An Assessment of the Impact of Microfinance on the Rural Women in North Ghana

ABSTRACT: This study investigated the impact of microfinance on the development of females in the Northern territory of Ghana. A survey methodology is used to collect data from 300 respondents in the three Regions. The results from the study showed that majority of the respondents are complete illiterates with ages of 18-41.The results showed that microfinance has contributed positively to economic, educational and social improvement of the women under the study. According to the study, microfinance has improved the women’s social lives, established better relationships with their spouses. In fact, some men have stopped beating their spouses due to microfinance interventions. The findings also revealed some controversies between the female and male respondents regarding the causes of the poor female development in the area. The men believed that, females cannot manage loans because majority of them are illiterates, but the female respondents refuted this seriously. The women respondents indicated that it is the forbidden of females in owning productive assets and the too much domineering role of men that are the main setbacks for the female development and poverty. The study recommended that, the Ghanaian Government should develop projects to educate people and change this primitive culture practice militates against the female child, and the future woman. Similar researches should be conducted, in the other regions of Ghana as well. The results of this study are not sufficient enough to generalize the findings for the whole country Keywords: Microfinance, poverty, Northern Ghana, economic independence of women. …………………………………………………………………………………………………………………………