The Youth Advocacy on Rights and Opportunities (YARO), a Non-governmental Organisation (NGO), has empowered thousands of people in the Upper West Region through the Village Savings and Loans Associations (VSLAs) initiative.

The NGO said it had currently formed over 700 VSLA groups in some districts and municipalities in the region, including the Wa Municipality, Wa West, Wa East, Nadowli-Kaleo, and Daffiama- Bussie-Issa (DBI) Districts.

Mr Salifu Ibrahim, the Programmes Coordinator of YARO, who disclosed this to the Ghana News Agency (GNA) in an interview in Wa on Tuesday, said the VSLA was more beneficial than saving one's money in the bank.

He said last Wednesday for instance, a VSLA group in Wa made up of 35 members had saved over GH?100, 000.00, and made a profit of about GH?22, 000.00 over one year period.

"Considering this, I can say the VSLA is more profitable than saving your money in the bank. They bought shares at GH?10.00 per share, and today a share goes for GH?12.00.

"This means of every GH?10.00, you get GH?2.00 profit. I don't think if you save GH?10.00 anywhere you will get GH?2.00 profit in one year", he explained.

He said the VSLA was helping to bring women together to enable them to build cash assets, start some businesses and support themselves and their children's development.

Madam Lariba Yendao, a beneficiary of the VSLA in Wa said her VSLA group started operating about nine years now and had helped improve the economic status of the members.

"It is very helpful to us. At the end of the year, we get some profit on what we saved and we can support our businesses and do other things", she stated.