Hesitation to Action, to Financial Confidence

My name is Lucy Asampana. I am 40 years old and from the Kantia community in the Bolgatanga East District of the Upper East Region. I have two sons and earn a living by selling porridge and weaving baskets.

For some time, my basket-weaving business faced numerous challenges, to the point where I had to stop weaving for over a year. Initially, I would take straws on credit, complete the baskets, sell them, and repay the supplier before taking new materials. However, as prices increased, suppliers began demanding repayment based on the current market price, not the price at which I took the straws. This made it very difficult to keep up, and eventually, I had to abandon the basket-weaving business and focus solely on selling porridge.

Even though I was part of a group savings scheme, I found it difficult to save consistently. I often used up the money before the next savings meeting, which left me with little progress.

I was fortunate to participate in a three-day training organized by the Widows and Orphans Movement (WOM), with support from the KGL Foundation. During the training, I learned about the importance of saving with a formal financial institution. Before this, I had strong reservations about saving in banks due to stories I had heard about banks collapsing and losing people’s money. I often thought to myself, “If I have only a small amount, why should I deposit it in a bank that might disappear with it?” I also believed my money was too little to be considered worth saving in a bank.

However, the training completely changed my mindset. I even went on to lead a step-down training session for our group, sharing what I had learned. I took the bold step of travelling to Bolgatanga town to open a bank account at the Agricultural Development Bank (ADB). In just two months, I have been able to save GHS 500.00, an amount I wouldn’t have managed to keep if I were still using the group savings method, as I would have likely spent it before the next meeting.

My goal is to save up to GHS 1,500.00 by the end of the year so I can invest in livestock, specifically sheep and goats, to start a small rearing business.

In addition, I have successfully convinced two other women who have opened their own accounts at ADB. This experience has not only built my confidence but also strengthened my belief in formal savings as a reliable path to financial independence and business growth.