News is said to spread like wildfire; this is the story of Alex Donkor and what led to his participation in the Power to the Fishers (PTF)-facilitated village savings and loans association (VSLA).Alex, a 49-year-old farmer and family man in Ekumfi Akra, was introduced to the initiative by a friend. Having heard of PTF’s ‘Adom’ VSLA and its benefits, Alex agreed to register his membership.
‘’A friend encouraged me to join the association, which I did, and I have no regrets doing so.’’
Prior to being a member of the savings group, Alex’s access to finance was solely from proceeds from his farmland. Joining the VSLA, Alex became committed to partaking in weekly share purchase. To access a loan from the VSLA initiative, one had to be a member and can access, at most, twice what he/she had saved with the group. With his constant participation in share purchase meetings, Alex had been able to save enough. This made him eligible for a loan request.
“I joined the group to keep myself and my family afloat in difficult times. I also needed money to purchase a few things I needed for my farm; therefore, I took a loan of GHS 500.00 to invest in my farm.”
To ensure the seamless rollout of the scheme, the project team periodically carries out monitoring visits. According to Alex, this intervention is one of the most beneficial services rendered to the community. He was of high praise for the project and the VSLA concept.
“I am greatly appreciative because the loan I took enabled me to cultivate more crops which yielded a larger harvest. As an elderly man, the visits from the team gave me the chance to brush up on my knowledge of the scheme and better comprehend some of its guiding principles. This has allowed me to avoid misunderstandings and unwarranted accusations that could cause conflict within the group. Since I now have a secure place to turn to for financial support, I will continue to be a part of this group”
