Many of such enterprises are unable to meet requirements for financial assistance due to poor record keeping practices.

CEO of Adansi Rural Bank, Daniel Amponsah, emphasized the Bank’s “Adwuma Nkosuo” product is deliberately targeting artisans and small business operators for economic inclusion, giving special consideration for women and youth businesses.

“Most artisans are hardworking and have the drive to expand their businesses, but the lack of collateral has been a major barrier. With ‘Adwuma Nkosuo’, we are breaking that barrier and giving them a fair chance to grow,” he said.

The informal sector provides livelihoods for a significant portion of the Ghanaian population.

Majority of persons captured in the sector have poor record keeping, undermining their ability to acquire some business services despite their potential.

With the “Adwuma Nkosuo” product, businesses captured under the program will be extended financial advice for business growth.

“Before we give the facility, we give them financial literacy. Some of them don’t need the finance, with financial education they can maneuver within their own fund flows,” explained Mr. Amponsah.

Under the “Adwuma Nkosuo” product, four sub products are designed to aid savings and investments culture, aside from the loans being offered to the target group.

These products, aside from the business expansion drive, plan for future occurrences that may impede business growth.

“It’s not much of our banking systems. We have studied their businesses and have understood them and their mode of operations,” Mr. Amponsah added.

The initiative is being rolled out in partnership with GIZ, a German development agency.

Cynthia Donkor, a representative of GIZ, highlighted the broader vision behind the program to bolster Ghana’s private financial sector by empowering small and medium-sized enterprises (SMEs), especially those in the informal sector.

“Our objective is to provide the necessary tools and support to help young entrepreneurs become self-reliant,” Ms. Donkor stated.

Through the GIZ, a platform was created for artisans and the financial institution to engage with a consultant who steered affairs of the groups.

The “Adwuma Nkosuo” initiative is expected to create a ripple effect within the local economy, promoting self-employment among the youth.

The robbers are believed to have packed and sealed the mouth of the security officer with a solution tape during the midnight operation.

Police from the Atonsu divisional command later arrived at the Bank premises to pick the lifeless body of the security officer while investigations have commenced into the robbery incident.

This comes barely 24 hours after robbers shot and robbed a man in broad daylight in Cape Coast on Wednesday.

The victim, believed to be in his 60s, was shot in the leg by four men on two motorbikes at the Coronation Junction in Cape Coast in the Central Region.

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The thugs are said to have trailed the man from a bank to a hardware shop, where he was going to purchase some building materials.

Witnesses said the robbers did not show any sign of committing the heinous crime as two of them alighted to follow the victim into the hardware shop.