GAPWM2   1,280  -  0 
GAPWM3   1,240  -  0 
GAPYM2   1,200  -  0 
GAPYM4   1,160  -  0 
GEJWM1   1,240  -  0 
GEJWM2   1,200  -  0 
GEJWM3   1,100  -  0 
GEJWM4   1,000  -  0 
GEJYM2   1,200  -  0 
GEJYM3   1,000  -  0 
GKIWM1   1,200  -  0 
GKIWM2   1,200  -  0 
GKIWM3   1,200  -  0 
GKIWM4   1,100  -  0 
GKIYM3   1,120  -  0 
GKUWM1   1,480  -  0 
GKUWM2   1,200  -  0 
GKUWM3   1,340  -  0 
GKUWM4   1,060  -  0 
GKUYM1   1,480  -  0 
GKUYM3   1,120  -  0 
GKUYM4   1,100  -  0 
GSAWM1   1,200  -  0 
GSAWM2   1,200  -  0 
GSAWSS4   3,200  -  0 
GSAYM1   1,300  -  0 
GSAYM2   1,300  -  0 
GTAWM2   1,340  -  0 
GTAWM3   1,160  -  0 
GTAWM4   1,100  -  0 
GTAWSO3   1,550  -  0 
GTAYM1   1,480  -  0 
GTAYM2   1,200  -  0 
GTAYM2   1,120  -  0 
GTAYSB1   2,000  -  0 
GTAYSB2   2,000  -  0 
GWAWM1   1,340  -  0 
GWAWM2   1,300  -  0 
GWAWM3   1,200  -  0 
GWAYM1   1,360  -  0 
GWAYM2   1,320  -  0 
GWAYM3   1,100  -  0 
GWAYSB1   2,000  -  0 
GWAYSB2   2,000  -  0 
GWEWM1   1,340  -  0 
GWEWM2   1,240  -  0 
GWEWM3   1,200  -  0 
GWEWM4   1,000  -  0 
GWEYM1   1,260  -  0 
GWEYM2   1,340  -  0 
    

News | Ghana Commodity Exchange

GHANA RICE GETS FURTHER BOOST- FARMERS TO BENEFIT FROM TRADING THROUGH GCX

Date : 24th Jul, 2020


GHANA RICE GETS FURTHER BOOST- FARMERS TO BENEFIT FROM TRADING THROUGH GCX image


GHANA RICE GETS FURTHER BOOST- Farmers to benefit from trading through GCX

 

 

 

 

 

 

 

 

 

 

 

 

The Ghana Commodity Exchange ( GCX ) has received clearance from its Regulator, the Security and Exchange Commission (SEC ) to trade Ghana Rice contracts on the exchange’s electronic trading platform, subject to the GCX meeting SEC requirement to undertake few internal changes. This will be a significant boost to Ghanaian Smallholder Rice farmers as they can now use the GCX as a reliable supply source at a reduced transaction cost. 

 

Smallholder farmers could also benefit from other GCX value addition services such as moisture testing, cleaning, drying, grading, re-bagging and storage services all aimed at improving the marketing qualities of the smallholder farmer’s harvest so that they stand a better chance of attracting premium prices.

 

Smallholder rice farmers who are looking to store initially and sell later when prices are better later in the season could use their commodities as sole collateral to obtain short term loans from GCX partner banks. The GCX, earlier this year partnered the ARP APEX Bank, which includes clusters of community and rural banks to advance short term loans to farmers through warehouse receipts.   

 

Rice has over the years increasingly become the most consumed food staple in Ghana after maize. The Ministry of Food and Agriculture (MOFA) identified rice as an important food crop that should be given special attention for food self-sufficiency in Ghana.

 

Between 2007 and 2015, Ghana’s rice imports rose from $151m to $1.2bn, mainly to supplement consumption gaps left by domestic production. The Ghana government through the Ministry of Food and Agriculture and the private sector players have undertaken measures to boost domestic rice production. It is estimated that about 1.2million Metric Tonnes of rice would be produced in the 2020/21 harvest year.

 

Milled Rice imageThe addition of rice to the list of contracts traded on the GCX would increase marketing opportunities for rice farmers as well as address post-harvest loss issues and their lack of financing, which are key industry concerns. Earlier this year, the GCX signed Memorandum of understanding with a number of rice industry players including the Ghana Rice Interprofessional Body ( GRIB ), the John Agyekum Kufuor Foundation ( JAK ), Intervelle and others to support the production, post-harvest management and marketing of rice produced in Ghana.

 

Ghana Commodity Exchange’s mandate is to support smallholder farmers in Ghana access productive markets, obtain access to finance and manage their post-harvest challenges better.

 

Additionally, trading on the electronic platform of GCX will enable rice farmers have access to a fair and transparent price discovery process to help them obtain the best prices for their commodities, as well as have access to a ready market for their produce.

 

The launch of rice trading by GCX is indeed a step in the right direction in improving the value chain of agricultural commodities in the country in order to ensure food security and sufficiency.