Nana   Ayeh II said that the MoU is meant to improve rice production in Ghana at a time when farmers are not getting produce at the right time and storage at the rice prices.

He disclosed that rice production is currently 70 percent rain fed  which poses as a major problem and contributes to   post harvest losses in the country.
He noted that the move will not only address post harvest losses but also address the issue of ware housing and storage for farmers as well as provide funds to purchase rice products. "We will continue with farming mobilization and sensitization   of issues on production, standards and the GCX warehouse receipt system" he said.

Chief Executive Officer of the Ghana Commodity Exchange (GCX), Dr. Kadri Alfah said that the rice industry is currently plagued with problems such as cheap rice imports, poorly co-ordinated and promoted rice value chain, lack of well developed strategies to promote rice value chain among others.
He noted that in order for them to support government policies such as the Planting for Food and Jobs and the One district   One Factory as well as   help farmers export produce to improve revenue, the potential of rice has to be leveraged on.

Dr Alfah said that the GCX will offer farmers access to a structured market system through an electronic platform to other producers such as those in the maize and soya value chain to offer them services such as grain testing, grain aggregation, grading and certification, quality control , re-bagging services and opportunities to sell on diverse markets through their world class trading platform.

He announced that farmers will aso have access to low cost loans using their products as sole collateral while they wait for better market prices.
Dr Alfah emphasized that the GCX will ensure they bridge the gap between rice production, consumption and imports.
In line with His Excellency, Former President John Agyekum Kufuor's desire to improve agriculture in Ghana, Professor Baffuor Agyeman-Duah, Chief Executive Officer of the JAK Foundation was also a signatory   of the MoU.

He said that the foundation has been working on a Comprehensive Africa Rice Initiative with four other African countries including Nigeria with   support from Deutsche Gesellschaft für Internationale Zusammenarbei (GIZ)   and the Bill and Melinda Gates Foundation. The JAK foundation is again working closely with 15 other countries to promote rice production in the Sub-Saharan region.

Prof. Agyeman-Duah noted that the foundation will continue to create awareness among farmers to increase their yield.
The Alliance for a Green Revolution in Africa (AGRA) which is also supporting the initiative assured farmers that as major beneficiaries of the MoU they will always have a ready market for their produce.

The signing of the MoU will provide an estimate of 2000 jobs in both skilled and unskilled labor