Insecticide and additional capital

Abubakar

Techiman, Ghana

100% repaid

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How it Works

Entrepreneur

Name

Abubakar

Member since

August 2017

On-time repayments

32 installments • 56%

About Me

I am Abubakar Abdallah. I had my elementary education at Brohani Islamic school between the years 2000 and 2009 in the Bring Ahafo of Ghana. My parents are Mr and Mrs Abubakar. In the course of my education I lost my uncle who was taken care of me and I decided to move from the village to Wenchi to work as a house help. Due to the good behaviour I demonstrated to the woman whom I was working with with she decided to cater for my secondary education. When I completed my secondary education I worked with her for about 8 years. I decided to use the money I had to go into the cultivation and buying of cashew nut. The major occupation of the people in Brohani is farming. I couldn't further my education to the higher level due to financial constraints and I want to work harder to educate my children to the higher level of education. Football and table tennis are my hobby.

My Business

I am into the cultivation and buying of cashew nut. In recent time, there had been a tremendous increase in the demand of cashew nut due to the the increase in it exportation. Cashew nuts are used for the production of cosmetics and other purposes. Many people in Brohani are farmers and they have become successful through this type of farming. Also I inherited 10 acres of land from my uncle who was taken care of me and I decided to make good use of it. I in incur about GHs 2000 every year on insecticide for spraying the farm and also weeding the farm. I generate about GHs 4000 every year through the sales of my cashew nut and the profit on the buying of cashew nut from other farmers. I use 40% of this profit on my children education and house keep.

Loan Proposal

My first loan will be used to buy insecticide for spraying to prevent insects that destroy the crops in the flowering stage. Confidor is a major insecticide used which cost 20 dollars per bottle. Because I am a buyer a lot of farmers depend on me for insecticide which I help them with this loan. And part of it will be used to increase my capital for buying of the cashew nuts from other farmers. Am expecting my profit margin to increase about 30% when this loan is granted to me.