CODA set to Launch it’s Drive Initiative
Story by: Sheila Satori
The Coastal Development Authority (CODA) who is set to launch the CODA Drive initiative on Friday 22, October 2021 has publicized modalities for acquiring the Bajaj Qute vehicles .
This initiative is an intervention is to improve livelihoods and create employment by facilitating transportation for individuals and small businesses within the Coastal Development Zone.
This initiative will help phase out the commercial motorcycle business, also known as ‘okada’ in the country.
The Authority has outlined the modalities for the purchase and payment of the quadricycles which will be applied to all applicants and beneficiaries of the initiative.
CODA set to Launch it’s Drive Initiative
Requirements of beneficiaries (Non-Okada riders)
To qualify as a beneficiary of the CODA Drive initiative, an individual or small business:
1. Must be a member of any farmers, fishers, taxi drivers, ‘Okada’ riders or ‘Aboboyaa’ riders association for at least a year.
2. Must be resident within the Coastal Development Zone (Oti, Volta, Greater Accra, Central, Western and Western North regions).
3. Must possess a valid driver’s license, minimum Class B.
4. Must be a member of CODA Credit Union and possess a CODA Credit Union membership card.
5. Must complete an application form that should be endorsed by two guarantors.
6. Must submit completed forms to the regional office of CODA for further processing.
Requirements of Okada riders
To qualify as a beneficiary, an okada rider:
1. Must possess a Ghana Card.
2. Must possess a valid driver’s license, minimum Class B.
3. Must surrender their registered motorbike.
Price and Payment:
1. The price of the vehicle is GHS 25,000.00.
2. The payment shall be on hire-purchase.
3. An individual or small business who is selected to benefit must make an initial payment of 40% of the selling price.
4. The balance with an interest rate of 2% per annum shall be spread over 24-month equal installments.
5. Based on the hire-purchase agreement, the Authority shall have ownership of the vehicle until payment is completed by the buyer/beneficiary. As such, all documents to the vehicle shall be held by the Authority until payment is completed.
Insurance
All CODA Drive vehicles are insured before they are distributed.
Registration
All CODA Drive vehicles shall be registered in the name of CODA Credit Union before they are distributed to the beneficiaries. Ownership of a vehicle shall be transferred to a buyer/beneficiary after completion of payment.
Source: www.thenewindependentonline.com
