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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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African leaders urged to educate farmers on financial inclusion

bycitibusinessnews
April 17, 2016
in Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The MasterCard Foundation Fund for Rural Prosperity has urged African leaders to focus on linking the agricultural sector with financial technology to improve the general welfare of poor farmers in rural areas.

The Foundation, in a survey pointed out that financial technology can increase access to financial services for many; rural smallholder families in Sub-Saharan Africa to move them into financial inclusion.

According them this will also expand access to appropriate financial facilities that are  key in helping smallholder families to manage their daily risks and improve their well-being .

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“Most smallholder families could earn more if they could grow more with a combination of the right skills and better agricultural equipment , seeds and fertilizer as well as a more developed and organized market place”, the report stated.

It pointed out that, currently there are many challenges to expanding access to financial and other asset building services for smallholder families.

First, there is the physical distance between many small holders and financial service providers , making it difficult to reach farmers in a cost effective  manner.

Secondly, many of the farmers were discovered to have limited or no interactions with financial institutions; which prevents them from seizing opportunities that might be available to them through greater financial inclusion.

Another observation pointed out was that Farm families have complex financial diaries which compel farmers to make wrong decisions on important things that affect their lives.

The report stated for example that farmers make wrong decisions on how to appropriately allocate scarce resources to meet competing demands, such as how much of their crops  be sold and how to acquire additional non-agricultural sources of income.

Additionally, the report stated that many smallholder farmers in sub-saharan Africa are not linked to a cooperative  group that could help them to facilitate access to financial services.

–

By: Lawrence Segbefia /citibusinessnews.com/ Ghana

 

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