MP introduces ‘zero percent interest’ loan scheme to Ledzokuku residents
The New Patriotic Party (NPP) Member of Parliament (MP) for the Ledzokuku Constituency, Dr Oko Boye has disclosed his intentions to introduce a loan scheme for the women in his Constituency.
Read full article The scheme which is intended to assist women in running business comes with zero percent interest on amounts borrowed, as Dr. Boye takes responsibility for that cost.
He said the initiative is also focused on giving women the confidence to start their own business as well as supporting those already in business with the capital needed to grow.
Touching on how the scheme is to be funded, Dr. Boye said he is working with a microfinance company and so when the loans are given to the women he pays the interest that comes with it.
“What I have done is to get a microfinance team, they have 40 to 45 percent interest, I have knocked off the interest and I created something like a fund so I pay the interest and they (the constituents) get the principal,” he explained.
He said the scheme is starting with a minimum of GHC 500 to a maximum of GHC2000 and monies loaned out are expected to be paid back after 12 -24 months.
“For now, we are giving between GHC500 to GHC2000 and they have between 12 to 24 months to pay which is very flexible. The idea is to ensure that those who cannot take advantage of some of the policies of this government can also have a role to play when it comes to economic survival,” he mentioned.
Dr. Boye mentioned, he is also organizing skills training programmes for women who are willing to learn a trade but do not have the means to.
“Beyond the loan scene we have added skills learning program, the idea is that there are others who want to learn the trade, so what we do is that we will give you the essential tool for learning that trade for free and we also have trainers we have paid to put in the trade. The first batch which is ten females will be put into sowing and another ten will be put in the hairdressing and cosmetics”
“There are other who want to learn the trade so we give you an essential, tools for learning that trade for free and then we put you in the trade,” he added.
