The Difference Between Ghana Cocoa Farmers’ Personal Profile on their Financial Sustainability

Abstract

In pursuing their enterprises, cocoa farmers now need financial sustainability. This research focuses on financial sustainability because it is linked to the accessibility of agricultural funding and the effect on society for current and future generations in order to guarantee a sustainable livelihood. This study considers the personal profiles of cocoa farmers, which are sex, education level, number of dependents, and farm sizes. The cocoa farmers profile has a divergent view on their financial sustainability. The study is quantitative research andcorrelational design research. The sample population of 1,000 Cocoa farmers was conveniently sampled from the six cocoa-growing regions of Ghana as respondents. The study used selfconstructed questionnaires to measure financial sustainability, which had sub-variables of financial viability, financial self-sufficiency, and financial impact. The statistical analysis for the differences was computed by using SPSS 23 with T’Test and ANOVA. The results of the study revealed that there was no significant difference in a number of dependents and educational level of cocoa farmers on their financial sustainability. Also, farm size and sex proofed to have a significant difference in the financial sustainability of the cocoa farmer. Large farm size indicated a major difference in financial sustainability as compared to small farm size. Male cocoa farmers were better than the female cocoa farmers on their financialsustainability. The dominance of males in cocoa farming in Ghana makes them consider the financial sustainability of the cocoa farming venture more than females. This is because they are mainly supporting the livelihood of their families. Farm Size as a determinant of financialsustainability is evident by the yield larger farm size can give a cocoa farmer. The study recommends that in order to attain financial sustainability for the cocoa farmer, the farm size and sex must be considered.