The progressive Licensed cocoa buyers association has received support from Ghana Cocoa Board to set up an electronic platform to pay cocoa farmers all over the country.

This follows the association’s application to COCBOD to issue ‘NO Objection’ letter to the central bank in support of its proposal to set up an electronic platform to pay farmers.

COCBOD has therefore issued a letter of ‘No Objection’ to the Bank of Ghana in support of the association proposal to set up an e-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 (BoG) regulations, “Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, stated in the following letter.

The innovative ‘Cocoa Sika Payment Platform, ‘ an electronic payment system for Cocoa farmers, to facilitate rapid and secure payment of monies to farmers for cocoa beans purchased has been on the drawing board for a period of time now.

It will seek to eliminate physical movement of huge sums of money to farmer gates and ensure a cashless system that will eradicate losses associated with the physical movement of cash.

An elated President of the Progressive Licensed Cocoa Buyers Association, Samuel Anane, commenced the new COCOBOD for supporting their request to pay cocoa farmers electronically, rather than the old fashioned way.

He also commended Dr William Mensah, a Deputy CEO of COCOBOD, for aiding indigenous LBCs despite the challenges facing the cocoa space in the agricultural value chain. He is of the conviction that the new administration will bring back life to the cocoa sector, thus improving the welfare of cocoa farmers and all associates.

“Up and till now, this new administration is friendly and has a listening ear. We believe that they will improve the sector and help the nation register high and record cocoa production,” he described.

He added that the association will collaborate with the banks and MTN to set up redeeming points where farmers can cash their money as and when they are paid and need their cash.

Mr Anane (President of the PLCBA) 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 enhancing their farms.

Source: Business and financial times
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