By Dennis Peprah
Jema (Bono East), July 21, GNA – Rural women in the Kintampo South District of the Bono East Region have expressed appreciation to the MIHOSO International Foundation, a non-governmental organisation (NGO), for introducing the Village Savings and Loan Associations (VSLAs) in their communities.
MIHOSO is a human rights and social development organisation committed to improving the lives of women, youth and children through public health education.
The women testified that the VSLAs, which have now developed into the MIHOSO Cooperative Credit Union, had not only improved their economic livelihoods but also strengthened their marriages, as they could now contribute significantly towards meeting the daily needs of their families.
In interviews with the Ghana News Agency (GNA) at Jema, the district capital, the women, who previously had limited access to formal financial services, said they were happy that the Credit Union had provided them with opportunities to save and access financial support.
Madam Winifred Bekwee said through her savings she was now able to pay her children’s school fees, adding that the initiative had improved her relationship with her husband.
“I can now see that my husband is also happy with me,” she said.
Madam Rita Nyane, a petty trader, said she accessed financial support from the Credit Union to expand her business, which had enabled her to pay utility bills while her husband took care of other family responsibilities.
She said she and her family were grateful to the MIHOSO Foundation for educating them and promoting a culture of savings among them.
Madam Cynthia Adungule, a seamstress and mother of five children, said her marriage nearly collapsed due to financial difficulties.
She said a loan she obtained from the Credit Union had enabled her to expand her business and move from operating under difficult conditions to working from a “container” shop.
In another interview, Mr Thomas Benarkuu, Chief Executive Officer of MIHOSO, told the GNA that the establishment of the VSLAs had become an important pathway to economic empowerment and community resilience.
He, however, said the COVID-19 pandemic exposed significant weaknesses within the VSLA networks, with many groups struggling with weak leadership, poor financial record-keeping, loan defaults, theft, inadequate supervision and exploitation by external financial institutions.
As the challenges intensified, nearly 200 savings groups collapsed, threatening years of community investment and leaving many women without reliable financial support.
Mr Benarkuu explained that through the “Shift the Power Project”, supported by the STAR-Ghana Foundation and the West Africa Civil Society Institute (WACSI), MIHOSO redesigned its approach and developed a long-term, locally owned financial sustainability model, which led to the establishment of the Credit Union.
Established in July 2025, he said the MIHOSO Cooperative Credit Union had successfully revived 81 previously collapsed VSLAs and strengthened 71 existing savings groups.
It had also facilitated the formation of 13 new groups, restoring confidence in community-based financial systems.
Mr Benarkuu said the Credit Union had directly reached 3,825 beneficiaries, comprising 2,868 women (75 per cent), 957 men, 2,486 youth, 1,339 adults and 35 persons with disabilities.
Their ages range between 18 and 75 years, he added.
He said access to finance had improved significantly, with the Credit Union disbursing approximately GH¢450,000 in loans to members.
The affiliated savings groups, he said, collectively provided more than GH¢2 million in internal loans, adding that membership had grown rapidly from 800 to 1,942 active customers, while shareholder membership increased from 72 to 139.
Mr Benarkuu said the growth reflected increasing trust and confidence in the Credit Union and demonstrated the impact of community-owned financial systems
GNA
Edited by Audrey Dekalu
Reporter: Dennis Peprah
Email: [email protected]