Bank of Ghana to re-launch Akuafo Cheque

Agona Kwanyako, Oct. 14, GNA - The Bank of Ghana is to re-launch the Akuafo cheque system to ensure elimination of problems associated with it.

Mr Joseph B. Clottey, Head, Banking Supervision Department of Bank of Ghana said this at the 20th annual general meeting of Agona Rural Bank at Agona Kwanyako.

He said the re-launch of the new Cocoa Akuafo Cheque will also inculcate banking culture in the farmers. Mr. Clottey said the central bank has noticed that some licensed buying companies pay farmers with cash instead of using the Akuafo Cheque.

''The Bank of Ghana, in collaboration with the COCOBOD, have developed strategies aimed at improving the payment system for cocoa purchases.''

He said the first system was abused when purchasing officers resorted to cashing huge amounts of money in their names rather than in the names of the farmers. ''Fraudsters introduced fake currency into the purchasing system.''

Mr Clottey said out of the 115 rural community banks, 70 had settled in full their capital subscription, while 45 have made partial payment to ARB Apex Bank.