The Member of Parliament for Tamale North, Alhassan Suhiyini, has launched the 1Heart women empowerment fund, dubbed the OH-WE FUND, with a seed capital of one million Ghana cedis. The initiative aims to empower 5,000 women, particularly petty traders, with interest-free loans.
Speaking at the launch in Tamale, Mr. Suhiyini said the support would enable women to contribute to their children’s education and family development.
“It is aimed at supporting the wakye seller, the jollof seller, the koko seller and the kosei seller. It is aimed at ensuring that women who have these small businesses receive the necessary support to start these small business or expand the ones they already have.”
He said 23 women’s groups were carefully selected from existing functional groups, which have been supporting themselves through regular contributions.
“We have some of these groups formed in their various communities that meet regularly just to contribute fifty pesewas or one cedi in support of each other’s businesses,” he said.
Mr. Suhiyini said these groups would serve as foundation blocks for the OH-WE FUND. Women would receive funds ranging from 10,000 to 20,000 Ghana cedis, with repayment starting after two weeks.
“They will not be charged any interest on the funds that will be disbursed to them. I have decided to absorb whatever interest that is due as a result of this support,” the MP said.
He said his office intends to partner with state and non-state institutions to achieve the aim of supporting 5,000 small women-owned businesses.
“So today, you have Maslog here, the Ghana Enterprise Agency, and the National Apprentice Programme here, and we also have some non-governmental organisations, and the aim is that this foundation we are laying will become one that all these other agencies will build upon to support businesses in this constituency,” he added.
The Northern Regional Manager of Maslog, Alimatu Abdul Nasser, said the groups are scrutinised before being offered loans. She said Maslog is yet to disburse its funds in the next two months.
“We will meet the groups and show them how to apply and then we take it off from there,” she said.
Ms. Nasser said tricycles, sewing machines, and other equipment would be given to interested persons. Beneficiaries said they would expand their trade, support their households, and take care of their children’s needs, including education.
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Source: www.myjoyonline.com