The selection of beneficiaries who are eligible for microfinance credits is based on various economic and social criteria. 15 women from conditions of abject poverty will be assessed to determine the most immediate help each member needs.Due to their socio-economic disadvantage, the tools to alleviate their situation must be provided to help them towards the goal of economic self-sufficiency. Through a combination of business skills training, money management training, subsidy in transportation, and purchase of equipment, these women will be given the tools to help grow their micro-businesses. This project aims to support the economic participation of women, promote gender equality and improve the welfare of the beneficiaries. Over the following months, on-going mentorship will be provided to assist them in pushing towards their goals.
Ghana is burdened by extreme poverty and faces significant challenges as it tries to meet the Sustainable Development Goals (SDGs). 44.8% of the population of 22 million is living on less than one dollar a day, whilst 78.5% of the population lives off less than two dollars a day. In rural communities, the majority of adults work in the informal economy which places them at a greater risk of several factors, including volatile commodity prices, rising costs, low earnings, and little potential to make any savings. Due to their socio-economic disadvantage, the tools to alleviate their situation must be provided to help them towards the goal of economic self-sufficiency.
Microfinance is proven to be an effective and efficient means to combat poverty. However, in Ghana, only about 300,000 people are currently benefiting from microcredit. Many more people could benefit from this help and therefore it is important to expand microfinance programs in the country.
Brain Power Development Centre (BPDC) runs a small grassroots microfinance program in the Sekondi-Takoradi Metropolitan area of Ghana and the Tarkwa Municipality of Ghana. This provides financial support or particular financial products to low-income women in the district who may not be able to access these from a traditional bank, allowing them to set up and grow their small enterprises. These credits are repaid in full over an agreed period without charging financial interest. In addition to the provision of credits, BPDC supports the beneficiaries with essential business skills training, such as bookkeeping. This simple process has several additional aspects in which self-motivated volunteers with the right skill set can be a great help. Volunteers will work in BPDC’s microfinance office alongside local staff to implement this program.
Single mothers living in conditions of abject poverty must be given a pathway to rise from the informal economy into the formal economy through the attainment of higher wages and subsequently a higher standard of living.This project will support the economic participation of women, promote gender equality and improve the welfare of the beneficiaries through access to a stable working environment and by extension, accessibility to education for their children, in the long term we hope to see fewer teenage mothers, more independent women, and the eradication of child labor as well as underage marriages. This program complements the work of other initiatives run by the government and other organizations which aim to reduce both urban and rural poverty. To grow the microfinance project BPDC would like to establish a network of donors, whether individuals, companies, donor agencies, or trusts.