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01.10.2008 Business & Finance

Women entrepreneurs cautioned against saving with “Susu” collectors

By gna
Small scale women entrepreneurs have been cautioned against saving with unrecognized “Susu” collectors who eventually bolt with their monies to collapse their businesses.
They should instead save with the banks and enjoy multiple advantages of attracting interest on their saving while also increasing their credit worthiness to access loans to expand their business.
Mrs. Augustina Gyamfi, Micro Credit Officer of the Department of Women under the Ministry of Women and Children Affairs (MOWAC) said this on Tuesday at a day's workshop organised by her outfit for small-holder women entrepreneurs in the Ashanti Region.
The workshop, held under the theme “Women Entrepreneurs and Business Management,” sought to enhance its participants on the basic steps of managing their own businesses.
Mrs. Gyamfi said saving with unaccredited financial institutions was a big disincentive to the growth of micro-businesses since their entrepreneurs risked losing their businesses in the event of fraud.
“Moreover, such 'susu' collectors cheat the women when they save the 'susu' money at the banks to earn interest.”
Madam Alice Botchway, Regional Director of the Department of Women, said women have been the backbone of Ghana's economy.
She said trading and agriculture would never had been what they are without the dominant input of women and that the empowerment of women at all levels is essential to the total development of the nation.
Miss Botchway said many business women cannot effectively manage their businesses thus, their businesses run down.

Therefore, MOWAC apart from giving them loans, also organizes capacity building workshops for the upkeep of their business.