Assessing the role of microfinance in poverty alleviation among market women in Ablekuma south

Abstract

The concept of microfinance has become an important poverty alleviating tool in many parts of the world. This study was therefore conducted to assess the role of microfinance in poverty alleviation among women in Ablekumah South Sub – metro in the Greater Accra Region of Ghana. Four research questions were formulated to guide the study. Purposive sampling technique was used to obtain a sample size of fifteen women for the study. Data was collected through interviewing participants and analysis was done using descriptive statistics based on the themes in which they emerged guided by the research questions. The study revealed the following among others. Although the microfinance credits were given out to help the poor women to enable them work themselves out of poverty, the beneficiaries were confronted with some challenges. Their trading activities helped them to save with some formal banks. Based on the findings, certain recommendations were made. Microfinance agencies should engage professionally competent staff in performing the operational task such as education and monitoring beneficiaries. There should be a mechanism to control the issue at guarantors. The beneficiaries should be given at least three months graced period to begin repayments of their credits. Future studies should be conducted in other Metropolitan, Municipal and District Assemblies in Ghana as well as investigating the effective management of microfinance credit schemes.