Business News of Sunday, 1 April 2018
Communities along the Ankobra River Estuary have invented a village banking and savings and loan scheme.
The residents came up with the idea when they realised that if fishermen and fish mongers formed groups and saved money they can access loans for their operations.
This innovation was disclosed to selected journalists who visited the Sanwoma village in the Nzema East District in the Western Region as part of a three day media training programme organised by the USAID Sustainable Fisheries Management Project.
In rural areas and in economies as diverse as most fishing communities along the coastal areas, Village Banking is allowed to enable those with scarce resources to borrow, invest and grow their fishing businesses.
They also allow fishermen and fish mongers who are routinely denied credit from the traditional banks to build enterprises to sustain their livelihoods.
The Senior Project Officer of the ‘Hen Mpoano’ Civil Society Organisation and a local partner of the USAID, Balertey Gormey noted that the scheme is to help low-income families create jobs, build assets and improve their standard of living along the coastal communities. He explained the essence of the village banking.