Impact of plan Ghana’s microfinance scheme on the socio-economic livelihoods of small-scale female entrepreneurs in the lower Manya Krobo municipality in the eastern region of Ghana

Abstract

The main purpose of the study was to assess the impact of Plan Ghana’s Microfinance Scheme on the livelihoods of female beneficiaries in the Lower Manya Krobo Municipality of the Eastern Region of Ghana. The study specifically analysed the demographic and socio-economic characteristics of female beneficiaries, and how loan from Plan Ghana’s Microfinance Scheme helped them to meet their health, education, personal and social, political and economic requirements. A descriptive survey design was adopted and sample size of 180 was used out of a population of 8,217 female beneficiaries of Plan Ghana’s Microcredit Scheme in the municipality. The study showed that several demographic and socio-economic factors of the beneficiaries were considered by Plan Ghana in selecting women beneficiaries, and the scheme had improved beneficiaries’ lives tremendously in areas of health, child education, personal development, and business sustainability. The monthly incomes of the women had significantly improved from GH¢52.78 to GH¢130.43. It is recommended that Plan Ghana should continue to run the scheme since it is highly beneficial to its beneficiaries in areas of health, personal development, children’s education and the sustainability of their businesses. Also, the benefactor should intensify its training programme by tutoring them in basic book-keeping practices.