Executive Director of YOWE, Mr. Emmanuel Nuetey Siakwa seen talking to fishmongers
About 50 fishmongers plying their trade at the Kpong Fishing Harbour in the Lower Manya Krobo Municipality of the Eastern Region have benefited from the Youth and Women Empowerment (YOWE)’s financial literacy campaign.
The initiative is aimed at empowering them to cultivate the habit of financial management, savings, and cost reduction to enhance their financial security.
The engagement saw leaders of YOWE, including its Executive Director, Mr. Emmanuel Nuetey Siakwa, the Board Chairperson, and Mr. Daniel Alimo (Technical Advisor), educate traders on financial management and savings that would help sustain their businesses.
The STAR-Ghana Foundation funded project under the theme: “Action for Voice, Influence and Inclusive Development (AVID -2)”, was designed to sensitize and educate women on the need to develop savings and investment habits for long-term financial security.
YOWE, as part of its contractual agreement with STAR-Ghana Foundation, under the AVID-2, seeks yo engage women groups, including market women associations, and women fishmongers and PWD groups in the two project districts for the 18-month period.
The Kpong fishmongers, like other professional businesses, sometimes struggle with unexpected expenses due to a lack of savings and investments.
As part of efforts to avoid this situation, Mr. Emmanuel Siakwa urged the fishmongers to cultivate saving habits and increase their savings year in, year out, stressing that developing financial discipline will safeguard against future uncertainties.
He underscored the need to save irrespective of how small their income levels are.
The Executive Director explained the several benefits that come with saving in the bank, including interest accruing on the capital, access to loans, being safe from unnecessary expenditures, and keeping their funds from risks such as theft and fire.
Though some of the fishmongers were currently saving individually, those yet to do this were highly encouraged to ensure that they open accounts with financial institutions of their choice to enable them to save.
At the end of the engagement, all participants overwhelmingly confirmed that they have been equipped with the requisite knowledge and practical skills to save to enhance their businesses for improved livelihoods.
The participants at the end of the engagement expressed gratitude for the valuable insights on savings and investments, adding that they are committed to applying the knowledge and skills gained to ensure financial stability.