Kilo Deductions
A kilo deduction policy typically refers to a policy—common in agriculture industry—where a certain amount of weight (measured in kilograms or “kilos”) is deducted from the gross weight of goods delivered.
The Kilo Deduction Policy was introduced by our CEO to support farmers during difficult times and enhance their farming activities. Here are the key elements of the policy:
Deduction Structure: A deduction of 50 pesewas per kilo or GHS 50 per bag of cashew is made at the point of weighing and recorded in the farmer's passbook during the main season.
Group Account System: Representatives from each farming community are selected to open a Group Account, where the deducted funds are saved. The CEO serves as the principal signatory and secretary to all Group Accounts.
Savings and Withdrawal: The saved funds are accessible for withdrawal from the first week of July to the end of August. The CEO coordinates with banks to create individual savings accounts for farmers to ensure easy deposit and access to their funds.