The first cycle of the Power to the Fishers (PTF) formed VSLAs in Otuam and Senya Bereku communities has ended on a successful note. Group members could not hold back their joy as they witnessed the share out of their savings.
Per the procedures set for VSLAs, at the end of every cycle, members of the association are to gather and share out the capital raised. The capital embodies the monetary value of shares purchased by each member together with the interest accrued from loans. Present at the share-outs, the PTF project team walked members of the VSLAs — ‘Abotare’ and ‘Boafo’ both in Otuam, and ‘Nyame Nti’ in Senya Bereku — through the calculation procedure to arrive at the monetary value due for each share. In so doing, the money counters computed the number of shares bought by each member multiplied by the calculated share value.
Cumulatively, the three VSLAs realized an amount of GHS 61,860. For the Nyame Nti group, twelve members, being the highest contributors, took home an amount of GHS 1,405 each. The highest contributors for the Boafo and Abotare groups each received GHS 2,600 and GHS 1,250 respectively.
It was indeed a moment of pride as members beamed with smiles after receiving their monies. An elated member, Gifty Bonney, of the Nyame Nti VSLA recounted that:
“This initiative has really benefited me. I was not in the habit of saving money until the VSLA was introduced. Now, it has helped me take up the habit of saving and at share-out, I have received GHS 1,394. To add to it, I also received a loan of GHS 500 on flexible terms. I will continue to be a member of this VSL group”.
Members of the 3 VSLAs have revisited the constitution of their respective groups ahead of the second cycle. Members also resolved to be consistent and pronounced in the share purchase for the next cycle.
