The Ghana Commodity Exchange (GCX), says it is working to reverse the drop in activities on its platform due to the impact of COVID-19 on its operations.
The Exchange has seen a huge drop in trading on its platform since the outbreak of COVID-19 in Ghana, as farmers who used to supply it with commodities have stopped due to uncertainties in the market.
Chief Executive Officer of the Ghana Commodity Exchange, Dr. Alfa Kadri, told Citi Business News new methods are being developed to encourage farmers to trade on the platform since it is the safest as the country tackles the pandemic.
“We have seen that the farmers or the producers who normally bring the commodities are not doing so because of their own food insecurity,” he said, adding that “We have seen a substantial drop in membership who are signing on to work with the Exchange to be buyers or sellers of commodities”.
Dr. Kadri said the development has affected the Exchange and negatively impacted pricing.
He however stressed that farmers, sellers and buyers are being sensitized and engaged to use technology in communicating to the Exchange.
He is hopeful the new measures will help address the challenges of all the stakeholders in the value chain.
Emphasizing on how communication is crucial, Dr. Kadri said it is important to engage farmers to allay their fears of food shortage, which is the main reason why the farmers are hoarding their produce.
“They are keeping their commodities. They don’t want to bring it to us. They are not sure when they would actually need them themselves”.