KINGSTON, Jamaica — Farmers and agricultural stakeholders across Jamaica will receive financial literacy and business management training in the second phase of the Rural Agricultural Development Authority (RADA) Financial Literacy and Inclusion Training Programme.

The initiative, being implemented in partnership with the Development Bank of Jamaica (DBJ), aims to enhance the financial capacity of agricultural sector stakeholders by equipping farmers with the knowledge to effectively manage their enterprises.

The first phase of the programme commenced in June, during which 43 RADA extension officers were trained to serve as facilitators, tasked with delivering vital financial literacy and business management knowledge to farmers within their respective parishes.

Speaking during the programme’s launch at the Medallion Hall Hotel in Kingston on Thursday, RADA’s Chief Executive Officer (CEO), Garnet Edmondson, emphasised the importance of financial literacy in agriculture, noting that it plays a critical role in advancing Jamaica’s food security.

“If Jamaica is to achieve full food security [and] import substitution, we must start to build out our farmers. It makes absolutely no sense offering a farmer [some] chicks, feeds, [and] whatever [other] inputs or subsidies, without them understanding the importance of the financial management of their businesses,” he stated.

Edmondson explained that effective farm business management involves tracking daily operations, such as fuel used for transporting produce, wages paid to labourers, and decisions made by farmers on how to allocate earnings after crop sales.

The CEO further emphasised that while these decisions may appear minor, they have a direct impact on profitability. As such, he underscored the need for a mindset shift among farmers, encouraging them to approach their operations as businesses rather than simply farms.

“If our farmers understand that what we do today impacts national growth and productivity, they [will] realise that they are part of a chain, part of a system that is going to enhance total economic development,” Edmondson said.

Consequently, the CEO expressed gratitude to the DBJ for its involvement in the initiative, noting that it responds to a long-standing appeal from farmers seeking financial support.

Edmondson also noted that farmers who have already achieved remarkable outcomes with limited knowledge stand to benefit significantly from the programme, positioning them for exponential growth and long-term sustainability.

For her part, Acting General Manager for Project Management at the DBJ, Sophia Bryan-Terry, reflected on the programme’s vision, noting its implementation in partnership with RADA and the Jamaica Agricultural Society (JAS) at a cost of $29 million.

She referenced a partnership agreement signed in March, designed to strengthen financial literacy and promote inclusion within Jamaica’s agricultural sector.

“At the signing, we shared our vision, which was to change the game in agricultural lending by ensuring our farmers and agricultural businesses have the knowledge, tools, and support to navigate the financial system. We want to get you all to the table to have a powerful say in the future of your businesses and, ultimately, this critical sector for our country,” Bryan-Terry said.

She further explained that the programme is designed to “create sustainable agribusinesses and financing models with private sector participation while improving the sophistication and investment favourability of agriculture in Jamaica, ensuring that our farmers are financially eligible.”

Bryan-Terry encouraged farmers to take full advantage of the programme and leverage the expertise of RADA extension officers, who have been specifically trained to guide them in financial planning and loan readiness.

The initiative is also supported by the Agro-Invest Corporation (AIC) and ACDI/VOCA, an international non-profit organisation that promotes growth and improved standards of living through projects that foster durable, locally driven systems for food security and economic opportunity.

—   JIS