The Progressive Licensed Cocoa Buyers Association has received support from the Ghana Cocoa Board (COCOBOD) to set up an electronic platform to pay cocoa farmers.
The innovative platform christened 'Cocoa Sika Payment Platform’ is aimed at facilitating rapid and secured payment of monies to cocoa farmers for selling their produce (cocoa beans).
The platform seeks to eliminate physical movement of huge sums of money to farm gates and ensure a cashless system that will eradicate losses associated with the physical cash payment system.
Chief Executive Officer (CEO) of COCOBOD, Joseph Boahen Aidoo, noted the gesture is in fulfillment of a request made by the Association for COCOBOD to assist in that direction. He stated that COCOBOD received a letter from the Progressive Licensed Cocoa Buyers Association requesting it (COCOBOD) to issue a No Objection Letter to Bank of Ghana in support of the Association’s proposal to set up an electronic platform to pay farmers.
“We hereby cover our No Objection to the application of Progressive Licensed Cocoa Buyers Association to set up an electronic platform to pay cocoa farmers with mobile money in line with Bank of Ghana regulations,” the CEO of COCOBOD added.
President of the Progressive Licensed Cocoa Buyers Association, Samuel Anane, who was elated,commended COCOBOD for supporting their quest to pay cocoa farmers electronically, thus the SIKA Card.
He also commended William Mensah, a Deputy CEO of COCOBOD for supporting indigenous Licensed Buying Companies (LBCs) despite the challenges facing the cocoa sector.
He is of the conviction that this new administration will bring back life to the cocoa sector, thus improving the welfare of cocoa farmers and all stakeholders.
“So far so good; this new administration is friendly and a listening body. We believe that they will improve the sector and help the nation register high and record cocoa production,” he explained.
He added that the association will collaborate with the banks, Vodafone and MTN to set up redeeming points where farmers can cash their money as and when they need it.
Mr Anane said a secured redeeming point will ensure prompt payment to farmers in all agro industry, adding the Cocoa Sika Payment Platform will gradually push farmers unto the formal financial platform that will allow them access to loans for expanding and improving their farms.
<<Print>>