The President of the Licensed Cocoa Buyers Association, Samuel Adimako, says the release of more than one billion cedis in tranches will significantly reduce the backlog of payment due cocoa farmers, as purchasing activities continue nationwide.
Speaking on TV’3 Ghana Tonight, The President of the Licensed Cocoa Buyers Association confirmed the release of funds aimed at settling outstanding payments owed to cocoa farmers across the country.
According to Adimako, the Association has been notified of an 850 million cedis payment, following an earlier tranche of 237 million cedis. In total, approximately 1.1 billion cedis has been made available to help clear arrears owed to farmers.
He assured that the funds would go a long way in addressing delayed payments, emphasizing that cocoa purchasing has not been suspended and remains ongoing as the season continues.
Adimako explained that Licensed Buying Companies (LBCs) that receive portions of the funds have been directed to immediately disburse payments to farmers in the field. However, he noted that payments may not reflect instantly due to banking processes.
He indicated that transfers must move through commercial and rural banks to ensure farmers, regardless of location, can access their funds.
His comments come after government released GH¢854 million as part of efforts to clear outstanding payments owed to cocoa farmers.
