To minimize corruption in Cocoa buying at the farm gate, the Progressive Licensed Cocoa Buyers Association (PLCBA), in collaboration with some telecommunication companies, has launched an electronic payment system to arrest the situation.
Launching the electronic payment system in Accra at a ceremony attended by Cocoa farmers, Paramount Chief of Essikado in the Western region, Nana Kobina Nketia V, Benjamin Acolaste, an insurance broker, representatives, from the Bank of Ghana (BoG), Mr Ted Quartey, director of research at COCOBOD, Justice Juliana Awuku, from
the Judicial Service, graced the colourful ceremony.
Speaking at the launch, Mr Samuel Anane, president of PLCBA, said the telecommunications companies played a key role in making the product dubbed ‘ Cocosika’ a reality.
He said, the huge losses incurred by PLCBAs would now become revenue for all PLCBAs on the Cocosika platform.
He added this would grow the industry, as well as create thousands of jobs in the country and boost the Cocoa industry.
He noted the platform would afford the banks, the opportunity to expand their activities with lucrative products to entice the unbanked farmers.
He said, the new changes in the industry would reduce the risk associated with internal marketing.
He said, these changes would offer the banks a chance to gradually introduce about 1000 farmers to access huge sums of moneys from sales point but do not have bank accounts to save especially for the lean periods to help them access loans for their production and family needs.
He called on all stakeholders in the Cocoa industry to join the wind of change.
He noted the wind of positive change is a change from the old ways of doing business in the Cocoa sector will eradicate handling of physical cash.
On his part, Nana Kobina Nketia V, said the industry over the years has seen cash payment system and systems which involves carrying of huge sums of money to the farm gates for payments of beans purchased by clerks after being advanced money by district officers.
He said this; form of operation has in recent times lead to several losses due to corruption