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|Title: ||Reducing poverty through microfinance : (A Case Study of Millennium Development Authority Ghana)|
|Authors: ||Peprah, Solyce Owusuwaa|
|Issue Date: ||24-Jun-2011|
|Abstract: ||The practices of microfinance services for the poor have grown immensely since its beginning in the 1970s. It has become one of the most popular poverty reduction strategies in the world. Since, microfinance has proven to be an effective tool for poverty reduction this study seeks to examine Millennium Development Authority (MiDA’s) poverty reduction strategy through microfinance. The purpose of this study is to examine poverty reduction through microfinance by MiDA at Savelugu Nanton district of the Northern region. Through a process of conducting interviews and questionnaire administration and gaining access to data on microfinance strategies accomplished at the district, the core and expected data was seen. The findings showed that access and efficient provision of microfinance can enable the poor to smooth their consumption, manage their risks better, gradually build their assets, develop their micro enterprises, enhance their income earning capacity, and enjoy an improved quality of life. Microfinance services can also contribute to the improvement of resource allocation, promotion of markets, and adoption of better technology; thus, microfinance helps to promote economic growth and development. The literature showed that formal financial sector is not consistent with the needs and requirements of the poor and the existence of informal financial sector is a response to the shortcomings of the formal financial sector. The study showed that it is financially feasible and sustainable to reach those in absolute poverty through innovative and cost-effective designs.
On the basis of the findings and analysis, the following recommendations have been made: Based on the principle that a commercial, market-based approach is most likely to reach large numbers of clients on a sustained basis, the formal financial institutions must be encouraged to provide rural and agricultural finance. The government must facilitate the establishment of Microfinance Institutions (MFIs) in all poverty zones especially in the three Northern Regions. Realising the important place of microfinancing in achieving the Millennium Development Goals (MDGs), it is recommended that donor support must be increased to open up more Non Government Organisations (NGO) MFIs in poverty endemic zones.|
|Description: ||A thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Commonwealth Executive Masters of Business Administration, June, 2011|
|Appears in Collections:||Distance Learning|
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