These days, the traditional path of getting a good education and going to work in the corporate world isn’t always the best way to find success. Although it’s still a great choice, many young people prefer instead to take a path of entrepreneurship, and there’s a lot we can all do to help them follow that path. Trade apprenticeship, community learning adventures, and smart financial lessons are just a few of the ways that we can instill an entrepreneurial attitude of success in our children from a very early age.
To gain financial freedom, one must embrace financial literacy –this is the ability to understand and effectively apply financial skills including personal budgeting, investments, managing financial challenges etc. Standard & Poor’s Global Financial Literacy Survey show that African countries score the worst in terms of financial literacy world-wide. The Global Financial Literacy survey measures 4 important foundations for financial decision-making— risk diversification, inflation, basic numeracy, and interest compounding.
FaFali’s Financial Literacy project work with the participants in our various programs and also in partnership with schools and communities to teach basic financial literacy skills that will enable our children to understand and effectively use financial skills.
These financial skills are as simple as budgeting, investing, credit management, and financial management. In other words, financial literacy is the ability to manage money. A strong foundation of these financial skills will help in achieving various life goals like retirement, education, and even going on a vacation.
Petty Trade & Investment
Petty trading can be referred to as an economic activity that involves selling (and buying) goods and services in small scale, ranging from agricultural produce to imported or local consumer goods. FaFali’s Petty Trade & Investment project is by which micro loans/grants are given to parents of the children in our various program so that they can be independent and able to support their children.
Parents undergo one week training where they learn basic business skills like Financial Management, Book keeping, Marketing, Sales and Customer Service.
This program is designed to meet industry standards, changing needs of productivity and work safety. Therefore, Fafali in collaboration with National Vocational Training Institute (NVTI) have developed an efficient, effective and dynamic apprenticeship training program. Our apprenticeship training is not limited only to on- the- job training at the workplace but includes classroom instruction or training.
This will enable the Apprentice to gain appropriate skills needed to perpetuate the respective trade sector and curtail the reoccurrence of apprentices’ engagement in trading in the markets or streets of Ghana.