Rootz FoundationBlog

This is where we highlight different thoughts on the things going on in the community and the ideals we support. One of the few we do is the Black Star Line Credit Union.

Black Star Line Credit Union Press Release

The Rastafari Council, Ghana has established the Black Star Line Credit Union (BSLCU) as part of its program towards the economic empowerment and self reliance of the Pan African Community in general and the Rastafari Community in particular.  The Rastafari Council, Ghana was established in February 2009 as an umbrella organization to advocate the interests of Rastafari in Ghana.

By promoting and facilitating savings, the BSLCU aims to foster wealth creation within the Pan African Community in Ghana and the Diaspora.  The name Black Star Line was inspired by the aspirations of our forbears, Hon Marcus Mosiah Garvey who established the Black Star Line Shipping Line in the 1920s under the auspices of the United Negro Improvement Association and Osagyefo Dr. Kwame Nkrumah, First President of the Republic of Ghana as well as the many unsung heroes who worked for the emancipation of the African.

The BSLCU is a not-for-profit financial cooperative -- or to be more specific, a financial institution that is owned and operated by its members for the benefit of its members.  Members benefit by having a safe and convenient place to save money and access loans and other financial services at reasonable rates.   Since the BSLCU exist to serve its members and not make a profit, every member counts, including those of modest means.  The BSLCU and its employees are therefore compelled to get involved in community and other worthwhile causes.

The BSLCU is democratically controlled.  Each member has equal ownership and one vote – regardless of how much money he or she has in savings.  Qualification for membership must satisfy a “common bond” which is anyone with a Pan-African perspective.  The BSLCU places particular importance on educational opportunities for its members and the public at large to help everyone become better educated consumers of financial services.

The BSLCU is currently managed by the Rastafari Council, Ghana.  This responsibility is on an interim basis until the maiden annual general meeting is convened when members elect a Board of Directors.  The Board of Directors serves on a voluntary basis and is elected by and from the membership.

Membership in the BSLCU is accomplished by submitting the following:

• a completed application form

• 2 passport size pictures

• $5.00 registration fee

• $35.00 minimum share purchase.  Note: share purchase can be completed in installments not exceeding 6 months.

• Minimum savings deposit of $5.00

The BSLCU has designated Strictly Roots Restaurant as an agent in the United States of America.  Strictly Roots is located at:
2058 Adam Clayton Powell Blvd
NY NY 10027
212-864-8699

The BSLCU is supervised and regulated by the Ghana Credit Union Association (GCUA).

The Rastafari Council, Ghana invites all Pan Africans to become members of the BSLCU.  Current membership of the BSLCU is 70.  At least 100 members are required to be fully accredited by the GCUA.  Accreditation is the next stage of developing the BSLCU.  Achieving this goal allows the BSLCU to take complete advantage of the resources of the GCUA such as free training.  Therefore increasing the membership  is urgent and critical. 

One membership incentive is the opportunity of securing a loan for the purchase of airfare to Ghana.  With this plan, the BSLCU will facilitate accommodation and ground travel arrangements using suppliers who are members of the credit union.  The objective here is to use tourism as a stimulus for economic activity among BSLCU members.  There are other initiatives under consideration such as an “Adopt an Orphan” program where members have an opportunity to invest in the educational development of orphans in Ghana.   For additional information contact:
deecee
973-980-8760
deecee1219@yahoo.com

Regards,
BSLCU