Wa, June 06, GNA – The Youth Advocacy on Rights and Opportunities (YARO), through the introduction of the Village Savings and Loans Associations (VSLA), has impacted the lives of thousands of women in the Upper West Region over the past one decade.
The youth-led Non-governmental Organisation (NGO) currently manages over 800 VSLA groups in three districts in the region – Wa Municipal, Wa East and Wa West Districts- with at least 40 members in a group.
Counting the benefits of the VSLA, Madam Lariba Yendau, the leader of the Tunsung VSLA in Wa, told the Ghana News Agency (GNA) in an interview in Wa that the VSLA served as a source of quick and affordable loan for members to engage in their farming and other business activities.
Speaking to the GNA after sharing their savings, she said they were also able to cater for the education and health needs of their children and families without having to resort to the help of other people in the community.
The year-long savings of some of the VSLA groups were over GH¢150,000.000, including the interest accrued on the loans they offered to members.
“Currently the least saving a member can make in a week is GH₵50.00. Before we started some members’ children could not go to school, but because of the savings, they can fund their education, even to the tertiary level.
“I am also a businesswoman. This saving is helping me to improve my business. If I am to count its benefits I can’t finish today”, Madam Yendau added.
At the Charia community in the Wa Municipality, members of the Tawonobaeye VSLA group told the GNA that the VSLA had brought great relief to them, especially the women as they were able to get money to meet their daily needs.
“We have been doing this SUSU for 12 years now. At first, whenever you need money to borrow, you must share your problems with someone but in the end, he or she will not give you the money, but with the SUSU we can get money without a challenge”, Madam Haberta Bonfarma, a member of the Tawonobaeye VSLA observed.
“I came to the VSLA group to borrow GH¢1,600.00 to send my son to veterinary college and later paid back”, Madam Mohammed Kadija, another member, said.
Meanwhile, Mr Ibrahim Salifu, the Upper West Regional Programmes Coordinator of YARO, indicated that the VSLA initiative had led to a significant reduction in poverty, especially among women, in the region.
He, however, said, despite the tremendous benefit to the VSLA, non-adherence to the regulations governing the operations of VSLAs and non-payment of loans had been a major challenge to some groups.
“Some members will take the loan, which they have not paid and go back for another loan. When it happens like that and you are not vigilant, the person will not pay the first loan”, he explained.
He called for support for the NGO to monitor the groups to ensure they derived the maximum benefit from the groups.
GNA