Ghana and Nigeria have been consistently among the top 4 aquaculture-producing countries in Africa. Nigeria is predominantly (above 90%) a catfish-producing country, with annual production nearing 1,300,000 MT. Ghana is predominantly (80%) a Nile tilapia (Oreochromis niloticus)-producing country with an estimated 89,000 MT annually. Smallholder farmers contribute 80 to 85% of the total production in Nigeria and about 50% in Ghana.
Although smallholder farmers play an important role in production across Africa, they often face the challenge of raising capital and attracting investment to grow their businesses. Among the underlying reasons is the principal problem of a lack of financial records. Small-holder farmers do not prioritize the need to record financial data (bookkeeping) for lack of knowledge and skill to do so and/or inadequate beneficial motive to do so.
While the science of aquaculture is continuously researched, documented, and taught, the business and entrepreneurial aspects of it are inadequately documented and farmers are left by themselves to learn very costly lessons repeatedly. This paper documents and reports the suitability of a farmer-designed financial and bookkeeping training module that was rolled out to fish farmers in Ghana and Nigeria in June 2023 and the trainees’ feedback. The modules taught farmers to prepare and interpret income statements, calculate margins and markups, and create business model canvases, among others.
Surveys were administered before and after training, along with focus group discussions, to a total of 38 respondents. Results indicated that 80% found the teaching material extremely effective. About 97% of participants found the bookkeeping methods implementable by themselves in their businesses. In all, 100% of participants had their training expectations exceeded, with 96% recommending other farmers attend the training.