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Electronic payment for cocoa beans to be implemented in Ghana

Staff writer |
The Cocoa Sika Payment System, an electronic payment of cocoa beans which was launched last year could be implemented in Ghana soon.

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This comes after the Finance Ministry okayed the move at a meeting with Ghana Cocobod. The move is expected to help reduce robbery cases among farmers who carry large sums of monies, improve administrative and accounting keeping of records as well as enhance the profitability of the farmers.

The Progressive Licensed Cocoa Buyers (PLCBA) says the move will also reduce the huge number of job losses in the sector. It is therefore expecting all farmers to make themselves available when registration opens. The cocoa sika payment will also helped the PLCBA to secure bank guarantees to enable their members get seed fund allocation from Cocobod.

The innovative Cocoa Sika Payment system would be operated mainly by two telecommunication giants, Vodafone and MTN.

The Cocoa Sika Payment Platform seeks 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.

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