FINANCIAL LITERACY TRAINING POSITIVELY IMPACTS SOLOMON ISLANDS TOURISM OPERATORS
Amidst the challenges posed by the pandemic, the tourism industry in the Solomon Islands faced unprecedented hurdles, with businesses struggling to stay afloat. However, a beacon of hope emerged in the form of Financial Literacy Training, catalyzing a positive transformation for tourism operators across the islands.
Jeremiah Loleke, the proprietor of Marovo Sea Lodge, found himself grappling with the harsh realities of the pandemic's impact on his business. Yet, his perspective underwent a significant shift with the introduction of the Introductory Business Management and Financial Literacy Training, funded by the Pacific Agreement on Closer Economic Relations (PACER) Plus.
"This training is a first for me," expressed Mr. Loleke. "Since I started in the tourism industry, I have not participated in a Financial Literacy Training for tourism operators. This training has taught me the fundamentals which I will use to grow Marovo Sea Lodge."
Marovo Sea Lodge stands as a testament to the success of this initiative, one of many accommodations benefitting from enhanced financial literacy within the Solomon Islands' tourism sector. Launched last year, this initiative aims to bolster the financial management capabilities of local tourism operators, fostering sustainability and elevating service quality.
In collaboration with the Tourism Division under the Solomon Islands Ministry of Culture and Tourism, the training program zeroes in on equipping participants with indispensable bookkeeping skills, advocating for effective cash management strategies, and instilling a culture of savings for long-term business viability.
The program unfolded across two phases. Phase one, concluded in August 2023, witnessed over 70 participants from beach operators in Guadalcanal Province acquiring fundamental financial literacy skills. Building on this success, phase two expanded its reach, extending training to managers and administrators from over 50 different lodges and accommodations across Western Province, from 7-15 March 2024.
The Solomon Islands' tourism landscape predominantly comprises small, locally owned enterprises, constituting 70 percent of the sector. However, a prevailing challenge faced by these businesses lies in the realm of financial literacy and management, stemming from limited experience and training.
Phase two of the training program endeavors to tackle these hurdles head-on by enhancing the knowledge and skills of business managers and administrators in financial literacy, cash management, and record keeping. By advocating for the utilization of savings schemes and programs to fuel business growth, the initiative empowers owners to operate more efficiently and sustainably, fostering greater financial independence within the industry.
Mr. Philip Sukibuka, Deputy Secretary of the Ministry of Culture and Tourism, expressed his satisfaction with the training's outcomes. "The Financial Literacy Training will benefit the accommodation operators in the Western Province and will no doubt benefit the tourism sector in the Solomon Islands," stated Mr. Sukibuka. "We want to empower these operators with financial management skills to support their businesses. Judging by the overwhelmingly positive feedback we’ve received from the participants, I'm pleased to say that we've achieved that."
The partnership with PACER Plus has been instrumental in driving this initiative forward, and stakeholders eagerly anticipate continued collaboration as they strive to fortify the tourism sector in the Solomon Islands. With Financial Literacy Training paving the way for growth and resilience, the future looks promising for tourism operators across the archipelago.