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Commodity Value Chain Actors have rallied support for the National Commodity Exchange (GCX) to work towards alleviating poverty and transforming the agricultural value chain in the country.
According to them, all stakeholders must come together to fight for the rights of the local Ghanaian farmers who lack access to ready market and finance.
This came to light at the second Market Council meeting organized by the GCX Project in Accra to share updates on the progress of work on the establishment of the National Commodity Exchange.
Commodity Value chain actors form the GCX Market Council who are expected to play key roles in the activities of the yet-to-be established National Commodity Exchange (GCX).
The Market Council (MC) consist of various representatives of the commodity market from producers, traders, wholesalers, aggregators to processors, among others.
The Council was put together to solicit feedback at a bi-monthly consultation on the various outputs of the project for the duration.
Market Council members advocated the introduction of the concept of source validation to stop imported commodities from being traded on the National Commodity Exchange (GCX) trading floor to protect local producers, especially smallholder farmers.
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According to them, this will go a long way to stop the smuggling of imported goods into the country due to artificial shortage, calling for incentives to protect local trader interest.
They also reiterated their commitment to partner GCX to intensify market surveillance to proactively address any risk factors that would frustrate the process to create a platform to meet the needs of all market actors.
Robert Dowuona Owoo, acting GCX Project Director, in his remarks, commended market council members for showing commitment towards the establishment of the Commodity Exchange, the first of its kind in West Africa.
GCX Project
The GCX Project is mandated to enhance market efficiency, transparency and integrity through the dissemination of market information in real time to all market players.
By Cephas Larbi
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