‘Kokstad currency’ proposed

2015-05-01 06:00
Fostering Local Well-being ambassadors perform a play that depicts how the K-rand will work among Kokstad business people.
photo: ntuntu dweba

Fostering Local Well-being ambassadors perform a play that depicts how the K-rand will work among Kokstad business people. photo: ntuntu dweba

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AN exciting new era may be dawning for the Kokstad community as it promises to boost the economy and save money, not only­ for businesses, but also for the community.

This phenomenon will be brought about with the proposed introduction of the K-rand, a currency exclusive to Kokstad.

This was revealed at a presentation made by Fostering Local Well-being­ (Flow) ambassadors at the Kokstad community hall on Tuesday­.

Kokstad has been selected as one of two towns for a national Treasury-funded pilot project being conducted in conjunction with University of Cape Town to test the idea, which is successful in other parts of the world.

This currency, as reported by Piet Bosman, is equal to the South African rand in value.

“The K-rand will not take the place of the rand, instead it will work parallel­ with it,” he said.

“The K-rand will be kept within the local community as it will be used by businesses in Kokstad.

“A Kokstad Business Network (KBN) needs to be formed by businesses in order for the K-rand to be operational. Fifty to 100 are required to form part of the Kokstad network.

“For instance a person can use the K-rand when buying bread from a tuck shop if the owner of the shop is part of the KBN. The shop owner can then use his K-rands to pay for the service of ‘Sipho’ who owns a barber shop. Sipho will accept the K-rand if he is also part of the Kokstad business network. It will basically work as a normal rand works, the difference is that it can only be used in Kokstad,” he said.

There has to be a KBN launch committee and businesses that want to be part of the KBN need to fill in application forms.

They need to have four backers, which are businesses that agree to use his or her services.

New members will attend workshops on the K-rand.

A carpenter from Horseshoe, who didn’t want to named said the presentation was informative but needs getting used to.

“It sounds like a great idea, but it needs us as business people, to be committed to making it work.”

Bosman said the K-rand cannot be exchanged for South African rands because they can be used in other places other than Kokstad, thus defeating the purpose of it benefiting the Kokstad local economy­

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