Abstract:
Government of Ghana has put in place many measures to improve the wellbeing of cocoa farmers in the country through increase in the income they
receive from cocoa produce. Despite this, cocoa farmers in Ghana do not earn
the quality premium received by Ghana cocoa on the international market.
This study examined the influence of cocoa farming business and financial
literacy on the social welfare of cocoa farmers in the Brong-Ahafo Region of
Ghana. The study employed both qualitative and quantitative methods in the
study and data collection was done using questionnaire and interview. A total
of 106 cocoa farmers were selected using simple random sampling technique.
Analyses of the data were done by using both descriptive and influential
analyses. The study revealed that cocoa farmers depend mostly on the income
from cocoa, and since most of them are peasant cocoa farmers andthe income
they receive is not much, it has an adverse effecton their living standards.Also,
the study found that, (65%) of the respondents do not save, thus, having a
negative effect on theirwell-being.The study showed that, financial literacy
level of cocoa farmers have a positive effect on their well-being. The study
also found that educational level has a positive effect on cocoa farmer’s wellbeing whereasnumber of dependents of cocoa farmers and age have negative
impacts on the well-being of cocoa farmers. The study thereforerecommends
government must increase the cocoa producer price which will help raise the
income of cocoa farmersin order to enhance theirwell-being. Also,
COCOABOD and government must offer financial literacy education to cocoa
farmers.
