MP Supports 182 Madina Market Women With Soft Loans
The Member of Parliament (MP) for
Madina Constituency, Alhaji Abubakar Saddique Boniface in partnership with
First Ghana Savings and Loans Limited has supported one hundred and eight-two
market women in the La-Nkwatanang Municipality of the Greater Accra Region with
soft loans to boost their business activities in the municipality.
Giving a breakdown to the media at
the training and disbursement of funds at Madina -Social Welfare; a suburb in
Accra, Alhaji Sulemana Alhassan Atakpo, who is an aide to the sitting MP said
eighty market women were supported with an amount of one thousand Ghana Cedis
each.
Forty of the women were supported
with two thousand Ghana Cedis each and twenty women supported with three
thousand Ghana Cedis each he added.
Thirty and twelve he claimed were
given four thousand Ghana Cedis each and five thousand Ghana Cedis
respectively.
He enumerated that overall one hundred market
women were supported with a whooping amount of over forty thousand Ghana Cedis
and more.
‘It is estimated that the number
will jump to two hundred women in the municipality to boost their businesses in
the area.’’
He explained that per the
agreement between the MP who is also the Minister of State at the Office of the
Vice President will guarantee the loan with parts of his Common Fund
allocations from the Municipal Assembly for the bank to facilitate the
disbursement and training of the women.
He explained that the MP upon
assumption of power in 2017 commissioned a research into some of the challenges
confronting many of the women in the municipality.
‘’It in the process that it came
to the fore, that many of the women operating in the arguably the fastest
growing open market in the West African sub-region are in dire need of
financial assistance to grow their petty trading business’’ he maintained.
Upon careful study of the
research report, a team was commissioned by the MP and supervised by the
Constituency executives of the governing New Patriotic Party (NPP) to engage
with the managers of First Ghana Savings and Loans Limited to fashion out some assistance
for the women in the municipality he added.
He said the as part of the
training exercise, the women were taken through book and records keeping to
enable them document their all expenditures for the day in compliance with the
bank’s rules and regulation.
According to him, the decision
was taken to support the women because the MP believes that women are the
backbone of every family and that when the woman’s business is boosted, the
whole family is supported.
He said the MP has been worried
about the current situation of the women in the Madina market and its surrounding
areas leading to many of them being swindled by some unscrupulous money
doublers operating in the market.
He called on beneficiaries to
continue to pray for the president Nana Addo Dankwa Akufo-Addo and his Vice Dr.
Mahamadu Bawumia to gain more wisdom in bringing transformation to the economy
of the country which was left in tatters by the then ruling National Democratic
Congress.
He said some of the fruits of the
prudent management of the economy has led to moneys belonging to the people saving
with the seven collapsed banks to be safeguarded to save lives in the country.
On his part; Mr. Iddi Wor-Dan,
the Loans and Investment Manager of First Ghana Savings and Loans Limited said
the purpose of the training was to ensure many of the women are able to pay the
money to benefit more women in the municipality.
According to him, the women will
be taking through some form of financial literacy processes to enable them keep
records to better manage the funds that will be advanced to them by the bank.
He said the terms for the
repayment for the loan will be rolled out in a form ‘Susu’ scheme for the women
not to feel it when paying for the loan.
He explained that bank’s sales persons will be tasked to visit the beneficiaries on daily basis to collect daily payments to enable more women in the area benefit from the exercise by the MP.
Source:checkoutghana.com
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