The Honourable Member of Parliament for Jomoro Constituency, Dorcas Afo-Toffey has launched an interest free loan scheme to enable female traders to expand their businesses.
This initiative, according to Madam Afo-Toffey, is to honour one of her 2020 campaign promises.
She stated that, the loan scheme will go a along way to provide financial support to the traders in the era of Covid-19 pandemic.
The scheme is a collaborative initiative with Jomoro Rural Bank to give interest free loans to 200 women every month from the Constituency.
The Jomoro MP is confident that women empowerment is key to wealth creation and a booster for local economic development.
The Lawmaker who is also an entrepreneur beliefs that women’s economic empowerment is one of the world’s most promising areas of investment with almost instant results, in the quest to reduce unemployment, poverty and attendant social vices.
The NDC MP explained, “We have partnered Jomoro Rural Bank and I will pay the interest with part of my monthly salary as a member of parliament. So all the women in this constituency who will get the loan will pay only the principal within six months”.
At Bonyere school park on Monday July 18, the Honourable Member of Parliament handed cheques to some selected zonal coordinators for disbursement to two hundred market women to kick start the initiative.
The MP refuted the suspicion that the scheme was only opened to members of the National Democratic Congress, (NDC). She sais it is open for all women in the constituency, irrespective of political affiliation..
She started by revealing that she will continue to give these loans to the women in her constituency till every woman gets funds to start or continue her business.
Hon. Emmanuel Armah Kofi Buah, the member of parliament for Ellembelle, Hon. Samuel Akudzato Ablakwa, North Tongu MP, Hon. Kofi Arko Nokoe, Western Regional NDC representatives, Nzema Queen Mothers Association, assembly members were among dignitaries present at the launch.
Obaahema Awube, on behalf of the Nzema Queen Mothers Association hailed the MP for the financial support for the traders.
She also advised beneficiaries to invest the money in productive business and faithfully pay back within the deadline provided so others can also benefit.
The Queen mother was optimistic that the loan facility will not only empower women in trade, but also, described it as a timely intervention that will sustain their business to stand the COVID-19 pandemic.