Poverty Alleviation Fund to support credit unions

Winneba (C/R), Dec. 2, GNA - The Awutu-Effutu-Senya District Assembly has decided to channel part of its share of the common fund meant for poverty alleviation activities through the newly organized Edwumapa Co-operative Credit Union (ECCU).

It was organized by the International Labour Organisation (ILO) sponsored Decent Work Pilot Project, with an initial membership of about 60.

Mr Solomon Q Abbam-Quaye, District Chief Executive for Awutu-Effutu-Senya, announced this when he formally inaugurated the Union at Winneba.

He said the decision to channel the fund through the credit union scheme was to ensure that the idea of recycling, especially in the poverty alleviation fund, achieved the expected goals.

Mr Abbam-Quaye announced that the ILO had already committed over 200 million cedis to the scheme and warned beneficiaries not to consider loans they would secure from the scheme as gifts.

He said management would resist any attempt by beneficiaries to collapse the scheme through the delay in the re-payment of loans. Mr Abbam-Quaye said leaders of small scale enterprises who have organized themselves into co-operative credit unions have been given enough training to help them run their respective groups effectively in financial administration and management.

A representative of ILO Madam Christine Evans-Klock praised the efforts by local union officers and assured them of more support from the ILO.