Nyakrom Rural Bank disburses GH¢87,552 to assists cocoa farmers

The Nyakrom Rural Bank, has disbursed GH¢87,552.99 to 181 cocoa farmers at Odoben and other communities in the Central Region, under a special pilot scheme.

Mr Samuel Adjamah Codjoe, General Manager of the Bank, who disclosed this in an interview with the Ghana News Agency (GNA) at Agona Nyakrom, said the beneficiaries were placed in 21 groups to make repayment of the loans easier.

He said the gesture, aimed at increasing cocoa production in the Asikuma-Odoben-Brakwa, Agona East and West Districts,  was being implemented jointly by the bank and Cocoa Service Division of the Ghana Cocoa Board (COCOBOD).

Mr Codjoe said the bank would work with COCOBOD to give financial support to 4,500 cocoa farmers in the second phase of the project.

The General Manager said the bank would collaborate with the Ghana Cocoa Board to offer financial support to cocoa farmers in next year.

He appealed to beneficiary farmers to repay their loans as scheduled so that other could be assisted.

Mr Codjoe said the bank has planned to expand its microfinance project to cover more districts to support businesses and   that a credit officer had been recruited to beef up the project department of the bank.

He said the banks microfinance project supported traders and small scale businesses in the Agona, Gomoa, Awutu Senya, and Asikuma-Odoben-Brakwa Districts.

Source: GNA