With assistance from Foundation Sucres et Denrées, a French firm that works in commodity supply chains, Cocoa Abrabopa organized a financial literacy workshop for its Cocoa Abrabopa Association (CCA) farmers as part of an educational program for the nation's cocoa growers.
The goal of the Gender Inclusion and Financial Literacy training initiative was to provide farmers with financial literacy skills that they could use in their farming operations.
The farmers had instruction in maintaining financial transaction records to assist them in obtaining financial institution support, respectful relationships, family vision for the future, money management, supporting your partner's work, and future planning.
Objective
Ismaila Pomasi, the CAA Council Chairman, noted during the training that while cocoa growing remained a crucial economic activity in Ghana and greatly boosted the nation's foreign exchange revenues, "the bulk of cocoa farmers in Ghana had limited access to financial literacy programs."
He said that their lack of financial literacy and education has negatively impacted their culture of saving as well as their ability to participate in the official financial system.
Even though some of the farmers have been in the industry for many years, according to him, "they do not even have bank accounts.
Due to the few transactions or usage, even people who have opened savings accounts occasionally have such accounts declared inactive by the institutions.
rates of interest
According to Pomasi, farmers made money during the two main cocoa harvesting seasons, but the majority of them did not save enough money to cover their future expenses because of low wages and subpar money management.
He said that the majority of these farmers turned to borrowing to meet their expenditures during the transitional time between managing the farm and harvesting, which they then had to return at high-interest rates, further aggravating their precarious financial condition.
The training was designed to increase the farmers' financial literacy, managerial abilities, and level of savings contributions, according to Patrick John Van Brakel, operational manager, and chief financial officer for the CAA.
Focus
According to Sarah Evelyn Naa Du Abblew, the manager of the Cocoa Abrabopa Pension Plan and human resources officer at the CAA, the training focused on gender equality and how men and women may cooperate as helpful and respectful partners to produce a more successful and prosperous home.
To encourage women and their homes to save, she continued, "We are giving them a piggy bank; the goal is to give room for households to save towards contributing to their CAPS."
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