Agriculture Economist to Present Paper on W/House

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Dr. Gideon Onumah, an agricultural economist and rural finance specialist, is expected to present a research conducted on the relevance and benefits of the use of warehouse receipts systems in Liberia tomorrow.
Dr. Onumah’s presentation is aimed at improving the performance of the agriculture sector in Liberia, which is critical for driving economic growth and poverty reduction.
Warehouse Receipts Systems help to modernize and enhance the efficiency of agricultural marketing systems and enable farmers to store commodities. This allows them to sell commodities when the price is attractive, rather than be forced to act as “price takers” right after harvest.
He was hired by GROW Liberia to conduct the exercise.
GROW works in the cocoa, oil palm, rubber, vegetable and fruits and aquaculture sectors to improve and strengthen value chains.
Dr. Onumah’s research has identified the positive impacts of introducing the program and how the system can improve the efficiency of commodity trading and access to inventory backed financing for small farmers and cooperatives.
During his research, he visited stakeholders at the Ministry of Agriculture, the Liberia Produce Marketing Corporation (LPMC), the Cooperative Development Agency (CDA), banks, micro-financing institutions and cooperatives in Nimba and Lofa counties to obtain vital information about those sectors.
He will also present his findings on regulatory and policy issues, gaps, and the implications of existing laws, potential sources of finance and optimum locations for the establishment of Warehouse Receipts Systems in Liberia.
The analysis will facilitate the identification and development of an Implementation Plan that will identify GROW’s specific interventions in those areas. It is estimated that a GROW-sponsored pilot Warehouse Receipts System will be started in key commodity producing areas for both cocoa and rubber in Nimba or Lofa toward the end of 2015.
GROW is a private sector development initiative operating in Liberia to promote pro-poor economic growth and stability through partnerships with Government and private companies. The program is a 5-year Swedish International Development Cooperation Agency (SIDA)-funded market development initiative that employs the ‘Making Markets Work for the Poor’ (M4P) approach. In addition to promoting the increased profitability of smallholder farm operations, the program seeks to contribute to sustainable growth and stability, with a particular emphasis on women and youth and the environment.

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