The Ghana Cocoa Board (COCOBOD), in collaboration with its partners, Touton-SA and Eliho Ghana Limited, is set to distribute an amount of GHC41,288,689 as payment of premiums to cocoa farmers for the year 2023/24 crop season.

The amount is expected to be distributed to 47,240 farmers across 1,495 communities in 38 cocoa districts across the country.

During a ceremony to announce 22/2024 Crop Year Loyalty Bonus Payment at Assin Fosu in the Central Region, the Country Director of Touton Ghana, Ernest Dwamena, said based on available data, each household, on average, supplied 16 bags of cocoa, earning premium of GHC1,088.48.

He further revealed that in addition to the payment of the premiums, an additional sum of GHC 10,000,000 had also been set aside for investment in community infrastructure projects this year, to further improve living conditions and boost local development.

To ensure transparency and accountability, he explained, premium payments to farmers were expected to be made through the GCB digital payment platform, G-Money Financial Services (GMFS).

This method, according to Mr Dwamena, does not only streamline the payment process but also enhances financial inclusion within our farming communities.

While commending cocoa farmers for their esteemed contribution to the cocoa industry and the country’s economy at large, Dwamena reiterated the commitment of Touton Ghana to the development of sustainable cocoa production.

He pledged the company’s determination to continuously deepen engagement with commodity-producing countries through improved processing operations and sustainable practices.

“Our commitment to sustainability is reflected in the various initiatives we have implemented across our sourcing areas. These include comprehensive farmer training on best practices in agriculture, environmental protection, and social responsibility. We also support income-generating activities such as vegetable production, soap making, livestock rearing, fish farming, gari processing, etc, and have invested in major community infrastructure, including schools,” he emphasized.

He further noted that the company was also collaborating with Cocobod in the fight against child labour and the implementation of the EU Regulations on Deforestation to promote sustainable cocoa production in the country.

Mr Dwamena, however, expressed worry about the negative impact of the activities of illegal mining, highlighting its debilitating repercussions on community health and sustainable agriculture.

For his part, the Commercial Lead, G-Money Finacial Services Limited, Nii Ayikai Ribeiro, noted that the G-Money, Eliho Ghana collaboration is a demonstration of the Bank’s strong commitment towards ensuring financial inclusion for underserved communities and also empowers farmers to make informed financial decisions that would positively impact their operations.

He said since 2020 when G-Money entered into a partnership with the Eliho-Touton-Cocobod Foundation, cocoa farmers have been provided with secure, convenient, and reliable means of financial services which has not only improved their socio-economic livelihoods but has also enhanced their farming operations.

“We consider this partnership with Eliho Ghana a privilege, and look forward to furthering our shared goal and operational synergies of co-creating value and improving livelihoods within Ghana’s agricultural sector,” he said.

Mr Ribeiro added that “the initiative also affords the farming community greater financial control and transparency in their daily transactions.”