Kintampo south: For more than a decade, MIHOSO International Foundation has empowered over 300 Village Savings and Loan Associations (VSLAs) across rural communities in the Kintampo South District of the Bono East Region. The non-governmental organization has provided thousands of women and vulnerable households with access to savings and small loans in areas where formal financial services remain inaccessible.
According to Ghana News Agency, the COVID-19 pandemic exposed significant weaknesses within the VSLA network. Many groups struggled with weak leadership, poor financial record-keeping, loan defaults, theft, inadequate supervision, and exploitation by external financial institutions. As these challenges intensified, nearly 200 savings groups collapsed, threatening years of community investment and leaving many women without reliable financial support.
Mr. Thomas Benarkuu, Chief Executive Officer of MIHOSO, explained that through the Foundation's Shift the Power Project, the organization used the redesign phase to develop a long-term, locally owned financial sustainability model. He said MIHOSO participated in the Civil Society Strengthening Fund-Shift the Power (CSSP-StP) Project, led by STAR-Ghana Foundation with support from the West Africa Civil Society Institute (WACSI). The eight-year initiative is supported by Comic Relief and the United Kingdom's Foreign, Commonwealth and Development Office (FCDO).
The project seeks to strengthen local civil society organizations (CSOs) to drive community-led development and financial sustainability. Mr. Benarkuu noted that MIHOSO's role in implementing the project was to strengthen local organizational resilience, promote public health education and livelihood empowerment, and support the establishment of cooperative credit unions and village savings groups.
Instead of relying solely on external donor funding, MIHOSO worked with community members to consolidate the savings groups and establish the MIHOSO Cooperative Credit Union. Today, the Credit Union operates as a registered non-bank financial institution under Ghana's Department of Co-operatives, providing members with a secure, transparent, and professionally managed platform to save, borrow, invest, and build financial resilience. More importantly, ownership of the institution rests with the communities themselves.
Since its launch in July 2025, the Credit Union has revived 81 previously collapsed VSLAs, strengthened 71 existing savings groups, and facilitated the formation of 13 new groups, restoring confidence in community-based financial systems. Through the Shift the Power Project, the initiative has directly reached 3,825 beneficiaries, comprising 2,868 women (85 per cent), 957 men, 2,486 youth, 1,339 adults, and 35 persons with disabilities, aged between 18 and 75 years.
Access to finance has improved significantly. Within its first year, the Credit Union disbursed about GHS450,000 in loans to members, while affiliated savings groups collectively issued more than GHS2 million in internal loans. Mr. Benarkuu said membership of the Credit Union had increased from 800 to 1,942 active customers, while shareholder membership rose from 72 to 139, reflecting growing trust and confidence in the institution.
Many indigenous women within the Credit Union's operational area, who were previously excluded from formal financial services, said they were now experiencing improved livelihoods. Some said they were now able to pay their children's school fees, expand existing businesses, establish new enterprises, improve their housing, respond to family emergencies such as hospitalization, and invest in more secure livelihoods. They expressed appreciation to MIHOSO International Foundation for introducing the Village Savings and Loan Associations (VSLAs), which later evolved into the Credit Union.
The beneficiaries said they had previously been excluded from formal financial services but now had an opportunity to save and access affordable credit. Madam Winifred Bekwee said her savings had enabled her to pay her children's school fees. 'I can now see that my husband is also happy with me,' she said. Mad Rita Nyane, a petty trader, said financial support from the Credit Union had enabled her to expand her business, pay utility bills, and contribute more to household expenses while her husband catered for other family needs. She expressed gratitude to MIHOSO for promoting a savings culture within the community.
Mad Cynthia Adungule, a seamstress and mother of five, said financial difficulties had nearly destroyed her marriage. She said a loan obtained from the Credit Union enabled her to expand her business and move into a container shop. Indeed, access to affordable credit has restored dignity, strengthened household resilience, and created opportunities that were previously beyond the reach of many beneficiaries.
The Shift the Power Project extends beyond establishing a financial institution; it has fundamentally changed MIHOSO's approach to development. With support from the STAR-Ghana Foundation and WACSI, the Foundation strengthened its internal resource mobilization capacity, engaged traditional authorities and local stakeholders, and mobilized community resources to sustain development initiatives. Communities are no longer viewed merely as beneficiaries of aid but as co-owners, decision-makers, and investors in their own future.
MIHOSO's experience demonstrates that sustainable development is most effective when communities own the process, invest in the solutions, and lead implementation. When power shifts to local people, development becomes more resilient, accountable, and sustainable. The MIHOSO Cooperative Credit Union stands as enduring evidence that community investment can outlive donor funding, ensuring that the benefits of today's interventions continue to create opportunities for future generations.