• Nana Kobina Nketsia IV, Omanhene of Essikado Traditional Area (middle), and other special guests having their hands raised as a way of jointly inaugurating the electronic payment platform.

Three groups to introduce electronic cash payment platform

Phoebe Pappoe Jul - 13 - 2015 , 23:25 2 minutes read

Licenced cocoa, coffee and cashew buyers and sellers are to transact business with an electronic cash payment platform to improve the effectiveness and efficiency in internal marketing of the three cash crops.

The platform, which will be fully operational in August this year, is an initiative of the Progressive Licenced Cocoa Buyers Association (PLCBA).

Among other benefits, the platform is also to ensure equity in the industry and reduce risks such as theft and robbery attacks.
The PLCBA is an association comprising 14 licenced cocoa- buying companies established in May 2014.

Under the new system, money sourced from financial institutions would be used to operate such that the district officers and purchasing clerks would not handle cash.

Aside from the inauguration of the electronic cash payment platform at a ceremony in Accra last Friday, the occasion was also used to officially launch the PLCBA after a year of its establishment.

The programme brought together stakeholders in the cash crop industry, farmers, financial institutions, traditional leaders, security agencies and licenced buying companies.

Efficiency and effectiveness

Speaking at the ceremony, the President of the association, Mr Samuel Anane, explained that the initiative would improve the efficiency and effectiveness of the industry.

According to him, the privatisation of internal marketing of cocoa and other cash crops, which dates back to the early 1990s, was to inject efficiency into the purchasing and evacuation of the produce by the formation of licenced buying companies (LBCs).

No huge sums

The Omanhene of the Essikado Traditional Area, Nana Kobina Nketsia IV, who chaired the ceremony, said LBCs had a major role to play to support farmers to boost production, sales and purchases.

The industry, he said, had over the years made use of the cash payment system which involved carrying huge sums of money to the farm gate for payments.

COCOBOD

The Director of Research of the Ghana Cocoa Board, Mr Teye Quartey, noted that the introduction of the electronic system was an innovation which would eliminate unnecessary litigation.