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Ghana launches Commodity Exchange for Agricultural products.
Ghanaian President Nana Akufo-Addo, have launched a commodity exchange in Ghana. The exchange will help farmers market their products and also receive payments within 24 hours.
The Ghanaian government has also identified the commodity exchange as a key driver in realizing its goal of becoming West Africa’s agricultural hub.
Farmers often do not possess adequate knowledge of the true value of their produce. Hence, they face the problem of price volatility. Transactions of agricultural goods are mostly through word of mouth or handshake agreements. Which eliminates the process of formal contractual agreement and most times result in trade disputes thereby affecting the market system.
Ghanaian farmers are responsible for feeding the 29,000,000 population; but still remain among the workforce that is uncertain income for their labour and efforts.
The Commodity Exchange will operate from Accra and will link buyers and sellers from across the country. In this its first year, it will focus on staples like maize, soy, rice, millet and sorghum.
By the Second year, its operation will also include Cashew, cocoa, timber, shea butter and vegetables. While metals, minerals and petroleum products will be added by the third year.
Although this is a welcomed development, there are still concerns such as varied qualities of the same commodity often mixed and sold together. Also there is no national system for the weighing and standardizing of the quality and quantity of commodities. This are just but a few concerns of the agro-industry players.