A study in the Eastern Region recently revealed that lack of access to finance often hinders productivity in women-run farms.
To correct this, Solidarided, a Non Profit Organization, has formed some Village Savings and Loans Associations (VSLAs) in the Region, where community members contribute on a weekly and, or monthly basis to raise funds to support each other.
Speaking to Kwasi Azor, the West African Community Development Person at Soildarided Ama Gyan Okyerebea said the activities of the group run in cycles of one year, after which the accumulated savings and its profits are distributed back to members. The purpose of the VSLA according to Ms. Okyerebea is to provide simple savings and loan facilities in a community that does not have easy access to formal financial services.
This came to light when the VSLAs members of Akyem Anweam were paid their due last week.
The members expressed their happiness about the project and described it is more transparent. They stated that the methodology used is very organized and thanked the organization for the initiative.