Ghana Commodity Exchange to begin operations tomorrow

Business News of Monday, 5 November 2018

Source: ghananewsagency.org

2018-11-05

Minister for Information, Kojo Oppong Nkrumah

Government on Monday announced that the Ghana Commodity Exchange (GCX) would start full operations on Tuesday, November 6, to link buyers and sellers of some selected commodities.

The GCX is an online regulated market that links buyers and sellers of commodities to trade by rules and to ensure quality and timely delivery and settlement of products.

Addressing a news conference on Monday, to respond to some emerging national concerns, Mr Kojo Oppong Nkrumah, the Minister of Information, said government currently owned 100 per cent shares in the GCX.

He said in the first 12 months, the GCX would trade staple foods including maize, soybean, rice, dry beans, millet, sorghum and groundnut.

However, he said after 12 months of trading, the GCX would trade in cashew, cocoa, timber, shear-butter and vegetables.

Additionally, the GCX after three years of trading would trade in metals, minerals, petroleum and gas.

Touching on the benefits of the commodity exchange, the Minister said it would ensure standardised weights and grades of commodities, guaranteed prompt payments, with 24-hour trading and ensured access to multiple and premium buyers-a larger market.

It would also provide secured storage facilities, access to financial services and risk management tools such as insurance and price discovery.

Mr Oppong Nkrumah noted that the platform would address the needs of diverse buyers, especially those looking for quality products and ensure lower transaction cost due to better coordination of commodities.

The Minister said the President was expected to officially inaugurate the management of the GCX on Tuesday, November 6, adding that the commodity exchange was different from the Ghana Green Council and Ghana Food Buffer Stock.

He said the GCX would help reduce post-harvest losses.

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