President Akufo-Addo will today November 6, 2018 unveil the official operations of the Ghana Commodity Exchange (GCX).
The Ghana Commodity Exchange is a regulated market that links buyers and sellers of commodities to trade by the rules while assuring the market of quality, timely delivery, and settlement.
Minister for Information, Kojo Oppong Nkrumah who disclosed this at a presser in Accra said government currently holds 100% shares of GCX.
According to the Information Minister, the Ghana Commodity Exchange in the first twelve months will trade staple foods including maize, soybean, rice, dry beans, millet, sorghum, and groundnut.
“However, there are plans that from twelve months to twenty-four months, the GCX will trade in cashew, cocoa, timber, shear- butter and vegetables. The GCX after three years, will trade in metals, minerals, petroleum and gas” he said.
He added that trading through the commodity exchange will offer benefits such as standardized weights and grades of commodities, guaranteed prompt payments, access to multiple and premium buyers.
Ghana Commodity Exchange will also offer a larger market and secured storage facilities. There is also access to financial services and risk management tools such as insurance.As such buyers do not have to move to gather the quantity of commodities needed.”
Kojo Oppong Nkrumah also stated that Ghana Commodity Exchange would address the needs of all farmers, reduce problems like post-harvest losses and storage issues.