Langantere VSLA groups share-out annual cycle accumulated savings

Langantere (NR)- Two Village Savings and Loans Association (VSLA) groups in Langantere, a community in the West Gonja Dstrict has shared-out their annual cycle accumulated savings to each other.

The two groups, ‘Kenyiti Wale’ and ‘Nkpalaso Association’ total annual contribution raised for the year accumulated to GH30, 950.000 with a profit of GH9,050.000 and each member in the group got a total of GH40,000.

The VSLA project is a self-managed and self-capitalized microfinance system working to sustainably empower, reduce poverty, and improve the livelihoods and nutritional status of women and children in various communities.

The groups operate in annual cycles, of which the accumulated savings and the service charges earnings are shared among members according to the amount each member saved, a measure meant to resolve outstanding issues and to boost members confidence to save.

The VSLA seeks to equip members to acquire business planning skills; financial literacy as well as numeracy knowledge to enable them establishe their own business to enhance their economic status and promoting household security.

Mr Jerimiah Seidu, Program Coordinator of Jaksally Development Organization said through the introduction of the Jaksally VSLA project seven years ago, the inhabitants have contributed largely to the development of the community through the habit of saving.

He said the VSLA project has some developmental challenges facing inhabitants of the community by providing members the means to cope with emergencies, build capital and re-create social dynamics to build self-resilience.

Mr Seidu stressed the need for community members to be empowered to become the frontlines for developing their communities to eradicate poverty and ensuring community economic drive through togetherness, teamwork and by saving for the future.

Madam Ata Ayishatu, a farmer said the VSLA has numerous benefits to them and that her economic living standard had been improved since she was now able to buy farm inputs as well as pay her children school fees.

Source: Ghana News Agency