The Ghana Commodity Exchange (GCX) has announced plans to trade locally produced Ghana Rice on the exchange.
Robert Dowuona Owoo who is Chief Operations Officer at the GCX announced the plan at a National Rice Value Chain engagement 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 so the producers can get competitive prices for their produce.
Maize, sorghum and soya bean are some of the commodities currently being traded on the exchange.
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 says warehouse acquisitions and equipping is ongoing in Bolgatanga, Walewale and Juabeng so there will be space to store the produce from farmers before they are bought by buyers.
“We have given regulatory approvals to rice contracts, warehouses and warehouse staff. Launching of trading will be done in the course the year,” he said.
President of GRIB, Nana Adjei Ayeh is excited by the latest development. He says GRIB is expecting that 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 and get good market and prices for the farmer. The meeting was attended by newly elected regional executives of GRIB.
Nana Ama Oppong Duah, Policy Advisor of the John A. Kufuor Foundation says the engagement was part of the Alliance for Green Revolution in Africa (AGRA) support for rice farmers implemented by the John 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.
General Manager of Alluvial Agricultural Limited Hylton Baker said his company’s recently signed agreement with the foundation and GRIB, will provide comprehensive value chain support to smallholder farmers to increase both their production volumes and the market value of their crops.