Hoarding of Non-GMO Soybeans in Ghana Due to Grain Export Ban

Some Non-GMO Soybean producers in Northern Ghana are hoarding their produce and unwilling to trade with domestic industry players because they are not receiving competitive and profitable prices. Producers prefer to trade with foreign buyers or aggregators from neighbouring countries such as Togo and Burkina Faso who procure the produce in West African CFA franc which gives producers higher margins when converted into the local Ghana Cedi. Domestic Non-GMO Soybean processors currently procure the produce at around USD 53/100kg. However, producers are of the view that they could obtain higher prices from foreign buyers if the grain export ban is lifted.