Ghana Grains Council (GGC) and FinComEco, the fully integrated Financial & Commodities Ecosystem providing services, financing, capacity building and enablement solutions from supply to demand, have signed a Master Collaboration Agreement to jointly develop a range of platforms, projects and initiatives in the agricultural commodity markets sector, especially for grains and legumes in Ghana.
By linking agriculture to the latest financial technology, the joint venture will facilitate grain and legume crop value chain efficiencies through provision of strategic services including electronic warehouse receipts enablement, financing, standards, training and capacity building and the provision of marketing information.
GGC is a private sector-led initiative formed with initial funding from USAID’s ATP and ADVANCE projects. It is a body formed by leaders in the grains business with the aim of positively intervening in the grains and legume value chain to achieve improvement in productivity, quality and greater commercialisation of the industry. GGC oversees 28 certified warehouses across the country, with 99 members including Ecobank Ghana, Agdevco Ghana, Wienco Ghana Ltd, Premium Foods Ltd, CCH Finance House, Agrimat, Glico General Insurance, Inter-Grow Co Ltd, NTHC, ADB Bank, various farmer-based organizations, etc.
Additionally, its advocacy relationship with government and public institutions will enable the collaboration to help facilitate extended market access and influence policy change. GGC and FinComEco will also aim to work with development organisations such as World Bank Group, research bodies and local private sector partners to ensure the success of the collaboration for the benefit of the Ghanaian agricultural sector and associated trading with related agri-financing facilitation. The aim is to develop an effective strategic alignment with the Ministry of Trade & Industry to operationalise the Ghana Commodity Exchange (GCX).
FinComEco will look to provide global best practices in managing robust warehouse receipt systems and other solutions as part of the wider FinComEco model. This includes distribution of third party agri-finance and electronic banking facilitation enabled by scalable technology supported by its partner GMEX Group, which aims be integrated into the commodity exchange ecosystem in due course.
Gideon Aboagye, Chairman of Ghana Grains Council commented, “As a local giant in the promotion of WRS in Ghana, collaborating with FinComEco, a company with an international reputation in the ecosystem, is the right decision to move WRS to a different level, as we move towards the operationalising the emerging commodities exchange.”
Hirander Misra, Founder and Deputy Chairman of FinComEco and CEO of GMEX Group commented, “We are delighted to be working with GGC to bring the FinComEco initiative to Ghana. Our unique collaborative approach is delivering best-of-breed technology, standards and inputs (including seeds, fertilisers and pesticides) to link the supply to demand agricultural value chain.”