WAITING A LIFE TIME TO BREAK THE POVERTY CHAIN

Posted: Wednesday, 13 February 2019

 

 

Doris Dankwaa is not sure of her exact age, she is not sure when the next bill for her children’s school fees will come, she doesn’t know what caused the death of her eldest son and she doesn’t know what the next day holds. However, one thing she can certainly be sure of is that soon she will have access to enough cash to handle most of her household needs through the aquaculture shares she purchased from SkyFox Limited.

Doris is a widow with three children and raising her son’s four children in a rural village called Kwasi Addae in the Afram Plains South District of the Eastern Region of Ghana. She lost her husband many years ago and recently lost his eldest son through an unknown sickness. Doris’s second oldest son lives a few meters from her and occasionally provide for Doris and her grandchildren. The children are often ill.

During the last visit of the Abotre Ye group to Adawso to monitor the progress of their investment, Doris could not go with the group because her five-year grandson had a fever and stomach pains. She could not take her to the health center because she had an expired Health Insurance and could not pay out of pocket. Doris and her family understand that it was important for them to have money and move out of the misery life they were in.

People like Doris is the reason why SkyFox created the share formula for its Integrated Aquaculture and Crop Production Project. While families such as Doris’ are not able to engage in any meaningful income generating activities, they can sacrifice to purchase a few shares in the SkyFox Aquaculture Crowd Farming Model to help them break away from poverty one day.

is belongs to the women group called Abotre Ye which has purchased 30 shares in the project, worth 300kgs at a cost of GHS 3,000.00 from SkyFox Limited. SkyFox, through USAID/SWFF financing provided credit financing to the group to purchase an additional 30 shares making a total of 60 shares (600kg of fish) and a total investment of GHS 6,000.00. With this investment, the group will receive 600kg of Tilapia after harvesting the pond in six to seven months’ time.

The anticipated date for the harvest is 22nd February 2019. Doris and all the other women in the group will meet other groups at the SkyFox project site on this day to collect their portions of fish. SkyFox guarantees the groups a minimum price of GHS 13/kg for tilapia. This means Doris and her group are hoping to make gross revenue of GHS7,200. After paying the Credit financing of GHS3,000 to SkyFox for the extra 300kg they received on credit, they will be left with GHS4,200, starting with an investment of GHS 3,000, meaning 40% return on investment over a seven-month period.

Doris has ten shares in this group, which entitles her to 200kg of fish (including the portion financed by SkyFox on credit). Doris expects gross revenue of GHS 1,400.00 from her investment of GHS 1,000 six months ago. “I have never made such a profit in any singly investment in my life and I never dreamt of this at my old age,” says Doris.

According to Doris, she plans to send her grandson, who recently dropped out of school for financial reasons, back to school. She is hopeful this intervention will support many families in her community to escape poverty in the near future. Doris cannot wait to receive her cash by the end of the month.

Story by Mununi Samyuri