CODA Rolls Out Modalities For The Purchase And Payment Of CODA Drive Vehicles
The Management of Coastal Development Authority (CODA) has rolled out modalities for the purchase and payment of Bajaj Qute vehicles under the CODA Drive initiative.
According to CODA, the modalities shall apply to all applicants and beneficiaries of the initiative. THE INITIATIVE CODA Drive is an intervention to improve livelihoods and create employment by facilitating transportation for individuals and small businesses within the Coastal Development Zone. REQUIREMENTS OF BENEFICIARIES (NON-OKADA RIDERS). To qualify as a beneficiary of the CODA Drive initiative, an individual or small business: Must be a member of any farmers, fishers, taxi drivers, ‘Okada’ riders or ‘Aboboyaa’ riders association for at least a year. Must be resident within the Coastal Development Zone (Oti, Volta, Greater Accra, Central, Western and Western North regions). Must possess a valid driver’s license, minimum Class B. Must be a member of CODA Credit Union and possess a CODA Credit Union membership card. Must complete an application form that should be endorsed by two guarantors. 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:
Must possess a Ghana Card Must possess a valid driver’s license, minimum Class
Must surrender their registered motorbike. PRICE AND PAYMENT
The price of the vehicle is GHS 25,000.00.
The payment shall be on hire purchase.
An individual or small business who is selected to benefit must make an initial payment of 20% of the selling price.
The balance with an interest rate of 2% per annum shall be spread over 24-month equal installments.
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.
Story by: Joshua Kwabena Smith