The Ghana Commodity Exchange (GCX) has announced plans to trade locally produced Ghana Rice on its marketplace. GCX is a marketplace or a platform for buying and selling listed commodities.
The Chief Operations Officer of GCX, Mr. Robert Dowuona Owoo announced the plan at a National Rice Value Chain engagement which was organized by the John A. Kufuor Foundation and the Ghana Rice Interprofessional Body (GRIB) in Accra.
The Ghana Commodity Exchange, a government entity has the mandate of establishing linkages between farmers and buyers which enable producers to compete on prices for their produce. Maize, sorghum, and soya bean are some of the commodities currently being traded on the marketplace.
But Mr. Owoo says paddy rice, milled rice, and parboiled rice will soon be added to the list of commodities being traded on the exchange. He said that warehouse acquisition and equipping are ongoing in Bolgatanga, Walewale, and Juabeng where there will be enough space to store the rice that the farmers have produced.
“We have given regulatory approvals to rice contracts, warehouses, and warehouse staff. Launching of trading will be done in the course of the year,” he said.
The president of Ghana Rice Interprofessional Body (GRIB), Nana Adjei Ayeh, excited by the latest development, said GRIB is expecting this development before the end of the year, various companies will come in and mop up harvested paddy rice into the warehouses ahead of late harvesting.
The National Rice Value Chain Engagement organized by the John A. Kufuor Foundation and the Ghana Rice Interprofessional Body (GRIB), discussed how farmers across the country will grow quality rice, get good market and prices for their produce. The meeting was attended by the newly elected regional executives of GRIB.
Nana Ama Oppong Duah, the Policy Advisor of J. A. Kufuor Foundation says the engagement was part of the Alliance for Green Revolution in Africa’s (AGRA’s) support for rice farmers which was implemented by the J. A. Kufuor Foundation and other partners including MOFA, Intervalle and Hopeline, Sparx and Volta City Farms. The project supports advocacy, production, processing, and marketing in the rice value chain.
The General Manager of Alluvial Agricultural Limited Hylton Baker said his company recently signed agreement with the foundation and GRIB, to provide comprehensive value chain support to smallholder farmers to see an increase in both their production volumes and the market value of their crops.