Secrets of my Success

April 1, 2010 By admin Leave a Comment

Name: Erica Kyere
Age: 29
Occupation: Kuapa Kokoo Ltd Communications Manager
Divine Chocolate is the only Fairtrade Chocolate company owned by cocoa farmers. The success of Divine means that farmers of the Kuapa Kokoo cooperative in Ghana can have a secure source of Fairtrade income, and a share of Divine profits, to transform their lives. Erica is a key contact between Kuapa Kokoo, Divine Chocolate Ltd, and the educational charity it set up Trading Visions. She is responsible for research & development, education programmes and communications.

Vision: I grew up in the small town Mampong, near Kumasi, Ghana, with my family. As a child, I aspired to be a banker, as I believed all that mattered in life was earning a lot of money and having all the good things in life. I knew that to be able to have a good life, I had to study hard to secure a very good job. So, I went on to study for my degree in Economics in Management at the University of Ghana before taking a master’s in Business Administration at the Kwame Nkrumah University of Science and Technology. After graduation, I worked for a project sponsored by USAID (United States Agency for International Development) called Community School Alliance, and as part of my job, we travelled far and wide to the remotest parts of Ghana. The communities we worked with were very poor – most of them had no electricity and water. But when I saw many social projects that had been provided by Kuapa Kokoo, I was very inspired and wanted to be a part of that. I realized that the world was not about only the finer things, but rather how well you are able to help other human beings make something out of their lives. I received a lot of training, which I took very seriously, and Kuapa Kokoo offered me opportunities other companies in Ghana would not have given to somebody who was fairly young with very little experience.

Challenges: A challenge I faced when I started the job was how to deal with the media. I was very conscious of the fact that I could be misquoted or misrepresented at any given time. Of course, I overcame this worry by learning how to communicate more effectively. There is also a negative perception of farming. My friends laughed when I told them I was abandoning my dreams of becoming a banker to take up an appointment with a farmers’ organization. They saw it as giving up the glamour associated with the banking industry to take up a rural lifestyle. Now they all realize that I made the right decision, and I am very satisfied with my job!

Most enjoyable: I enjoy the fact that I am the first point of contact for most visitors to the only cocoa cooperative in the world that owns a chocolate company. It gives me the opportunity to sell the organization the best way possible, and I am also able to travel around the world to talk about Divine Chocolate and Fairtrade and what they mean to Kuapa Kokoo. It is great that ownership of Divine Chocolate has given farmers a voice in the global chocolate industry and the benefits associated with that. I feel fulfilled when a farmer smiles at me after I have done something that he thinks has impacted on his life positively. I think it is with determination that the farmers were able to do an extraordinary thing like starting the cooperative, and they are very proud of owning a stake in Divine. Also, I enjoy working with the schoolchildren and serving as a positive female role model who they can look up to. Kuapa Kokoo has impacted on my life positively, and working here has encouraged me to be very determined in life.

For further information about the Kuapa Kokoo farmers and the story of Divine, please visit www.divinechocolate.com or email info@divinechocolate.com

Filed Under Careers

Akwasi’s Financial Q&A

March 30, 2010 By admin Leave a Comment

Akwasi’s Financial Q&A
Financial advice from Akwasi Duodu (akwasi@sterlingandlaw.com)

_wsb_225x338_dreamstime_10779427Q: My bank has been on my case to set up a regular, monthly stocks-and-shares ISA. Should I shop around for a better deal, or should I just take the plunge and do my ISA with them?
A: Shopping around for a better deal can be a mug’s game, especially with something as complex as stocks-and-shares ISAs, which would normally require advice about your investment strategy, approach to investment risk, term of investment and contribution amounts. To compound the problem, you won’t find lists of stocks-and-shares ISAs on price-comparison websites. Shopping around yourself may indeed lead to confusion, and you could end up doing nothing as a result. If you want something quick and easy, take the plunge and do it with your bank. If, however, you are a discerning investor who wants to maximize capital-growth potential, speak to your independent financial adviser (IFA), who will have all the tools to do the shopping around on your behalf. Your IFA should also be able to help you choose your investment strategy in accordance with your attitude to investment risk. It is also important to review the plan regularly, so make sure you discuss this with your adviser.

Q: My fixed-rate mortgage deal has come to an end, and I am now on the standard variable rate. My monthly repayments are much lower than before. Should I stay on the standard variable rate, or should I switch to another fixed-rate deal?
A: Interest rates are at historically low levels, and the general consensus is that interest rates are likely to start going up again in 2010 – especially if improvements in the economy continue. However, the best fixed-rate deals around at the moment are highly “equity dependent”, meaning only those with equity of 30% or more in their property are likely to qualify for the best mortgage deals. If you have a lot of equity in your property, going on to a fixed rate now could be a masterstroke with fixed-rate deals of less than 3% being available. If, however, you don’t have much equity in your property, it may be better to stay on the standard variable rate and use what you are saving on a monthly basis to reduce your mortgage.

Q: My new employer operates a group pension scheme, and I am eligible to join it straightaway. They will match my contribution of 5% of my salary. I don’t intend to stay there very long; should I join the scheme, or is it not worth bothering?
A: Join the pension scheme. Many people envisage that they will not stay with an employer very long, only to end up being there for 10 years! If that happened in your case, you would be very pleased to have made the decision to join the pension scheme. If indeed you do leave your employer, say, within two years of service, you will have the option of transferring the value of your pension fund to a new pension plan of your choosing, such as your own personal pension plan or to a new employer’s pension scheme. You also have the choice of a refund of your contributions. The drawback here is that the refund is taxable and only pays your own personal contributions back to you. You will lose your employer’s contributions if you opt for a refund. Either way, the choice is clear. Join the pension scheme. You have nothing to lose.

Q: I have had a recent promotion, meaning that I am now in a position to start saving on a regular basis. However, I still have a number of credit-card debts and personal loans outstanding, totalling about £15,000. Should I pay off my debts or start saving for the future?
A: Pay off your debts. Saving money while in debt is a little like building a castle on the sand. The whopping debit interest rates you’ll be paying on your credit cards and loans will negate any credit interest gains you make on your savings. It is therefore better to direct your resources towards your debts. A variation on this theme would be to put some money aside into a separate account, waiting for this to build up to a significant value and then using this sum to make bulk payments to reduce your debts in larger chunks. It’s more fun. Once you have cleared your debts or reduced them to a manageable small amount, you can then consider short-, medium- and long-term strategies to save for the future.

Q: I have recently been blessed with a baby boy. Are there any insurances I should be considering as a single mum?
A: Yes. As a start, I would suggest some life insurance written under trust to your son. Then write a will. This will ensure that, in the unfortunate event of something happening to you, you would have left your son with the financial head-start in life we all wish we had, together with details of your wishes, such as who would be his legal guardian. This is extremely important and should be arranged as a matter of priority. If affordable, I would also suggest a long-term savings plan for your son be set up before he starts walking. Speak to your IFA, who should be in a position to advise you on the best way forward with regard to how much cover you’ll need, the best savings plans out there and getting your will sorted once and for all.

Filed Under Finance