Financial literacy of cocoa farmers in Ghana

George Osei Akoto, Kingsley Opoku Appiah and James Kennedy Turkson

International Journal of Accounting and Finance, 2017, vol. 7, issue 1, 11-30

Abstract: Approximately 800,000 farm families are spread over six of ten regions of Ghana while empirical evidence on cocoa farmers' financial literacy remains sparse. This study examines the level of personal finance literacy among cocoa farmers. It also examines whether gender, age, level of education and farm size are related to cocoa farmers' financial literacy. A structured questionnaire is employed to collect data from randomly selected 569 cocoa farmers in the Assin Foso and Twifo Praso districts of the Central region. We use logistic regression analysis to estimate whether cocoa farmers' demographic variables are related to their level of financial literacy. We find that cocoa farmers have lower levels of financial knowledge. The level of financial literacy of cocoa farmers in Ghana is also related to their geographical location, age and education levels. This study provides stakeholders in the finance industry with vital information that will enhance decision making and policy directions. This study contributes to the literature of financial literacy from the perspective of cocoa farmers in Ghana, a Sub-Sahara Africa country.

Keywords: financial knowledge; financial capability; financial education; financial literacy survey; financial planning; Ghana. (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.inderscience.com/link.php?id=83928 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:intjaf:v:7:y:2017:i:1:p:11-30

Access Statistics for this article

More articles in International Journal of Accounting and Finance from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().