Kumasi, Sept. 28, GNA - Mr Kwame Sarpong, Chief Executive of the Ghana Cocoa Board (COCOBOD), has warned of severe sanctions against Licensed Cocoa Buying Companies (LBCs) found abusing the Akuafo Cheque system.

The system, he noted, brings with it numerous advantages like the prevention of the use of fake currency, threat of armed robbery and pilfering of cocoa beans and said the Board was determined to make it work.

Mr Sarpong gave the warning in an address at the 10th annual general meeting of the Kuapa Kokoo Limited (KKL), an LBC, at the Jackson Park in Kumasi on Saturday.

He advised farmers to insist on being paid with the Akuafo Cheque during the 2003/2004 cocoa season.

The COCOBOD Chief Executive stated that the government's commitment to pay farmers 70 percent of the projected price obtained from the sale of cocoa on the international market by the 2004/2005 season, was on course.

"Let me assure you that before the opening of the 2003/2004 season, The Producer Price Review Committee made up of representatives from the farmers association, government, COCOBOD, universities and other stakeholders would meet to deliberate on a new price that would be beneficial to our hard working farmers and help attain the target of 69 percent of the projected FOB price for this crop season."

Mr Sarpong, who spoke of interventions being made to boost the country's cocoa production, said the success of the "high tech" programme started by the COCOBOD would help increase the per hectare yield of the crop and increase farmers income levels.

Besides, it would help check the degradation of the forests since farmers would be able to increase their yields through the application and use of improved technologies without having to extend cocoa farming into forest areas.

Mr Sampson Kwaku Boafo, Ashanti Regional Minister, said the government has kept faith with farmers by delivering on its election promise that it was going to make agriculture attractive and rewarding. He said the government was appreciative of the contribution of the LBCs towards the national efforts to resuscitate the cocoa industry. The private sector is gradually asserting itself as the engine of growth, Mr Boafo added.

He praised Kuapa Kokoo for having loaned out a total of 187 million cedis to its women farmers to engage in other income generating activities.