Financial resilience through Village Savings and Loans Associations: The Story of Vida Amponsah

ACCRA (ILO News) - In Nsuontam, a cocoa-growing community in Ghana’s Western North Region, 57-year-old Vida Amponsah has regained a sense of hope and stability thanks to her involvement in a Village Savings and Loans Association (VSLA). The VSLA is supported by the ACCEL Africa project, financed by the Ministry of Foreign Affairs of the Netherlands.

Vida is a grandmother who takes care of her grandchildren on her own. She has always struggled to balance household expenses with the cost of their education. The irregular income from cocoa farming, combined with sudden medical or school-related expenses, often left her in debt and uncertain about how to make ends meet. With no access to formal banking services, saving money or borrowing on fair terms was never an option.

© ILO/Robert

© ILO/Robert

Vida’s situation began to change when she joined the Adombinti VSLA group, recently formed under the ACCEL Africa project. Each week, she and other members contributed small amounts to a shared savings pool. From this collective fund, they could borrow to meet urgent needs or invest in small income-generating activities, giving Vida her first real opportunity to plan ahead and build financial security.

With her first loan, Vida invested in poultry farming by buying a hen coop, one hen and one cock. Within a short time, the hen hatched thirteen chicks, increasing her stock from two birds to fifteen. Vida’s goal is to raise at least 100 birds, gradually selling some to repay her loan and reinvest in her poultry business. This venture is already providing her with a steady supplementary income to complement her cocoa earnings.

Today, Vida proudly says she no longer has to rely on moneylenders to get through the periods between cocoa harvests, when income is scarce. Unlike the moneylenders who charged high interest and demanded quick repayment, the VSLA offers fair, community-based loans with flexible terms. This has allowed her to pay her grandchildren’s school fees and manage household expenses without sinking back into debt. While challenges remain, she is steadily saving to build a larger chicken coop, which can hold more birds and help her strengthen and expand her small business.

For Vida, the VSLA is more than a financial mechanism, it is a lifeline and a community support system that fosters solidarity among women and strengthens resilience against economic shocks.

“I feel empowered because I can now plan better for my family,” Vida explains with a smile. “The VSLA has taught me the importance of saving, and I am confident that the future will be brighter.” Vida Amponsah

Vida’s progress reflects the broader potential of VSLAs to promote financial inclusion, reduce household vulnerability, and contribute to sustainable, child-labour-free cocoa communities.