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"I want every Okada driver to be a billionaire" — ‘CODA Drive’ launched to replace risky Okada business

By Eric Nana Yaw Kwafo
Business & Finance
OCT 22, 2021 LISTEN

The Coastal Development Authority (CODA) on Friday, October 22, 2021, launched its much-anticipated initiative dubbed ‘CODA Drive’ at the premises of the Accra Metropolitan Area (AMA).

The initiative is to provide commercial motor riders (Okada riders) the opportunity to let go of their risky business and purchase the affordable Bajaj Qute vehicles.

The intervention according to CODA is to improve livelihoods and create employment by facilitating transportation for individuals and small businesses within the Coastal Development Zone.

Speaking at the launch of CODA Drive today, the Chief Executive Officer (CEO) of the Coastal Development Authority, Lawyer Jerry Ahmed Shaib indicated that his outfit is rolling out the initiative to give Okada drivers a better alternative.

Lawyer Jerry AhmedLawyer Jerry Ahmed

Crediting government and Vice President Dr. Mahamudu Bawumia for the idea, the CODA CEO further expresses hopes that through ‘CODA Drive’, Okada drivers will improve their livelihoods.

According to him, the dream is to see Okada riders enriching themselves though CODA Drive.

“I want every Okada driver to be a billionaire. So switching to CODA Drive take advantage to start by being a millionaire.

“We want to assure your safety, we want to help you succeed so you can look after your children and family,” Lawyer Jerry Ahmed Shaib.

Speaking for the many Okada Riders present at the launch and all over the country, Randolph Osei Buabeng who is the Public Relations Officer of Motor Riders Association of Ghana extended appreciation to government and CODA for having the members of the association in mind.

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He said with the roll out of ‘CODA Drive’, Okada riders can now have an alternative livelihood that is not only safe but will improve their finances as well.

“We wish to use this opportunity to admit that the motor commercial business is extremely dangerous. We are grateful to H.E Mahamudu Bawumia for his foresight for this arrangement to give cars to Okada riders.

“It will help us alleviate poverty and ensure our safety. We believe it is a sustainable business and will reduce the hustling of Okada riders,” Randolph Osei Buabeng said.

According to the PRO of Motor Riders Association of Ghana, members are satisfied with all arrangements made by CODA on the acquisition of the cars and will take advantage of the chance to own a car.

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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 20% of the selling price.
  4. The balance with an interest rate of 2% per annum shall be spread over 24month 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.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

Journalist

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