Hero Update: Joseph Yaw Konnor
December 11, 2016
When Joseph Yaw Konnor joined a savings group in 2015, his primary goal was to save enough money to send his son to school in Ghana. (Read the story here.) Foreseeing the gap between the school fee deadline and his crop harvest, Joseph was worried about the kind of cash flow problem that can easily be solved when you have access to affordable loans.
When we first told you about Joseph, he and his neighbors, with guidance from Just Hope, had just founded a savings group together they called Adwumapa (which means “good works”). A strong local leader, Joseph was excited by the possibilities that a savings group could offer his family and his community.
During our most recent leadership visit, Adwumapa celebrated the end of their first year together and reported a 28.1% return on investment. Not only are they able to loan money to each other in an affordable way, they also can earn interest on their financial investments.
For Joseph Konnor and his son Newman, the experience has been life changing. Thanks to Joseph’s participation in the savings group, Newman was able to attend school this past year. He performed so well on his West African examination for basic schools that he can now attend any high school of his choice. Adwumapa has re-chartered another year together, and having experienced the financial power of a savings model, doubled their weekly share price from 1 cedi to 2 cedis.