Please describe your proposed solution.
<u>WHY NOW</u>
“The proliferation of global value chains has come with significant power asymmetries between global buyers and local farmers, thus restricting farmers’ ability to reliably access profitable markets, effectively bargain with their trading partners, and diversify and upgrade their income-earning activities”
[Source: Oxfam.org: https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620596/dp-living-income-smallscale-farmers-151118-en.pdf]
Also, from observations from Agric companies,
From observations from Agric companies,
The team has worked with Antika Company Limited, Heritage Seeds Company Limited, etc. Their form of doing business is normally with cash. Due to levies and taxes, the cash is subjected to high service charges when transacting with Mobile Money and other financial institutions. This reduces the value of the money. The players in the sector need a platform that allows for faster transactions and lower service fees.
Normally the farmer is always disadvantaged by the shortcomings of cash which are
- Costly to collect and send
- It can be stolen or misappropriated
- Slow to transport
Normally the farmer is always disadvantaged by the shortcomings of cash which are
<u>HOW IT WORKS. </u>
The project will be in two(2) phases
<u> PHASE I</u>
<u>Farmer to Farmer peer-to-peer transactions </u>
this section will involve the following. Workshops, Online training sessions, and practical training sessions will aid the farmer to have a smooth usage of the yoroi wallet.
I. Knowing our Farmers: digitization in Agriculture starts with understanding the financial life of the farmer and then establishing a level of comfort for the usage of that new digital financial service. This will help put the Farmer's financial behavior at the center of digitization.
II. Build internal and external value proposition for Ada payments: Through a series of training for Farmers, a clear picture will be created for farmers on the use of Ada for transactions,
Farmer to Farmer.
Farmer to a market
Thus increasing the level of acceptance of Ada for payments.
III. Enable Farmers to spend their funds and access services digitally: just training Farmers won't be enough but making Farmers have an ecosystem where they can freely use Ada when and how they want to. At this point, Agritech society will create a physical Agri Input market that will accept Ada for payment of goods and services
iv. Sensitizing farmers on the value of Ada Payments using the yoroi App: This starts with developing materials eg. small Handouts, illustrative materials, media files like recordings, or short videos to explain how the Cardano payment using the yoroi wallet can be done.
<u>PHASE II</u>
The Market
Agritech society will create an ecosystem where farmers can freely use Ada for transactions, by creating an Agri input shop where farmers can buy inputs and pay with Ada. Farmers paying with Ada will be given a discount of 10 to 15% depending on the volume of goods bought and the type of goods bought. Discounts given to farmers will enhance a switch from the fiat system of payments to the Ada system of payment using the yoroi wallet.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
“Agriculture in the 21st century faces multiple challenges: it has to produce more food and fiber to feed a growing population with a smaller rural labor force, more feedstocks for a potentially huge bioenergy market, contribute to overall development in the many agriculture-dependent developing countries, adopt more efficient and sustainable production methods and adapt to climate change.”
[Source: Food and Agriculture Organization of the United Nations: www.fao.org/fileadmin/templates/wsfs/docs/Issues_papers/HLEF2050_Global_Agriculture.pdf]
This project will help to solve issues related to,
- the farmer
- The unemployed
- food security and poverty
- the Cardano Community
- The farmer: A farmer who gets involved in this project happens to learn about the Cardano blockchain, and gets a secured way of transacting in the Agri Community of Ghana using the Cardano payment system also discounts given to farmers with Ada transactions will ease the birding on spending much for goods and services
- Unemployment: a few unemployed youths will be recruited to help run the project for the few months the project will run for.
- Food Security and Poverty:
- even though discounts on goods and services will only live as long as the project farmers will at least enjoy a price fall in prices of goods and services that can help ease their birding.
- The project will also employ at least 12 unemployed youth to help run the project and will be paid for services provided, thus improving their living conditions.
- price drops will give farmers the capacity to cultivate more acreages, thereby increasing farmers' yields. these yields can be realized into money when sold thus elevating the living standards of the farmer and reducing hunger in the society due to high yields.
- The Cardano Community: The Project is designed to create an ecosystem where farmers can freely use Ada in purchasing Agri inputs in the agricultural value chain, thus increasing the adoption and usage of the Ada coin.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
- Language barrier: Most farmers are not literate and Training in the English Language will be much of a problem
Solution: Recruitment of 10 CBA's (community-based Advisors) from different parts of the Savana belt of Ghana can help translate to farmers the being given out, also instructional materials will be provided on simple steps to send and receive funds on the yoroi wallet.
- How to obtain Ada in the yoroi wallet: people might have a problem getting Ada for transactions and how to convert their fiat currency to Ada.
Solution: farmers will be trained on how to obtain Ada through exchanges like Binance and also from Certified trade who trade in Ada eg Staff of Wada.
- Participation risk: A new initiative always has people afraid and reluctant to participate in workshops and training events.
Solution: Advertisement through radio and TV stations, and social media outlets to create awareness.