Though every child is yearning to have a quality education, many parents in the Upper East Region still find it difficult to cater for their children’s basic needs in schools due to the financial challenges they often face.
The situation sometimes does not only traumatize parents psychologically but pushes many children to drop out of school at a younger age.
According to the Ghana Statistical Service 2017/2018 Cluster Survey, attendance rates of children at the primary levels usually improve but fall sharply at the Junior High School levels as only two out of every five children usually continue to attend.
In view of this, Naara Rural Bank, a community bank in the Upper East Region has developed a special deposit scheme called Naara Child Educational Trust Account (NCETA) aimed at helping parents to meet their children’s educational expenses.
The scheme, according to the General Manager, Samuel Namoog answered parents questions of how they can provide quality education for their wards as farmers in a community.
“Most parents all over the world wish to see their children have better education and Naara Child Educational Trust Account is in a better position to provide them with an easy and effective way to give their children that opportunity” he said.
Speaking at the 29th Annual General Meeting, he explained that a parent needs a minimum contribution of twenty Ghana cedis either on a daily or monthly basis to qualify for the package.
“Though there is a minimum amount that a parent can contribute, it is advisable to raise an appreciable sum. One can equally deposit one’s surplus funds from one’s account at any time to grow the account balance. There is no maximum limit that a parent should contribute to the scheme” he explained
MR. Namoog, however, added that the unique feature of the scheme is that,it provides the successor interest while some educational policies do not at their respective institutions.
“The scheme provides you with the opportunity to make withdrawals of saving in a three-year time. It also gives you interest” he indicated.