AGI, GCX sign MoU to drive agricultural growth
The Association of Ghana Industries (AGI) and the Ghana Commodity Exchange (GCX) have cemented their commitment to bolstering the agriculture sector through a strategic memorandum of understanding (MoU).
The agreement aims to inject liquidity into commodity markets, fortify price discovery mechanisms, and foster a more robust trading environment for designated agricultural commodities.
The collaborative initiative seeks to forge a commercial framework that not only enhances food security and nutrition but also cultivates a conducive platform for the trading of agricultural produce.
By nurturing existing value chains and fostering linkages between production and high-value markets, the partnership endeavors to empower farmers, ensure trade integrity, and mitigate default risks.
Dr. Humphrey Ayim-Darke, President of the AGI, underscored the pivotal role of this collaboration in advancing the agricultural value chain, underscoring its potential to drive macroeconomic stability and create wealth for farmers and businesses alike.
“We believe the AGI fits into this relationship perfectly to enhance the clear agenda of the Ghana Commodity Exchange. We believe that this is just the beginning. There are other products for the same space. But it is so critical to start with the agriculture space because it has a significant impact on our macroeconomic fundamentals,” he remarked.
Tucci Ivowi, CEO of the Ghana Commodity Exchange, echoed these sentiments, emphasizing the centrality of agriculture in propelling national industrialization efforts.
Recognizing the indispensable link between agriculture and industry, Ms Ivowi articulated the imperative of catalyzing growth in the agricultural sector to underpin broader industrialization agenda.
“We cannot truly industrialise a nation if we haven’t got a strong agricultural sector. So, we’re really working together with our partners in the private sector to boost this industry. We believe that the future is now and the future is in agriculture,” she added.
The partnership’s initial focus on maize and soya beans underscores its commitment to fortifying staple crop production while exploring avenues for expansion into other commodities.
Beyond agricultural commodities, the partners envisage a broader scope encompassing metals, minerals, and other strategic sectors. However, challenges such as transportation and logistics pose formidable hurdles that require concerted efforts and innovative solutions to surmount.
William Agyei-Manu, Chairman of the agribusiness sector at AGI, emphasized the alignment of this initiative with government-led endeavors such as the commercialization of agriculture. By prioritizing year-round raw material availability, the partnership aims to catalyze domestic processing capabilities, reduce reliance on imports, and stimulate job creation.
