In an interview with Accra-based Citi FM, he said the GCX has seen a significant drop in trading on its platform since Ghana recorded its first case of COVID-19. He said that farmers who formally provided the Exchange with commodities have stopped due to uncertainties in the market.
Chief Executive of Ghana Commodity Exchange, Dr Kadri, says they are working to reverse the drop in trading due to COVID-19
The Chief Executive of the Ghana Commodity Exchange (GCX), Dr Alfa Kadri has said that they are working to reverse the drop in activities on its platform due to the impact of COVID-19 on its operations.
Dr Kadri said to address this issue they are developing new methods 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…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”.
“We have seen a substantial drop in membership who are signing on to work with the Exchange to be buyers or sellers of commodities,” he added.
Dr Kadri said the development has affected the Exchange and negatively impacted pricing.
He added that they are educating farmers, sellers, and buyers on the use of 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.
He said communication is very important during these times since it will ally their fears of food shortage, which is the main reason why the farmers are hoarding their produce.
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