Ghana commodity exchange, IFC trains Ghanaian farmers on warehouse receipts

Ghana commodity exchange, IFC trains Ghanaian farmers on warehouse receipts
Source: Ghana| JoyBusiness | JAD
Date: 08-10-2018 Time: 06:10:23:pm

The Ghana Commodity Exchange (GCX) and the IFC have jointly trained farmer cooperatives and other market actors, in various districts in the country. 

GCX is a regulated market that links smallholder farmers to markets, assuring the market the quality and quantity of the traded product, delivery and prompt payment. 

GCX is a membership-based organization that draws its members currently from grain value chains, including farmers, traders, food processors and various service providers, including banks and other financial institutions.

GCX provides several services to farmers including; secured storage, grain cleaning, drying and grading. GCX recently successfully piloted the trading of maize and plans to extend the facility to trade beans, rice, soya and sorghum soon. 

The exchange has warehouses which support its operations and currently, they are in Kumasi, Wenchi, Ejura, Tamale and Sandema where it provides storage services to farmers.

The training was intended to impart knowledge and skills among farmer groups and various market actors to understand the operations of GCX. 

This is in line with the principles of GCX to support actors in the agricultural value chain to trade quality grains for a better income. 

These farmers and market actors were trained on post-harvest loss reduction management practices, grain handling techniques, grading standards adopted by the Ghana Standards Authority (GSA), the GCX warehouse receipts system and benefits, obtaining loans through GCX warehouse receipt financing system and trading on the Exchange.  

These farmers and market actors will gain valuable skills in general agronomic practices as well as grain management, handling skills and the warehouse receipt system.
 

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