Wisconsin Microfinance’s New Program in Ghana
July 26, 2022
Wisconsin Microfinance is proud to announce that we have launched our first loan program on the African continent. We will be working with We R uS, a US based non-profit that serves traditional villages in Ghana. Ghana is situated on the west coast of Africa, between Togo and Cote d’Ivoire. While Ghana does generate wealth from its resources, it has struggled to provide opportunities for rural citizens.
More than 3.4 million citizens of Ghana are classified as living in extreme poverty in 2021. These people live on less than $2 U.S. dollars a day. Poverty remains especially pervasive in the rural northern region, which is susceptible to droughts and floods and has less access to transportation, markets, and fertile farming land.
While Ghana is considered to be among the least developed countries in the world, it is rated as one of the fastest growing economies in Africa. However, inequality continues to be a major challenge. The northern part of the country is considerably marginalized, which unfortunately correlates with the fact that most Muslims live in the north. This reflects inequalities with regard to income as well as access to education and healthcare.
In recent years, the country has suffered from a depreciating currency and a large national debt. To the extent that loans are available at all in the rural areas, they are offered at rates from 10 – 15%/month. A lack of support for Ghana’s rural areas has resulted in a growing cycle of poverty, with too many people in Ghana trapped by their lack of access to capital. That’s where Wisconsin Microfinance comes in: by providing access to capital for these hardworking people, we can help them, loan by loan, to take responsibility for improving their lives. We are excited to work with We R uS as they support and provide access to capital to traditional villagers. To donate to this or another one of our programs, visit www.wisconsinmicrofinance.com/takeaction/donate/ today!