Sowing seeds of success

SINCE announcing in February that it is establishing the largest rice crop in recent Papua New Guinea history in Markham Valley, Trukai Industries and its partners have been teaching more than 100 local farmers how to manage their money.
Alongside the Chingwam Rice Growers Cooperative, Trukai is establishing a 500-hectare rice plantation near Rangiampum.
Apart from working alongside Trukai’s rice development team to learn the fine arts of growing commercial rice crops, farmers are now being given financial literacy training too.
The training has been delivered jointly by MiBank and Niugini Strategic Services Ltd, in conjunction with Trukai Industries, to farmers from the cooperative at Rangiampum village.
“With the economic boost to local communities that will accompany this major project, these further initiatives empower these communities to be able to leverage their endeavours towards improving rural livelihood and wealth through savings strategies, including household savings,” said Trukai Industries’ rice development manager Humphrey Saese.
During the training, farmers learn the fundamentals of finance literacy including budgeting for essential household expenses, savings advice, money management and basic banking like opening a bank account.
“The future is very bright for local farmers on the back of the large scale rice farming announcement and plans for expansion that we have in place,” Saese said.
“But with that opportunity comes a responsibility from our farmers to ensure they are contributing positively to improving local living standards. This is the ideal result for all stakeholders.
“Financial literacy is a cross-cutting agenda which is closely linked to general attitude Papua New Guineans, literacy level and economic opportunities they have access to.
“We envisage that when farmers start to earn substantial cash from such development they need to be taught basic skills in simple financial management, hence this type of financial literacy training will prepare them well.”
Under the management of Trukai’s rice development team, the site will be progressively expanded up to 1500-2000 hectares over a number of seasons, pending relevant agreements.