GAPWM3   1100  -  0 
GEJWM1   1240  -  0 
GEJWM2   1200  -  0 
GEJWM3   1110  -  0 
GEJWM4   1000  -  0 
GEJYM2   1240  -  0 
GEJYM3   1000  -  0 
GKIWM3   1200  -  0 
GKUWM1   1480  -  0 
GKUWM2   1400  -  0 
GKUWM3   1100  -  0 
GKUWM4   1100  -  0 
GKUYM1   1480  -  0 
GKUYM3   1160  -  0 
GKUYM4   1080  -  0 
GSAWM1   1300  -  0 
GSAWM2   1340  -  0 
GSAWSS4   5400  -  0 
GSAYM1   1340  -  0 
GTAWM2   1340  -  0 
GTAWM3   1160  -  0 
GTAWM4   1100  -  0 
GTAWSO3   1550  -  0 
GTAYM1   1480  -  0 
GTAYM2   1100  -  0 
GTAYSB1   2000  -  0 
GTAYSB2   2000  -  0 
GWAWM1   1340  -  0 
GWAWM2   1340  -  0 
GWAWM3   1400  -  0 
GWAYM1   1479  -  0 
GWAYM2   1340  -  0 
GWAYSB1   2000  -  0 
GWEWM1   1340  -  0 
GWEWM2   1320  -  0 
GWEWM4   1000  -  0 
GWEYM1   1250  -  0 
GWEYM2   1340  -  0 
    

News | Ghana Commodity Exchange

JUABEN RURAL BANK READY TO FINANCE GCX WAREHOUSE RECEIPTS

Date : 6th Jul, 2020


JUABEN RURAL BANK READY TO FINANCE GCX WAREHOUSE RECEIPTS image


JUABEN RURAL BANK READY TO FINANCE GCX WAREHOUSE RECEIPTS

The integration of Rural and Community Banks to finance warehouse receipts have been extended to Juaben in the Ashanti Region. On Wednesday 20th of May 2020, the GCX Financial Services Department visited Juaben to engage the management of Juaben Rural Bank as part of the process of integrating the bank into the GCX financial services scheme. Key staff involved in credit, operations and IT were trained on the warehouse receipt financing product.

Present at the training were Chief Executive Officer of the bank, Augustine Awere Damoah, Deputy Chief Executive Officer, Mr. Philip Oduro Kwaka, Head of IT, Mr. Mark Osei Gyebi and other representatives from operations and credit departments. Joseph Ofosu Boateng, Head of Financial Services, introduced the concept of the commodity exchange to the participants while Julien Ofori-Abebrese, Clearing & Settlement Officer trained the participants on the GCX operations, Warehouse Receipt Financing and the Risks associated with the product. The team was also trained on how to manage their Value at Risk as well as monitor price information.

The Ghana Commodity Exchange since launching its flagship warehouse receipt financing model, has trained about 15 rural and community banks and integrated the Nsoatreman Rural Bank in October 2019, Builsa Commmunity Bank in February 2020 and Success for People in May 2020, who are currently financing GCX receipts and provided access to financing to about 200 small holder farmers. The integration of the Juaben rural bank brings the total number of rural and community banks financing warehouse receipts to four (4). Juaben Rural Bank becomes the first rural bank in the Ashanti region to adopt the GCX warehouse Receipt Financing model.

In February 2020, the Ghana commodity Exchange signed an agreement with Juaben food bank to control and operate the one thousand metric tonne capacity Juaben Warehouse. It is expected that Juaben Rural Bank would support farmers from the neighbouring communities around Juaben who deposit into the warehouse, with access to short term working capital either for production or to attend to other pressing needs.

Juaben Community Bank Ltd, established in 1984, with its head office located in Atimatim in the Ashanti region, is wholly owned Ghanaian institution and the first Rural Bank to operate in its own premise. The Bank aims to provide a wide range of tailor- made products and services to the various stakeholders including small holder farmers who have been excluded from the myriad of financial products within the financial services ecosystem.

GCX Warehouse Receipt Financing is simply the provision of loans by partner banks to farmers or depositors of commodity into GCX certified warehouses using their warehouse receipts as sole collaterals. These electronic receipts are tradable, transferable and backed by law. It is also underwritten extensively by the GCX through a bouquet of insurance products and guarantees.