At present, in Ghana and numerous remote areas worldwide, it is crucial to recognize that traditional income sources in these isolated regions are perceived as reliable and stable. Conversely, cryptocurrencies are often regarded as unfamiliar and extremely volatile. I think we've all seen this over the last few days and even months.
‍
Ghana's lack of clear regulations regarding cryptocurrency heightens associated risks, fostering a widespread sense of distrust among local residents. Why is this the case? Like many regions, Ghana faces significant infrastructure challenges, particularly regarding unreliable internet connectivity. As a result, traditional income sources are far more accessible and dependable for local communities.
‍
To date, Ghana's economy has increasingly embraced mobile money solutions, which are significantly more prevalent and accepted for everyday transactions than cryptocurrencies. These factors contribute to the perception that traditional income-generating methods remain more practical and advantageous for communities in these remote regions.For Offset, the bracelet initiative is designed to channel the majority of profits back into the community. Half of the proceeds will be allocated for land rehabilitation, compensating workers who enhance the land, while the other half will cover wages, with any remaining funds directed towards essential expenses such as materials and packaging. Purchasing a bracelet during the pre-sale will allow Element United and Offset to enhance the program by offering free shipping, which is funded separately and not taken from Ghanaian wages.
‍
In the coming weeks and months, expect to encounter opportunities where non-traditional income sources, such as ELMT, become practical, beneficial, and widely accepted. Until that time arrives, as we progress from this initial bracelet phase to expanding into other regions, it is l that we will continue leveraging traditional income methods to maximize our impact.
At Element United, our mission is to restore trust in these communities, enhance their well-being and prosperity, and advance our commitment to improving the lives of individuals, communities, and the environment.
‍
Traditional income plays a crucial role in protecting children from mines and combating exploitation. In Ghana, families shoulder a substantial part of educational expenses. Although public education is officially free, households face costs for uniforms, supplies, and often unofficial fees. Typically, families cover about two-thirds of total education costs, while the government finances the remaining third.
‍
Some families turn to loans to manage educational expenses. A report indicates that one in ten families in Ghana borrows money to pay for school fees, emphasizing the financial burden of education. Despite the higher costs, many families prefer private education due to its perceived superior quality. Private schools can charge roughly 54% more per student than public institutions. Consequently, households are compelled to choose private schools, even though these often entail extra expenses for food, uniforms, and other essentials.
‍
Although some schools implement tuition management systems like FACTS that provide flexible payment options, families often need to extend their payments over time and select from various methods, including bank transfers or credit cards. As a result, traditional payment methods remain essential.
‍
We trust that this clears up any concerns or inquiries regarding using ELMT as we embark on our first project in Ghana. Please feel free to reach out if you have any additional concerns or questions. Also feel free to review our Disclaimers linked in the footer of this page.
‍
You can check out these resources, too:
‍https://www.modernghana.com/news/1125568/one-in-ten-families-in-ghana-have-to-borrow-to.htmlhttps://r4d.org/resources/exploring-public-and-private-education-costs-ghana/