitment to promoting performance-based Membership criteria.

Suspension and/or Termination of Membership

  1. A Company shall cease to be a member if:
    • A receiving order is made against the company by a Court of Competent Jurisdiction or Bank of Ghana or the company makes any arrangement or composition with its creditors. ii. The Member is proven to be fraudulent by a court of Competent Jurisdiction or by Bank of Ghana. iii. The Member ceases to exist. iv. The Member persistently breaches the duties, responsibilities and practices outlined in this constitution v. The Member engages in acts detrimental to the good name and interest of the Association. vi. The Member fails to attend meetings continuously for 12 months. vii. The Member is in arrears of their subscription for 12 months.
  2. The Board shall be responsible for the suspension of any member or representative who is in breach of the constitution
  3. Notice of such suspension by the Board shall be sent to the Member within 14 days of the decision.
  4. Suspended member (s) shall automatically lose the rights and privileges linked with their membership.
  5. The period of a member’s suspension shall begin to run as soon as such a disciplinary measure has been imposed.
  6. No member shall be suspended or dismissed until that member has been given an opportunity of being heard before a Disciplinary Sub-committee or any other body appointed by the Board under this Constitution.
  7. Any member so suspended or dismissed may within thirty (30) days appeal against the decision to the Board of the Association, which shall deliberate on the issue and upon their advice submit the case to the Annual General Meeting of the Association whose decision by majority vote shall be final.
  8. The membership termination or suspension shall be effective until the appeal is upheld and the member shall be reinstated upon payment of all fees and subscriptions due.
  9. A member may resign upon the expiration of one (1) month notice in writing to the National Secretariat. Any subscriptions, charges or fees which shall have fallen due before such time shall remain owing and payable and may be demanded as debt.
  10. A Member who is not satisfied with the conduct of affairs of the Association shall through its Board provide documented reasons of their claims for consideration by the Assembly and the Association’s Board.
  11. A Member shall have the option to opt out of the Association should it be proven that the conduct of the Association detriments them and their stakeholders. Stakeholders shall include employees, clients and other effect of the misconduct on their operations, reputation, and their identity as a Savings and Loans Company in Ghana.
  12. All decisions of a Member to withdraw from the Association’s Membership shall be a resolution passed by the Board of the affected Member Institution.