Agreement reached on cola nut trade

Accra, Sept. 2 GNA - The Ministry of Trade, Industry and President's Special Initiatives and the National Cola Nuts Dealers Association have agreed on modalities to streamline the export of cola nuts into the Nigerian and other markets.

It said the modalities would bring sanity into the sector and boost the cola nuts export trade.

A statement issued by the Public Relations Department of the Ministry said the modalities were agreed in discussions and consultations held at the Ministry with officials of ECOBANK and the Association.

It is envisaged that the implementation of the modalities would make the export transactions more transparent and address problems such as non-payment for exports and the risky and costly business of exporters accompanying their consignments to their final destination. The modalities are conclusions of formal contract between the dealers and importers in Nigeria and selection of buyers in Nigeria for ECOBANK to deal with.

The others are payment of proceeds to be made into an ECOBANK account in Nigeria or any other importing ECOWAS country and opening of Naira account by exporters with ECOBANK in Ghana.

Mr Kwadwo Affram Asiedu, Deputy Minister, who chaired the meetings, pledged the Ministry's preparedness to come out with the needed regulations to remove unnecessary impediments to their business.