Teaching Farmers Financial Literacy

Summary

Many of the farmers who work together within a local agricultural common interest group (CIG) never record the money exchanged during business transactions. After a sale, most farmers do not take the time to consider whether money was made from selling their harvested crops, where their money went, or what they could be doing to maximize profits. It appears that the concept of determining whether any particular venture resulted in a profit or loss is almost nonexistent.

Solution

This project will involve hosting a common interest group (CIG) workshop to educate local farmers on business concepts which include, but are not limited to, financial budgeting and general record keeping so they can better track their expenses and earnings, instilling an overall awareness of where their money is going.

Long-Term Impact

Through local business transaction examples, role playing, and group discussions, the CIG attendees began to not only understand the importance of these new concepts, but started to actually develop their own reasons for applying what they learned to each of their businesses. Equally as important, many of these activities support planning, a skill that is rare in the Kenyan culture. The workshop also had a variety of speakers touching on everything from advanced greenhouse farming techniques to a lesson on niche marketing with a live supply and demand curve. The workshop not only provided education on long-term financial planning, but inspired the farmers to discuss the possibilities of long-term expansion, including extending their reach to larger cities like Kisumu.

Status

Initiated in 2013 and currently completed.

Project Photos

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