Making youth Agribusinesses fit for finance
More than 32 young agripreneurs have participated in two-day training of trainers on financial situationself-assessment , from expenses to cash flows up to the basics of record keeping, getting familiar with financing options -financial jargons used by financial institutions, the variety of existing products and as well as how to make a choice based on different scenarios-. These Youth agripreneurs who are undergoing this training as future trainers of their fellow youth in different districts were also equipped with skills on how to navigate financial tools to assess choice-making options as well as understanding risk management.
“This training comes at the right time. I am learning new important financial procedures that are very pivotal to achieving my dream of being a big pig farmer in my province. I am certain that young farmers in my district will greatly benefit from the knowledge I am acquiring. I really thank FAO for this opportunity” said Marie Louise Tuyambaze, a 23-year-old pig farmer who participated from Gakenke district, Northern Rwanda.
Jean Claude Munezero, attended the training from Ngororero, Western Rwanda. He is a young agribusinessman. His company ‘Agri- veterinary peace counter limited’ employs 5 people who sell agriculture and veterinary input.
“ I have a target of expanding my business by increasing the quantity of our products and the number of my staff. This will only happen if I know how to properly deal with my finances. I am really enjoying this training because I am learning a lot about how to record and manage expenses, income, cash flow, and loans. These are the things that I am sure my fellow young businessmen will be eager to be trained on. I believe, I will be a good trainer too” said Munezero.
The training on how to be ‘Fit for Finance’, is organized by Rwanda Youth in Agribusiness Forum (RYAF), an implementing partner of the Food and Agriculture Organization of the United Nations (FAO) under the project titled Promoting employment opportunities and agripreneurship among youth and women in Eastern Africa funded by the Government of Japan.
“ Equipping youth in Agriculture with financial skills helps them navigate a competitive business world. It makes them fit for finance and turns around agribusiness- what has been for many years a subsistence occupation, into thriving businesses that create decent jobs. That is what FAO wants to achieve. To entice and facilitate youth in Agriculture for sustainable food security” said Caritas Kayilisa, ICA Project Coordinator.
The agriculture sector in Rwanda provides 90 percent of employment opportunities. FAO and the government of Rwanda’s joint efforts to entice youth to join the sector are yielding promising results. Across the country, more youth are considerably joining agripreneurship. Rwanda is a youthful country, youth makes up 60 percent of the entire population. Agriculture actors are working to spur agripreneurship among the large proportion of that percentage. However, Rwanda Development Board says that a big chunk of agribusinesses established by youth rarely celebrates their second anniversary due to a number of setbacks including but not limited to the lack of sufficient capital, collateral, load guarantors, and limited knowledge of finance and business management.