Local savings and loans groups mobilise GH¢17,614.60
The Awaredone Savings and Internal Lending Communities (SILC) groups in Winkogo in the Talensi-Nabdam District, Upper East Region, have realized GH¢17,614.60 from their one year ‘Susu’ savings.
The 363 mother-member group has been contributing and saving in the form of a modernised susu fashion.
They have two types of contribution: Social and Savings. Under the social, individuals contribute a fixed amount for the wellbeing of the group but with the savings members deposit any amount they can afford.
The Ghana Health Service (GHS) and the Catholic Relief Services-Ghana (CRS) that are jointly supporting the group, organized a graduation ceremony for members at Winkogo, near Bolgatanga at the weekend.
Mr Robert Asambobillah, the Program Officer of SILC and CRS-Ghana, explained that SILC works on a basic principle of members self-selecting into groups for the purposes of saving and lending to each other.
He said savings were kept within the groups and at a share out period the savings and interest are shared among members.
He said the system had many benefits which include retention of interest within the group, self management, quick transactions, simple and transparent, and provides simple insurance facilities to communities.
“When the amount saved by the group is large enough, members are encouraged to take turns to borrow from the pool at mutually agreed upon loan terms and interest rates, this allows the funds to grow and after a period of eight to twelfth months, group members’ share-out their accumulated funds and start afresh,” he explained.
He, therefore, encouraged SILC members to keep up the good work to ensure sustainability and urged all to join the Communities’ Initiative on Maternal and Child Survival (CIMACS) and SILC project.
Mr Asambobillah said CIMACS project was introduced by CRS/Ghana in 2008 with the aim of improving maternal, child and neonatal survival in the project districts.
He said after a one year successful take off of the CIMACS, CRS/Ghana in collaboration with the GHS, introduced the CIMACS/SILC integrated project in the Talensi-Nabdam District and the Kassena-Nankana West District with a target of 1,155 clients from each district.
He explained that the integration strategy was aimed at enhancing the health outcomes of pregnant women, mothers of newborn babies and neonates by increasing the financial assets of especially pregnant women and mothers.
He added that the increased assets will help households afford transportation cost and acquisition of basic items needed during and after delivery.
He said the project covers 3,115 direct beneficiaries, exceeding the target of 2010 by 34.8 per cent.
Source: GNA