Member of Parliament for Amenfi Central, Joana Gyan Cudjoe, has announced the imminent launch of a Bank of Ghana-approved cooperative aimed at expanding access to finance for small and medium-sized enterprises (SMEs), particularly women engaged in agribusiness.
The initiative, known as the Amenfi Central Cooperative and Mutual Support Service, is expected to begin operations soon and is designed to provide an alternative source of financing for entrepreneurs who often struggle to secure loans from conventional financial institutions.
According to the MP, the cooperative will help address long-standing challenges confronting SMEs, including limited access to affordable credit, high interest rates, and strict collateral requirements that prevent many businesses from accessing capital needed for growth.
Speaking on the initiative, Hon. Cudjoe said the establishment of the cooperative reflects her commitment to empowering local businesses and creating sustainable economic opportunities across the constituency.
“This institution has come to stay. It will curtail the financial difficulties our SMEs encounter and create a pathway for economic sustainability,” she stated.
She explained that the cooperative is expected to strengthen local businesses by providing accessible financial services while helping entrepreneurs expand their operations and improve household incomes.
The MP noted that beyond offering financial support, the cooperative will also equip beneficiaries with practical business management skills to ensure the long-term success of their enterprises.
She revealed that members will receive training in financial literacy, bookkeeping, budgeting, and prudent expense management to enable them to manage their businesses more effectively and make informed financial decisions.
Hon. Cudjoe stressed that improving financial discipline alongside access to credit is essential for building resilient businesses capable of creating jobs and contributing to the local economy.
She further expressed optimism that the initiative would have a positive social impact by enabling parents, guardians, and single parents to generate sufficient income to support their children’s education, particularly at the tertiary level.
“Our goal is to enable parents, guardians, and single parents to support their children through tertiary education, ultimately driving development in Amenfi Central,” she said.
The MP also thanked residents for their continued confidence and support, encouraging them to embrace the cooperative as a community-owned financial institution dedicated to improving livelihoods.
She reiterated her commitment to delivering development-focused interventions that promote inclusive economic growth and improve living standards across the constituency.
“I remain committed to working tirelessly for the development of Amenfi Central as your Member of Parliament. Development is a process,” Hon. Cudjoe affirmed.
The establishment of the Amenfi Central Cooperative and Mutual Support Service is expected to provide a significant boost to local entrepreneurship by expanding financial inclusion and creating new opportunities for SMEs to thrive, particularly women-led businesses and agribusiness enterprises, which play a critical role in the constituency’s economy.
By 1960news.com
