from All Africa
Ghanaian Chronicle (Accra)
By Stephen Odoi-Larbi
A One hundred and eight women group in Akasti Agbor, a suburb of Agbogba in the Greater Accra Region has geared itselves towards reducing poverty in their community.
With this, the group has established a credit union called "City of God Credit Union" to assist community members with credit facilities.
This will enable them to trade and do business with the monies obtained from the union to lift themselves from poverty.
In an interview with the paper in Accra over the weekend, Mrs. Elizabeth Fayeh, Chairperson of City of God Cooperative Credit Union, revealed that the decision to embark on such a Micro financial institution stemmed from the fact that, women in the community were discovered wanting in terms of development.
This she said was the fact that women in the community were "too weak in lifting themselves from poverty", hence the decision to establish cooperative credit union to uplift development in the area.
"Development is concerned with assisting people to discover and to awaken in them the desire to uplift them to grow in order to realize their full potential", she stressed.
She said ever since the inception of the credit union, "gradually women in the community are on the verge of lifting themselves from poverty".
She stated that an initial capital of about ¢162million was disbursed to the group with which an individual was given an amount of ¢1.5million to trade with.
Mrs. Fayeh continued, "At the moment the group has started repaying the loan. We've paid about ¢127million which is a clear indication that the group is committed in doing business with the monies received from the union".
In his view, Mr. Frank Aduah, retired chairman of Credit Union Association of Ghana stated that the efficient and effective mobilization of rural and urban savings in the country would positively support the government to create wealth among the poor and less fortunate communities where people are vulnerable to economic hardships.
He then advised all stakeholders in the credit union business to manage their resources well in order to ensure effective investment for their intended purpose.
Mr. Aduah implored the stakeholders to "save regularly, borrow wisely, repay promptly and attend meetings regularly". He also advised stakeholders to refrain from impulse buying as it affects the individual's investment plans.
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