Banks advised to woo farmers with attractive products

Antoakrom (Ash), Sept. 27, GNA - Banks have been advised to come out with more innovative and attractive products to motivate cocoa farmers to save part of their earnings to help reduce excess liquidity. Mr Ali Issaka, General Manager of the Adwumapa Buyers Limited (ABL), a licensed cocoa buying company, cited the instance where cocoa farmers in the country earned over four trillion cedis during the 2002/2003 main crop season and said to allow such colossal amount of money to be held outside the banks could be harmful to the national economy.

"It could be a sure recipe for inflation", he noted.

Mr Issaka was speaking at a ceremony to honour over 100 hardworking farmers and purchasing clerks of the company at Antoakrom in the Amansie West District on Friday.

They were presented with colour television sets, bicycles, knapsack spraying machines, wax prints, radio cassette recorders, rechargeable lamps, cutlasses and Wellington boots.

Mr Issaka said the current transaction charges by the banks, poor services, frustrations farmers go through in cashing their Akuafo Cheques and sometimes cheating by unscrupulous officials at the counter, were disincentives.

"They become simply reluctant to keep their money at the banks and withdraw everything."

The General Manager also spoke of the need to strengthen and revitalise extension services to the farmers, saying, that would enable them adopt scientific farming methods and the right practices to maintain the quality of Ghana's cocoa.

Mr Michael Kwame Panfo Ampiah, District Manager of the Quality Control Division (QCD) of the Ghana Cocoa Board (COCOBOD), cautioned licensed buying companies to avoid unhealthy marketing practices that could undermine the quality of the country's cocoa.