Ghana 
Ghanaian women make macro-efforts out of micro-money

afrol News, 5 February - Ghanaian women received some 2.4 million euro in so-called micro-credit during the last year to enable them to finance improvements in food production, start small businesses or trade. Common banks do not give credits to women without property, but there is no need for ordinary banks here anymore. 

It was the Accra government that started the Women's Development Fund (WDF), which last year disbursed some 2.4 million euro to energetic Ghanaian woman with a good business idea. The Fund was started in December 2001 to increase women's participation in Ghana's business life. A network of rural banks all over the country is in charge of disbursing the Fund's capital. 

Gladys Asmah, Ghana's Minister for Women and Children's Affairs, yesterday addressed the press in Accra and was particularly proud to be part of the Fund's micro-credit project. According to the Minister, the objective of the Fund is "to provide micro-credit facilities to vulnerable groups of women on the fringes of the subsistence economy." The first year of operations constitutes a remarkable success, Ms Asmah holds.

According to the Minister, the accounts for 2002 show that most of those receiving micro-finance were involved in subsistence food production - indeed, 60 percent of food crop farmers in Ghana are women, the Minister pointed out. Other beneficiaries had mostly been working in the sectors of food crop processing, fish processing, merchandise and food distribution, it was said.

The accounts further showed that the credit facilities ranged from a minimum of 500,000 cedis to one million cedis. This converts to a range from 55 to 110 euros (US$ 60-120) - not a lot of money in Western countries, but a vital investment in rural Ghana. 

The largest part of disbursement, some 700,000 euros, had been confined to a grand total of 12.820 women organised into cassava and maize farmers groups throughout the country. Further, some 280 rice-growing women had split 22,000 euros amongst them. 

Interested women apply through the banks with which they have opened an account, Ms Asmah explained. Unlike the traditional banking practice, the women do not need collateral to benefit from the WDF. However, the women "should of necessity be in groups."

- In my Ministry we believe that as these women improve and expand their businesses, their incomes will improve and they will be better placed to support the growth and development of their children, in partnership with their men, said the Minister at the briefing.

Sources: Based on Ghanaian govt and afrol archives

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