(From right) Prof. Baffour Agyeman-Duah, Dr. Kadri Alfah and Nana Adjei Ayeh signing the MoU.
The John Agyekum Kufour Foundation (JAK), the Ghana Commodity Exchange (GCX) and the Ghana Rice Inter Professional Body (GRIB) have signed a Memorandum of Understanding (MOU) to promote the consumption of local rice.
This is expected to be achieved by improving access to markets and financial services for rice farmers.
GCX as part of the MOU, will integrate local rice farmers and cooperative groups working under GRIB and the JAK Foundation into its structured market system whereby the farmers would receive support in grain aggregation, grain testing, grading and certification, quality control, and re-bagging services.
The GCX would also support rice farmers to access low cost loans using their products as the sole collateral in partnership with Ghanaian banks while they wait for markets or better prices as well as link them to diverse markets through their world class trading platform.
Professor Baffour Agyeman-Duah, Chief Executive Officer (CEO) of JAK Foundation, said the foundation has for the past five years been actively engaged in the promotion of rice not only in Ghana but in other African countries.
He said former President John Agyekum Kufour had a deep seated commitment to improving agriculture generally and specific commodities such as rice, hence the partnership.
Chief Executive Officer of GCX, Dr. Kadri Alfah, said the agreement was critical to the development of the Ghanaian local rice value chain which has a huge potential in the development of the country domestic food security and export drive.
He further noted that GCX will create awareness of the services it provides including the use of warehouse receipts to trade on the exchange or access loans and other financial services for rice farmers in the country.
Nana Adjei Ayeh, President of GRIB said the partnership marked the start of a new course for the development of the rice sector.
By Jamila Akweley Okertchiri