Eastern Gomoa Assin Rural Bank launches new project

Gomoa Ekwamkrom (C/R), Oct. 23, GNA - The Eastern Gomoa Assin Rural Bank has launched a new product dubbed, "EGARB Micro-Trade" aimed at assisting women in the catchment area to expand their businesses. The programme was in line with the government's poverty reduction strategy to improve the standards of living, Mr E. O. Essel, chairman of the board of directors of the bank has announced.

He was speaking at a forum where 13 women groups received various sums of in financial assistance at Ekwamkrom, near Agona Swedru. Mr Essel said the bank provided 10 million cedis to the women in the Gomoa and Agona Districts to enable them expand their small businesses.

Mr Mobashir Ibrahim, Manager of the bank said about 130 million cedis had been paid to 13 women groups. There were 10 women in each group.

Each of the women received a million cedis for a loan cycle of 15 weeks, he said adding that repayment would be on daily basis so as not to exert pressure on the beneficiaries.

Mr Ibrahim said the bank had trained the beneficiaries in simple methods of accounting, bookkeeping and costing, to assist the traders to boost their businesses.

He said the bank would launch another product for fishermen, fishmongers and farmers to raise their living standards. Mr Ibrahim said salaried workers would also be considered to enable them pay their children's fees and cater for their accommodation needs. He appealed to the Ministry of Women and Children Affairs, non-governmental organisation and international financial institutions to come to the aid of the bank.