WHEN the Cocoa Akuafo Cheque System was first introduced, it faced a number of challenges that made it look unattractive to cocoa farmers.
There were reports of no cash at the banks, to meet the demands of the farmers.
This resulted in long queues at the banks, to the extent that farmers had to spend days before being served.
The explanation often given to these farmers by the staff of the banks was “go ahead” had not come from Accra to enable them effect payment.
This phrase became so popular that some of the poor farmers thought that indeed “go ahead” was a human being who had to come from Accra before they could be paid.
Investigations later proved, that the unnecessary delays were a ploy by the bank staff to cheat the unsuspecting farmers.
Their cheques were bought at a heavy discount since they needed cash to meet their obligations.
Gradually, however, as more banks joined in the purchase of the Akuafo cheque, the system improved considerably.
The long queues disappeared and the farmers could walk into the banks and cash their cheques without any difficulty.
Unfortunately, reports coming from the cocoa growing areas speak of a return to the old order.
The Ghanaian Times is reliable informed that purchasing clerks have started giving farmers cash at the various buying centres instead of cheques.
This cannot be allowed. For apart from the risk associated with carrying large sums of money from the buying centres, it does not allow the farmers develop the habit of savings.
In paying cash instead of cheque, the Licensing Buying Companies (LBC) are depriving farmers transacting business with the banks of numerous benefits from the financial institutions.
Clearly, this is unacceptable and the government must step in immediately.
For the poor cocoa farmer taking cash at the centre will help ease the pressures on him.
But its long term effect on the cocoa industry could be unhealthy.
Buying companies not willing to join the Akuafo Cheque System must be weeded out.
There were reports of no cash at the banks, to meet the demands of the farmers.
This resulted in long queues at the banks, to the extent that farmers had to spend days before being served.
The explanation often given to these farmers by the staff of the banks was “go ahead” had not come from Accra to enable them effect payment.
This phrase became so popular that some of the poor farmers thought that indeed “go ahead” was a human being who had to come from Accra before they could be paid.
Investigations later proved, that the unnecessary delays were a ploy by the bank staff to cheat the unsuspecting farmers.
Their cheques were bought at a heavy discount since they needed cash to meet their obligations.
Gradually, however, as more banks joined in the purchase of the Akuafo cheque, the system improved considerably.
The long queues disappeared and the farmers could walk into the banks and cash their cheques without any difficulty.
Unfortunately, reports coming from the cocoa growing areas speak of a return to the old order.
The Ghanaian Times is reliable informed that purchasing clerks have started giving farmers cash at the various buying centres instead of cheques.
This cannot be allowed. For apart from the risk associated with carrying large sums of money from the buying centres, it does not allow the farmers develop the habit of savings.
In paying cash instead of cheque, the Licensing Buying Companies (LBC) are depriving farmers transacting business with the banks of numerous benefits from the financial institutions.
Clearly, this is unacceptable and the government must step in immediately.
For the poor cocoa farmer taking cash at the centre will help ease the pressures on him.
But its long term effect on the cocoa industry could be unhealthy.
Buying companies not willing to join the Akuafo Cheque System must be weeded out.
