LETSHEGO GHANA PARTNERS WITH GHANA COMMODITY EXCHANGE TO PROVIDE FUNDING TO FARMERS, BROKERS AND AGGREGATORS AND IMPROVE THE FARMING VALUE CHAIN

Letshego Ghana, a subsidiary of Letshego Holdings Limited (“Letshego Group”) recently partnered with the Ghana Commodity Exchange (GCX) to facilitate and provide funding for farmers under the Warehouse Receipt Financing Scheme.

The strategic partnership was confirmed through a partnership agreement held between Letshego Ghana and Ghana Commodity Exchange.

The Ghana Commodity Exchange’s Warehouse Receipt Financing Scheme is a financial instrument that receives, grades and stores farm produce and commodities for the local farmers in the Ghana Commodity Exchange’s ‘certified warehouse’.

The farmers are then issued with certificates, enabling them to use their stored farm produce as collateral for loans from Letshego Ghana worth up to 70% of the value of the commodities in the certified warehouse for a maximum period of 6 months.

Letshego Ghana’s Director Geoffrey Kitakule said, “Letshego’s partnership with the Ghana Commodity Exchange will provide working capital for their farmers, brokers and aggregators in support of their operations.

The financial support from Letshego Ghana also helps to increase liquidity in the farming value chains by improving the financial security of the farmers and stakeholders along the agricultural value chain making the sector more resilient to market shocks.

Tucci Goka Ivowi said, The Ghana Commodity Exchange remains committed to improving the livelihood of smallholder farmers and easing the burden on farmers, especially during the planting season, until they receive their returns upon harvest