Location: Karaga District, Northern Region
Farmers in the Northern and Upper East Regions are being encouraged to embrace budget planning as a powerful tool to enhance their financial performance and secure their farm businesses. At a community engagement held at the USDA-National Institute of Food and Agriculture (NIFA), Professor Osei-Agyeman Yeboah, the Project Coordinator of North Carolina Agricultural and Technical University, stressed the significance of budgeting planning in the new era of agriculture.
The USDA-NIFA project, in collaboration with 1890 Land Grant Universities like the University of Maryland East Shore and North Carolina Agricultural and Technical University, is a joint effort to reach communities with cutting-edge technologies, improving food security and nutrition across the country. The project is being implemented with support from the Council for Scientific and Industrial Research – Savanna Agricultural Research Institute (CSIR – SARI).
According to Professor Yeboah, a financial plan enables farmers to predict and protect their finances effectively, unlocking opportunities to access loans, secure equity funding, and maintain farm sustainability. Budgeting empowers farmers to identify cost and income items that might otherwise be overlooked, allowing for the reinvestment of surplus funds.
“It’s essential for farmers to practice accurate record-keeping, especially during reconciliation,” Professor Yeboah emphasized. Accurate records play a crucial role in reporting the correct amount of money spent or earned from the farm, facilitating sound financial decision-making.
Dr. Issah Sugri, Senior Research Scientist at CSIR – SARI, highlighted that the project aims to implement a series of integrated interventions to enhance sustainable and resilient crop-livestock productivity in the two regions. The envisioned improvements in nutrition, value chain enhancement, and market accessibility will lead to increased incomes and improved food and nutrition security.
A key message shared by the researcher was the importance of well-maintained, accurate records and establishing sound record-keeping systems to become successful farm managers. “Keeping accurate records has benefits such as helping farmers plan and complete realistic forecasting for the next year,” he added.
As the project continues its transformative journey, farmers are urged to embrace budget planning as a crucial step toward maximizing their financial performance and achieving lasting farming success. By integrating cutting-edge technologies and implementing sustainable practices, this collaborative effort seeks to empower farmers and uplift communities across the Northern sector. Together, we build a brighter and more resilient agricultural future for Ghana.