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Ghana Youth Savings Clubs
The visionary behind the savings clubs in Ghana is Abba Smith, former chair of the Credit Union Association of Ghana (CUA), and headmistress of Bompe Secondary. It was a visit to Canada in 1998 that inspired her efforts. She saw Canadian credit unions working to bring in young members and it made her reflect on the situation in Ghana. At that time the average age of a credit union member was 45, and she envisioned a declining future for the movement. At school she saw bright students forced to drop out for lack of school fees. The club she designed and launched in 1999 addressed both issues. She was supported by the Canadian Co-operative Association which has provided funding for the venture, as well as youth interns that have assisted in promoting and managing the effort. The first was Vera Goussaert, now Executive Director of the Manitoba Co-operative Council. |
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Agnes Miamba, a single mother with five boys and one girl who makes a precarious living as a petty trader in a crowded market in Takoradi knows the value of the Youth Saving Club. From her stall she sells padlocks, door locks, hair dye, medicine - whatever she can. She is proud of her children`s academic accomplishments, and determined that they will all get an education. The school savings account ensures that school fees get paid `"even when I am on the rocks," she says. These days it is her son Phillip, in his second year at Bompe Secondary, who is the savings club member, but when she has a little extra Agnes also makes deposits in his account - insurance for the next time that her business drops off.
Bompe Secondary School, the undisputed flagship of Ghana`s youth savings clubs, it boasts 700 members, the majority of the students at the school. The students make daily deposits to their savings accounts and in the process they learn the value of savings, how to manage their personal finances, and for many, leadership and financial management skills. |
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