Problems Faceing Susu Collectors in the Bantama Sub-Metro
CHAPTER ONE
Introduction
Background to the study
Personal saving may be voluntary; it can also be contractual through insurance
policies by insurance companies and also contributory if through the traditional
social security system or “susu“. “Susu” is a traditional form of saving where an
individual saves a fixed amount per day with a “susu” collector for a specified period, say
one month. At the end of the month, the Individual collects his or her total savings less
one day’s installment, which the “susu” collector deducts as commission. The higher the
number of clients of a “susu” collector, the higher the level of that collectors commission
at the end of each calendar month.
“Susu” is the popular name given to the rotating savings club in Ghana. It
is said to be of Yoruba origin, which is an adulteration of “esusu”. The term is
believed to have been introduced into Ghana by migrant Ibo traders before independence
in 1957, when formal banking had not caught up well with people especially the
indigenous illiterates folks who were mainly traders. With the Alien’s Compliance Order
in 1969 coming into force, these aliens left this legacy. Then came quite a number of
Ghanaians entering into the business as a result. A few unscrupulous persons also crept in
and some actually bolted away with their clients saving. (Aryeetey and Gockel, 1991)
In response to the increased cases of fraudulent practices of some “susu”
collectors in the late 1980’s, Ghana Co-operative “Susu” Collectors Association was
formed in 1990 in an attempt to regulate and supervise the activities of the “susu”
collectors. This association serves as the mouthpiece for all “susu” co-operatives in
Ghana. It is the agent that collects taxes on behalf of the commissioner of internal
revenue services and external credit facilities for its regional or district societies.
(Aryeetey, 2000) and Ardner (1964) echo an
Introduction
Background to the study
Personal saving may be voluntary; it can also be contractual through insurance
policies by insurance companies and also contributory if through the traditional
social security system or “susu“. “Susu” is a traditional form of saving where an
individual saves a fixed amount per day with a “susu” collector for a specified period, say
one month. At the end of the month, the Individual collects his or her total savings less
one day’s installment, which the “susu” collector deducts as commission. The higher the
number of clients of a “susu” collector, the higher the level of that collectors commission
at the end of each calendar month.
“Susu” is the popular name given to the rotating savings club in Ghana. It
is said to be of Yoruba origin, which is an adulteration of “esusu”. The term is
believed to have been introduced into Ghana by migrant Ibo traders before independence
in 1957, when formal banking had not caught up well with people especially the
indigenous illiterates folks who were mainly traders. With the Alien’s Compliance Order
in 1969 coming into force, these aliens left this legacy. Then came quite a number of
Ghanaians entering into the business as a result. A few unscrupulous persons also crept in
and some actually bolted away with their clients saving. (Aryeetey and Gockel, 1991)
In response to the increased cases of fraudulent practices of some “susu”
collectors in the late 1980’s, Ghana Co-operative “Susu” Collectors Association was
formed in 1990 in an attempt to regulate and supervise the activities of the “susu”
collectors. This association serves as the mouthpiece for all “susu” co-operatives in
Ghana. It is the agent that collects taxes on behalf of the commissioner of internal
revenue services and external credit facilities for its regional or district societies.
(Aryeetey, 2000) and Ardner (1964) echo an