By Alex Baah Boadi
Sefwi-Wiawso, W/N/R, July 04, GNA – Solidaridad West Africa, in partnership with Tropenbos Ghana, has disbursed GH¢2 million, as a revolving grant to 18 Village Savings and Loans Associations, (VSLAs,) in cocoa growing areas.
The support is under the World Bank-Funded Enhancing Access to Benefits While Lowering Emissions, EnABLE, Project.
The disbursement represents the pilot phase of a $1 million revolving fund facility for 103 VSLAs, vulnerable groups and other women-led communities across the six Hotspot Intervention Areas, (HIAs), where the EnABLE Project is being implemented.
Mr. Alfred Fosu, the Programme Manager at Solidaridad West Africa, said the initiative placed particular emphasis on supporting women, migrants and persons with disability, who often faced greater barriers to accessing carbon and non-carbon benefits, as well as affordable financial services and economic opportunities.
He told the Ghana News Agency (GNA) that limited access to affordable credit remained one of the biggest challenges facing people in Ghana’s rural cocoa-growing communities.
Mr. Fosu said through EnABLE, Solidaridad West Africa and Tropenbos Ghana had established and strengthened community-based savings groups that allowed members to save together and provide small loans to one another from a shared fund for sustainable livelihood enterprises.
“The funds are community-owned assets and must be managed responsibly. If they are managed responsibly, they will continue creating opportunities for many people over time,” he said.
He tasked beneficiaries to embrace transparency, accountability and collective responsibility, which he said were critical to the success of the initiative.
Mr. Evans Mensah Sampene, Programme Manager at Tropenbos Ghana, said the revolving fund demonstrated the project’s commitment to ensuring that vulnerable groups benefited from opportunities created through Ghana’s forest conservation and sustainable cocoa initiatives.
He said the VSLAs underwent capacity building and were trained in financial management, record keeping, conflict resolution, leadership and accountability before receiving the funds.
Madam Theresah Aidoo, Secretary of the Save for Tomorrow Group at Nkwadum, speaking on behalf of the beneficiaries, lauded the initiative and commended the World Bank, Tropenbos Ghana and Solidaridad Ghana for the support.
She said as a cocoa farmer, the loan would enable her to buy fertilizer, hire labour and take better care of her farm.
“The money stays in our group, giving other members the chance to borrow, grow their businesses and improve upon their lives,” she said, and pledged that they would manage the fund well to benefit their communities.
GNA
Edited by Justina Hilda Paaga/Benjamin Mensah
Reporter: Alex Baah Boadi
Reporter’s email address:[email protected]