About 250 women in the Ablekuma West Constituency are to benefit from the livelihood empowerment programme introduced by the Member of Parliament (MP) for Ablekuma West, Ursula Owusu-Ekuful.
The beneficiaries that comprise of polling station executives of the New Patriotic Party (NPP) are to receive a maximum financial support of GH₵1,000 interest-free loans, which is being facilitated by Innovative Microfinance Company Limited.
The loans- payable within a six month period, are expected to provide beneficiaries with the needed finance to grow their livelihoods while building their capacity to financial independence.
Speaking at the launch of the programme over the weekend, Mrs Owusu-Ekuful disclosed that the delay in accessing the Microfinance and Small Loans Centre (MASLOC) credit facility by the constituents, prompted her to initiating such a programme as a financial stopgap for members.
She therefore cautioned beneficiaries of the programme against applying for MASLOC loans so as to allow others, the access and benefit from the MASLOC credit facility.
“It is not everyone who might want the GH₵1000 loan. Perhaps some would prefer a small freezer or a pop corn machine for their business. There are packages available for such persons, where you are provided with items and you make payments out of revenue realised from the use of the items” she said.
A financial consultant, Gifty Aba Amoah advised beneficiaries to adopt good book keeping practices, in order to keep track of all transactions and also shun the risky practice of lending loan monies to others with the intention of earning interest.
She also urged beneficiaries to among other things add value to their services, adapt to changes in the marketing environment, look presentable and also avoid unnecessary spending, especially when no profit had been realised from their business ventures.
The Deputy Chief Executive Officer of MASLOC, Abibata Shanni Mahama Zakariah advised beneficiaries to honour their obligations of repaying their loans as a way of reciprocating the love shown them by their MP.
Also present at the programme were the National Women's Organiser, Kate Gyamfua and the Director General of the Ghana AIDS Commission, Dr. Mokowa Blay Adu-Gyamfi.