Credit Union

The credit union is designed to offer cocoa farmers an organized and well-structured means of getting farm inputs to make their activities smooth. Often cocoa farmers need fertilizers, agrochemicals, machinery like spraying machines, slashers, prunners and even ‘soft loans’ to enable them prepare their farms towards the main season. Most input suppliers take advantage of the farmers to make huge profits. It is the aimed of this credit union to invest in sourcing farm inputs and supply to credible farmers at a margin that is just enough to sustain the Union. Farmers who would benefit from this scheme would be required to belong to one of the member unions so that their activities can be attested by the group and guaranteed. The credit union will also provide a means of saving money for the farmers using the ‘village-susu’ concept. This ensure that the farmers develop a welfare system to take care of the needs of the union members.  The Credit Unions concept is such that people with a common interest come together in a society, mobilize funds regularly so that after six months, when a needy member applies for a credit facility, he/she would be offered with a minimum interest rate payable within a period of time. At the close of a financial year, management declares profit and shared among members contributions.