VPWA introduced the Financial Literacy program in 2008 to help teach owners of small enterprises in GA West Municipality about simple record and bookkeeping and basic financial management. They were also taught about the importance of keeping a bank account and saving money for future use.
Thanks to the Finiteracy project, some beneficiaries have increased their earnings significantly and started to put aside savings. Some of them, who otherwise would not have been able to assess credit, are now able to receive loans from the local banks so that they can effectively expand their businesses. By March 2009 the scheme had helped over 150 women. VPWA hopes to expand this scheme further.
Why is this project important?
More than 60% of Ghana’s population did not complete a formal education. Many of these people make their living by buying and selling goods in markets or in small businesses. Because they often have no knowledge of no record or book keeping or how to successfully manage their finances, the majority of this group remains at the bottom of the poverty ladder. These people are described as the ”working poor”.
One beneficiary, Mrs Bernice Asante, describes the scheme as ” a project worth more than money”
Kwadwo Nii Armah, a 25 year old man who is runs a carpentry shop in Fise says; ‘I didn’t know that I could open bank account. I thought it was just for the educated! After VPWA Finiteracy Project, I am saving some of my earnings at the bank and have also now signed up for a cheque book.”