The Upper East Farmers Cooperative Credit Union has provided accessible financing, financial literacy and business development support to smallholder farmers, traders and entrepreneurs within its first year of operation.
The assistance is helping to expand businesses and improve livelihoods across the region.
The union, established in August 2025, was created to address the persistent challenge of access to affordable credit faced by farmers, market women, artisans and other informal sector workers who often struggle to secure loans from conventional financial institutions.
Speaking at the union’s first Annual General Meeting (AGM) in Bolgatanga, Dr Charles Nyaaba, the Chief Executive Officer of the Upper East Farmers’ Cooperative Credit Union, said the initiative was enabling members to mobilise their own savings and access affordable loans without the stringent collateral requirements associated with commercial banks.
Dr Nyaaba explained that access to finance remained one of the biggest barriers to business growth in the informal sector, forcing many people to keep their savings at home or fall victim to fraudulent investment schemes.
He said the cooperative was established to offer members a safe, member-owned financial institution capable of supporting productive investments while promoting a culture of savings and responsible borrowing.
“The objective is to provide financial literacy and financial support to our members by mobilising their own savings and making those funds available as credit to support farming and other businesses,” he said.
According to him, the union has enrolled more than 500 members, with loan facilities ranging from GH¢2,000 to GH¢100,000.
He disclosed that six members were recently approved for loans of GH¢50,000 each to establish or expand their businesses, adding that the union currently enjoys a 100 per cent loan recovery rate due to its robust lending and monitoring systems.
Beyond providing loans, the union equips beneficiaries with entrepreneurship training, financial literacy, business incubation and mentorship to ensure they invest in viable enterprises.
“We don’t only give people money. We help them identify viable businesses, train them to manage their finances and mentor them before releasing the credit,” Dr Nyaaba said.
He said the cooperative also links farmers to guaranteed markets by working with subsidiary companies that purchase produce from members, reducing marketing risks and improving loan repayment.
“We don’t encourage members to venture into businesses where there is no market. Once our farmers produce, we have arrangements to buy their maize and paddy rice, which gives them confidence to invest,” he explained.
Dr Nyaaba noted that the cooperative currently operates in the Bolgatanga Municipality, Pusiga, Tempane and the Kassena-Nankana area, with plans to expand its services to all districts in the region.
He said the union also intended to increase its loan portfolio and intensify public education to attract more young people and women into entrepreneurship and agribusiness.
Sharing her experience, Madam Stella Chibelitu, a member of the cooperative, said she had benefited immensely from the initiative through credit facilities that enabled her to expand her business.
She said after joining the union at its inception, she acquired a tricycle on credit, which had significantly improved the transportation of goods for her business and also generated additional income by providing transport services to members of her community.
She later secured a GH¢60,000 loan, which she invested in her sorghum trading business, leading to increased profits and business growth.
Madam Chibelitu also praised the union’s input credit scheme, which allows farmers to obtain fertiliser and repay after harvest, with some members settling their obligations using farm produce.
She urged farmers, traders, teachers and other business owners to join the cooperative to benefit from affordable financing and business support services.
“The interest is moderate, and repayment is flexible. It has made farming and doing business much easier for many of us,” she said.
Alhaji Abdul-Rahman, who was elected Chairman of the Union, expressed optimism that the cooperative would become a game changer for economic empowerment in the region by helping more people establish sustainable businesses, create employment and improve household incomes and urged many people to join the union.
GNA
Edited by Caesar Abagali/Benjamin Mensah
Reporter: Anthony Adongo Apubeo
Email: [email protected]
Photo caption: BLG ECONOMY CREDIT FARMERS
20 July 2026
