WOMEN’S ACCESS TO FINANCIAL CREDIT AND HOUSEHOLD WELFARE: A CASE OF VILLAGE SAVINGS AND LOAN ASSOCIATIONS (VSLAs) MODEL IN THE TOLON DISTRICT, GHANA.

Abstract

This study investigates the impact of Village Savings and Loan Associations (VSLAs) on women's access to financial credit and household welfare in the Tolon District of Ghana against pervasive poverty and limited access to financial services in Sub-Saharan Africa, particularly in rural areas. Despite various policy interventions aimed at improving access to financial services in Ghana, challenges persist, hindering the economic empowerment of marginalized communities and vulnerable groups, especially women. The study's objectives are to examine how women access and use financial services through the VSLA model, financial opportunities VSLA model have created, and ascertain whether the well-being of people have improve by the model. The study reveals that petty trading and agricultural investments are standout uses respondents derived, representing 46.5% and 34.5% respectively which go a long way to improve the people well-being. 278 out 345 respondents are of the view that VSLA model improved financial inclusion in the district. It also reveals that, the model developed financial management skills of members. Based on these findings, the study proposed recommendations for improving the effectiveness and sustainability of VSLAs, including improved entrepreneurship capacities by the district Business Advisory Center (BAC) in the study groups to increase their investment prospects, enhanced collaboration between CSOs in the VSLA Schemes and the assembly for sustainability purposes, increased engagement of the groups by the district assembly to improve capacity and compliance with the scheme’s rules.