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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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GCX partners Venture Capital Trust Fund to support commodity traders

byLawrence Segbefia
May 14, 2020
in Agribusiness, Top Stories
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The Ghana Commodity Exchange has signed a Memorandum of Understanding with the Venture Capital Trust Fund (VCTF), to support brokers and help them have access to farmers in trading their farm produce.

The move will also help thousands of farmers to get a good price for their harvest, while ensuring food security for the state.

The Ghana Commodity Exchange provides a platform that links agricultural and commodity producers and buyers to secure competitive prices for farmers’ produce.

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Speaking to Citi Business News, the Chief Executive of the Ghana Commodity Exchange, Dr. Kadri Alfah, was hopeful the agreement will help farmers earn more money from their produce.

“The farmers require market. The MoU will ensure that we have a selected number of brokers who will through the Venture Capital Trust Fund, and will be able to go to these farmers and aggregate a selling quantity of commodities and provide a direct market for the farmers,” he said.

He explained that the partnership is part of the Government of Ghana’s efforts to boost Ghana’s food security, encourage youth in agriculture, and support Ghanaian smallholder farmers to improve their livelihoods and increase their incomes.

Dr. Alfah stated that the amount will be initially advanced to selected young agricultural entrepreneurs for the mobilization of selected commodities from within Ghana, from over 10,000 farmers, for onward supply within Ghana and neighboring West African countries.

Other terms in the MoU

VCTF has also agreed to provide essential training for approved businesses and enterprises, as well as support them with the necessary business advisory and technical services such as accounting, management, business strategy formulation and marketing.

Again, VCTF would support the selected entrepreneurs with corporate matching and mentoring through its executive mentoring program.

Ghana Commodity Exchange on the other hand would provide essential quality enhancement services such as cleaning, drying, sorting, to ensure that these commodities meet national and international standards before storing and subsequently trading them from GCX certified warehouses.

Importantly, GCX has also committed, through the MOU, to act as facilitator to implement this program.

This will be made possible by providing the necessary monitoring and supervision, technical and operational backstopping for quality control and to ensure strict compliance with GCX standards, while providing a ready market for commodities aggregated under the programme.

Furthermore, GCX has agreed to support selected aggregators with the required technical expertise on aggregation strategies, value-chain support tools and the necessary value-chain risk assessment techniques.

The Exchange would leverage its expertise in this field in order to make the collaboration successful.

Additionally, as part of this collaboration, both parties have agreed to engage with government to jointly secure the most appropriate funding mechanism for regional commodity aggregation, with the aim of reducing poverty through job and wealth creation.

This collaboration will go a long way to create prosperity for all in the agriculture value chain and make Ghana a regional and global trading hub for all commodities.

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Africa’s internet economy to cross $180 billion by 2025: Report

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E-Levy is an overhyped revenue generation measure – Seth Terkper

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African Finance Ministers tasked to allocate more resources into education sector

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