COCOBOD endorses electronic payment to farmers

The Progressive Licensed Cocoa Buyers Association has received support from Ghana Cocoa Board (COCOBOD) to set up an electronic platform to pay cocoa farmers across the country.

This follows the association’s application to the Ghana Cocoa Board (COCOBOD) to issue ‘No Objection’ letter to the Central Bank in support of its proposal to set up an electronic platform to pay farmers.

COCOBOD has therefore issued a letter of ‘No Objection’ to the Bank of Ghana in support of the association 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,” Chief Executive Officer (CEO) of COCOBOD, Joseph Boahen Aidoo stated in the letter.

The innovative ‘Cocoa Sika Payment Platform,’ an electronic payment system for cocoa farmers, to facilitate rapid and secured payment of monies to farmers for beans purchased has been on the drawing board for some 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 cash payment system.

An elated President of the Progressive Licensed Cocoa Buyers Association, Samuel Anane, commended the new COCOBOD for supporting their quest to pay cocoa farmers electronically.

He also commended Dr. William Mensah, a Deputy CEO of COCOBOD, for supporting indigenous LBCs despite the challenges facing the cocoa sector.

He was of the conviction that the new administration would bring back life to the cocoa sector to improve 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 would collaborate with the banks 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 would ensure prompt payment to farmers in all agro industry, adding that the Cocoa Sika Payment Platform would gradually push farmers onto the formal financial platform that would allow them access to loans to expand and improve their farms.