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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    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

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    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

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

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    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

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    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

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COVID-19: Ghana Commodity Exchange laments 45% drop in produce from farmers

byMinna Dablu
July 16, 2020
in Agribusiness, Agriculture, Top Stories
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The Ghana Commodity Exchange, a private-public partnership initiative that provides a regulated market linking buyers and sellers of commodities to trade, says it has seen a 45% drop in farm produce channeled through its platform.

The CEO of the Exchange, Dr. Kadri Alfah, who disclosed this to Citi Business News, blames the drop largely on the impact of the coronavirus pandemic on production and other factors.

Farmers, who produce the five approved commodities for the Exchange, namely maize, sorghum, soy bean, sesame and now rice, make up about 90 percent of the Exchange’s total trade.

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“Small holder farmers, they account for 90 percent of our trade. Compared to last year, the amount of commodities that they have brought to us to be trade has actually fallen by about 45 percent. We also looked at it in the context of trading volume, and how much has been traded through the Exchange has also fallen substantially,” he said.

The CEO says these farmers have resorted to producing primarily to feed themselves with very little coming to the Exchange. Dr. Kadri Alfah says these challenges have affected the overall performance of the Exchange.

“Some of the new products that we have brought that we were expecting to do well haven’t done well either. Sesame and sorghum for instance, are new contracts and we were very optimistic that we’ll have higher activity there. There hasn’t been liquidity in those contracts, so overall the Exchange’s fortunes have been drastically affected by the COVID,” he added.

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