Teresa’s journey from failed ventures to financial confidence in Ghana

ADONOI, GHANA (ILO News) – Teresa Oppong, a determined entrepreneur from the Adonoi community in Wassa Amenfi East District, operates five small businesses that showcase her remarkable drive and creativity. From selling provisions and drinking water to farming cocoa and vegetables, providing small loans to farmers, and running a modest clothing and sandal shop, Teresa’s ventures reflect her hard work and entrepreneurial spirit. Yet, her passion was hindered by a critical gap, a lack of financial management skills that often left her ventures struggling to survive.

© ILO/Robert

© ILO/Robert

Without clear financial goals or planning tools, Teresa launched every business idea that came to mind, operating without budgets, financing strategies, or even an understanding of short- and long-term priorities. The consequences were costly, and the impact was big considering the number of businesses she was operating at a time.

In 2023, she embarked on a bold initiative to construct a mechanized borehole in the nearby Bawdie community, a project that had the potential to transform local access to water. However, lacking proper financial planning, Teresa exhausted her savings midway, leaving the project unfinished.

“I would start businesses with excitement, but halfway through, I would discover I had no money to continue… The borehole project haunted me — all that investment sitting incomplete because I now know i did not plan properly.” Teresa

Teresa’s turning point came when the ACCEL Africa Project financed by the by the Ministry of Foreign Affairs of the Netherlands introduced financial literacy training to her Village Savings and Loans Association (VSLA) group. Over three intensive days, she participated in sessions on goal setting, budgeting, savings strategies, credit management, and financial planning.

The training opened Teresa’s eyes to principles that changed her approach to how to handle money and entrepreneurship in general.

“I learned to separate what I need from what I want…I discovered that not every business idea requires immediate action, some are long-term goals that need proper planning.” Teresa

Armed with practical tools, Teresa began applying what she learned, from setting financial goals and creating budgets to prioritizing investments and managing credit responsibly.

“The most powerful lesson was understanding that every goal needs a plan,” she emphasizes… Now I know where my money goes and where it should go.” Teresa

With renewed confidence, Teresa is now securing a loan to complete her mechanized borehole project in Bawdie, but this time, her approach is fundamentally different. She has drawn up a detailed budget, compared credit options to choose the most favourable terms, created a repayment plan aligned with her income, and set realistic timelines for completion.

“I am not just excited about finishing the borehole,” she says. “I’m confident because I have a plan. I know exactly how much I need, where to get it, and how to manage it until the project is complete.”

Teresa’s story reflects the transformative power of financial literacy, and how targeted training under the ILO’s ACCEL Africa project is helping women entrepreneurs across cocoa and mining communities in targeted communities by the project build stronger, more sustainable livelihoods.