A group of students at the Kwame Nkrumah University of Science and Technology (KNUST) has introduced what they call a cashless microfinance system to support farmers.
The system is facilitated by a device known as the Barter Trade Meter or ‘BT Meter’ that confirms weight and prices of farm produce according to market trends.
The invention was unveiled at a recently- held engineering students design competition in Kumasi, the Ashanti Region capital.
The prototype device consists of a produce-hanging spring which pulls a meter on a square metal case to a corresponding price.
Group leader, David Daana, explains the machine’s calibration is based on the National Food Buffer Stock Company’s (NAFCO) pricing.
The same group developed an App, Farm Hand App, two years ago, for marketing agricultural produce.
Mr. Daana says the machine, which is powered mechanically, is easily accessible to rural farmers and can help farmers price their produce effectively.
“If your produce is worth 100 cedis and the fertilizer is 100 cedis instead of selling your produce before you get your fertilizer, you can bring us the produce and we’ll get you the fertilizer,” he said.
Latest Stories
-
Let’s live peacefully and shame our saboteurs – Savannah executives of NPP, NDC
2 hours -
Reconstruction of Agona-Nkwanta-Tarkwa road 80 per cent complete
3 hours -
Internet penetration: 10.7 million Ghanaians offline – LONDA Report
3 hours -
USC cancels grad ceremony as campus protests against Israel’s war in Gaza continue
3 hours -
Harvey Weinstein’s 2020 rape conviction overturned in New York
3 hours -
US Supreme Court divided on whether Trump can be prosecuted
3 hours -
There’s enough justification for Affirmative Action Bill to be passed – Minka-Premo
3 hours -
Don’t allow people to manipulate you into vaccine hesitancy – Dr Adipa-Adappoe
3 hours -
Suspend implementation of Planting for Food and Jobs 2.0 for 2024 – Stakeholders
3 hours -
Parkinson’s disease no longer confined to the elderly – Public Health Physician, Dr Momodou Cham warns
3 hours -
Persons living with Parkinson’s disease appeal for support as they face stigmatization
4 hours -
36-year-old-trader sentenced for stealing employer’s money
4 hours -
9 signs you’re falling in love with someone who thoroughly enjoys emotional manipulation
4 hours -
Catholic Diocese of Keta Akatsi hosts Parkinson’s support group meeting
4 hours -
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
4 hours