Tuesday, February 22, 2011

Esoko – a market information exchange launched in Ghana

Mark Davies, Esoko CEO with the Esoko Team
and a Representative of IFC
Today, more than 100 invited guests, some from as far as the United Kingdom, witnessed the launch of Esoko, a direct, simple and effective market information exchange, in Ghana. The launch ceremony was held on the seventh floor at Esoko’s new offices situated on the Ring Road in the heart of Accra.

Esoko, formerly known as TradeNet, allows anyone to distribute or collect market information over their mobile phones. Market information in Ghana is being collected from 34 markets all over the country and the platform is active in 15 countries, including Nigeria where some major markets are linked to Esoko. Users of Esoko, businesses and individuals, can access market prices, browse offers to buy or sell, or advertise their own products and services. The services available include SMS messaging, SMS price alerts, SMS bids and offers, SMS websites, Maps, SMS polls, Upload via SMS/Web and Inventory Reporting.

Mark Davies, CEO of Esoko Networks, also announced an investment of over US$2 million in Esoko from the Soros Economic Development Fund (SEDF) and the International Finance Corporation (IFC).

The event also saw the launch of the following products and services:

  • Scout and Stock applications – a tool for polling thousands of Esoko users and reporting stock quantities using SMS;
  • Esoko 1900 short code – SMS service available to users in Ghana, and anyone can text for top commodities and get price results from all over the country;
  • Agricultural Commodity Index – providing market trend analysis on both wholesale and retail commodity trading levels. The index is made public on a weekly basis.
Esoko's goal is to improve market efficiencies throughout the value chain, thus reducing poverty and contributing to the role of agriculture in Ghana’s development.

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