ABOUT
Micro Funding
Over the past few years, Ghana has pursued a free market economy with emphasis on the private sector as the main engine of growth. The country’s economy is predominantly agrarian. Agriculture employs over 60% of the labour force and over 60% of the population live in rural areas. Approximately 79% of the population live on under US$2 per day. Inhabitants of semi-urban and rural areas, (especially, women and the youth) are the most affected social groups.
Since the 1990s, the Government of Ghana put in place many poverty reduction strategies to arrest the situation, as is evident in the Governments GPRS 1 & 2. Currently the Government is in the process of inaugurating the Ghana Micro Finance Policy, (GHAMP) to control the Micro Finance industry.
There is a high demand for Micro Finance services as the Country has more than three million potential Micro Finance clients. GTZ estimates that about 75% of Ghanaians have no access to Financial Services. Only 10% of the estimated number of micro entrepreneurs has been served by the Micro Finance industry.
The Micro Finance market is, therefore, wide but competition is low. There are five different groups of service providers in the Micro Finance market. These include Rural and Community Banks (RCBs), Savings and Loans Companies (SLC), Susu Companies, Credit Unions and Financial Non-Governmental Organizations, (FNGOs).
The Organisation
Calvary Enterprise Development Foundation, (CEDEF) is a Christian based Micro Finance Organisation, classified as a Financial Non-Governmental Organisation, (FNGO) and registered under Act 179 of the Companies’ Code 1963 as a Private Company Limited by Guarantee. The principal objective of CEDEF is to provide Micro Finance and other non-financial services to fight poverty and create wealth among the target beneficiaries in order to improve their living standards to enable them to, holistically, sustain their families.
CEDEF is also, a registered member, in-good standing of the Association of Financial NGOs, (ASSFIN).
Believing that people are left in poverty not because they are lazy but that they have no access to working capital, CEDEF exist to support the holistic development of the businesses of the economically active-poor, marginalised or excluded groups, (especially women and youth entrepreneurs) who are committed to building sustainable livelihoods for themselves and their families.
The Company’s focus is on agricultural food production and marketing, trading, dressmaking and tailoring, hairdressing and barbering, carpentry and pottery. CEDEF’s purpose is to make fair credits available to the economically active-poor groups, (in some cases individual entrepreneurs) in both the urban poor and rural areas in the company’s operational areas. Promotion of women operated micro enterprises is of key importance.
Vision
CEDEF envision a self-sustaining Micro Credit Fund to support the economically active-poor members of the Ghanaian society, (especially women and youth) who, hitherto, had no access to fair credit to improve their businesses.
Our Corporate Values
Professionalism
We believe in stewardship, accountability, credibility, integrity and efficiency.
Transparency
Solidarity, sharing and free flow of information are our goals.
Team Work
Our strength is in participation, empowerment, tolerance and mutual respect for all who associate with us.
Customer Care
Our hallmarks are Customer satisfaction, sustainability, freedom and justice.
CEDEF
Cavalry Enterprise development Foundation