BRAC, a global leader in empowering marginalized communities, has recently launched its microfinance institution, BRAC Ghana Savings and Loans Ltd (BGSL), in Ghana. This initiative aims to promote financial inclusion and economic empowerment, particularly for women in rural and hard-to-reach areas. With over 50 years of experience in responsible financial services, BRAC’s entry into Ghana marks a significant milestone in the journey towards fostering inclusive growth and sustainable development.
The launch ceremony, held at Movenpick Hotel, Accra on 5th February, was attended by dignitaries, government officials, and stakeholders from the financial inclusion sector. The CEO of BRAC, Mr. Kojo Baffoe-Eghan, highlighted the organization’s commitment to unearthing potentials in individuals and communities using microfinance as a catalyst for change. With a strong focus on women as drivers of progress, BGSL aims to serve as a beacon of hope for those previously excluded from access to financial services.
BGSL’s mission aligns with BRAC’s core values of promoting gender equality and social development. Bridget Dougherty, Managing Director of BRAC International Microfinance, emphasized the importance of investing in women as a means of fostering economic and social development. By celebrating the entrepreneurial spirit of Ghanaian women and supporting them to unlock their potential, BGSL seeks to address the needs of the population previously excluded from financial services.
One of the key highlights of BGSL’s operations is its focus on providing collateral-free microloans to women engaged in petty trades and small businesses. Many of it’s clients have already experienced the transformative impact of BGSL’s financial support, enabling them to expand their businesses and secure their families’ future. Through comprehensive training programs and financial literacy initiatives, BGSL aims to empower women with the knowledge and resources to make informed financial decisions.
BGSL’s commitment to staff empowerment and community engagement sets it apart as a socially responsible financial institution. By employing local staff, particularly women, and providing them with comprehensive training programs, BGSL aims to create sustainable livelihood opportunities and contribute to the economic growth of Ghana. With a projected goal of serving more than 200,000 clients in the next five years, BGSL is poised to become a catalyst for change in the Ghanaian financial landscape.
BRAC’s microfinance initiative in Ghana represents a paradigm shift in the approach to financial inclusion and economic empowerment. By investing in women and communities, BGSL seeks to create a more inclusive and prosperous future for all. As BRAC continues its journey of transforming lives and building resilient communities, the launch of BGSL heralds a new era of hope and opportunity for women in Ghana.