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In a bid to fortify food security and foster economic growth, the Association of Ghana Industries (AGI) and the Ghana Commodity Exchange have joined forces through a Memorandum of Understanding (MoU). This collaborative effort seeks to inject liquidity into commodity markets and facilitate price discovery within the agriculture sector.
The primary objectives of this partnership are to establish a commercial initiative aimed at advancing food security and nutrition while also creating a robust platform for the trading of specific agricultural commodities. By forging this agreement, both parties intend to enhance existing value chains by establishing connections between production and high-value markets. Additionally, the collaboration aims to empower farmers, ensure trade integrity and transparency, and mitigate default risks.
Dr. Humphrey Ayim-Darke, President of AGI, emphasized the pivotal role this relationship plays in bolstering the entire agricultural value chain, from farm gates to end consumers and inter-business transactions. He expressed optimism about the partnership’s potential to generate wealth for farmers and the business community through commitment and transparency.
Tucci Ivowi, CEO of the Ghana Commodity Exchange, echoed Dr. Ayim-Darke’s sentiments, highlighting the importance of starting with agricultural commodities as a cornerstone for national growth and industrialization. Ivowi emphasized the critical role of agriculture in industrialization, underlining the significance of strengthening the agricultural sector.
Excited about the private sector’s eagerness to collaborate, Ivowi underscored the partnership’s focus on initially trading maize and soybeans, with plans to expand to other commodities as storage facilities become available. She also mentioned ongoing efforts to diversify into other sectors, including minerals, beyond agricultural commodities.
William Agyei-Manu, Chairman of the Agribusiness sector at AGI, emphasized the alignment of this initiative with government projects like the commercialization of agriculture. He emphasized the importance of ensuring year-round availability of raw materials to support local industries, thereby reducing reliance on imports and creating employment opportunities.
