GAPWM3   1100  -  0 
GEJWM1   1500  -  0 
GEJWM2   1340  -  0 
GEJWM3   1480  -  0 
GEJWM4   1000  -  0 
GEJYM2   1240  -  0 
GEJYM3   1000  -  0 
GKUWM1   1480  -  0 
GKUWM2   1440  -  0 
GKUWM3   1250  -  0 
GKUWM4   1100  -  0 
GKUYM1   1480  -  0 
GKUYM3   1180  -  0 
GKUYM4   1080  -  0 
GSAWM1   1340  -  0 
GSAWM2   1340  -  0 
GSAWSS4   5400  -  0 
GSAYM1   1340  -  0 
GTAWM2   1340  -  0 
GTAWM3   1384  -  0 
GTAWM4   1100  -  0 
GTAWSO3   1550  -  0 
GTAYM1   1480  -  0 
GTAYM2   1350  -  0 
GTAYSB1   2000  -  0 
GTAYSB2   2000  -  0 
GWAWM1   1340  -  0 
GWAWM2   1340  -  0 
GWAWM3   1400  -  0 
GWAYM1   1479  -  0 
GWAYM2   1340  -  0 
GWAYSB1   2400  -  0 
GWEWM1   1340  -  0 
GWEWM2   1420  -  0 
GWEWM4   1000  -  0 
GWEYM1   1340  -  0 
GWEYM2   1340  -  0 
    

News | Ghana Commodity Exchange

ADB SUPPORT FARMERS THROUGH GCX WAREHOUSE RECEIPTS SYSTEM

Date : 5th Dec, 2018


ADB SUPPORT FARMERS THROUGH GCX WAREHOUSE RECEIPTS SYSTEM image


Agricultural Development Bank (ADB) and Ghana Commodity Exchange (GCX) on 3rd December, 2018 signed a Memorandum of Understanding (MOU). Under the terms of the MoU, ADB would provide a range of financial services including warehouse receipts financing, aggregation financing and settlement of trades.

 

The Bank will lend to Ghanaian smallholder farmers who only have their commodity as the sole collateral to present to the bank as the security for a loan. The GCX on its part, as part of its operations would provide a first-class warehouse collateral management service, warehouse Insurance and Indemnities, as well as stock information and market prices to reduce the bank’s lending risks.

 

This is in line with Government’s resolve to ensure financial inclusion amongst rural communities largely dominated by smallholder farmers. At the recent inauguration of the GCX, the Honourable Minister of Finance, Ken Ofori-Atta hinted that ADB will be restructured to support Ghanaian farmers through the warehouse receipt system.

 

Speaking at the signing of the MoU, the Managing Director of ADB, Dr. John Kofi Mensah, stated that Agricultural Development Bank is fully committed to supporting farmers to improve their access to financing. The Bank is a major player in the implementation of the planting for food and jobs and one district, one factory agricultural related projects and stressed the need for fair pricing modules to assist the entire agric value chain.

 

On his part, the Chief Executive Officer of the GCX, Dr Kadri Alfah expressed optimism that the partnership between the GCX and ADB will go a long way to help smallholder farmers as well as help to promote the GCX model. He stated ‘’Agricultural Development Bank has an extensive network of branches with proximity to commodity production areas which suits our business model, and perfectly supports our warehouse receipts financing programme. ADB’s readiness to support GCX electronic warehouse receipt program is good for the country and the financial market’s environment as we can see a collaborative effort among institutions with a national focus, work to meet a collective need. It is important that we encourage more commercial banks with enormous private capital to take interest in smallholder farmers who contribute about 20% of our GDP, and responsible for almost 50% of our employment. But off course we need to help the banks to manage their default and credit risks’’.