Three VSLAs formed in Dago, Mumford, and Akra gathered to share, with much excitement, their weekly contributions that lasted for 9 months. ‘Nkwagye Firi Ewuradze’, ‘Abotrɛ’ and ‘United we Stand’ VSLAs from Dago, Mumford, and Akra respectively raised a total amount of Ghc21,920.00.
The project team took the 3 groups through the share-out procedures. Individual contributions were counted and calculated to determine the amount due to each member. Members of the respective groups could not hold their joy when they realized the amount of money they had contributed – Gh¢7,980.00 was raised by Nkwagye Firi Ewuradze, Gh¢ 7,320.00 by Abotrɛ, and Gh¢6,620.00 by United we Stand.
With the first cycles of saving coming to an end, the groups agreed on some new measures to enhance group participation, loan disbursements, and loan repayments in the upcoming cycle. Abotrɛ VSLA also agreed to use their social fund, which is meant for the welfare of members, to purchase chairs. These chairs will be used by the Abotrɛ VSLA, and will also be rented out during community occasions to generate revenue. Nkwagye Firi Ewuradze and United we Stand VSLAs chose to keep their social funds for the next cycle.
At the end of the first cycle, Dorcas Aquandoh, a member of Abotrɛ VSLA had this testimony to share:
“I have been a trader for some years now and getting access to loans was a challenge. Joining the “susu” group has been of great help to me. I took a loan from the group which gave my business a great boost. Getting the loan was not stressful, and also, the interest charged on the loan was moderate and stress-free”