About GCX
The Ghana Commodity Exchange is a private company limited by shares, structured as a Public Private Partnership, with the government of Ghana currently the sole shareholder. The aim of the exchange is to establish linkages between agricultural and commodity producers and buyers, to secure competitive prices for their products, assuring the market quantity and quality as well as timely settlement of their trade.
Ghana Commodity Exchange’s Management team is led by Dr. Kadri Alfah, the CEO, Mrs. Tucci Goka Ivowi, Deputy CEO, Mr. Robert Dowuono Owoo, COO
What is GCX
We are a regulated market that links buyers and sellers of commodities to trade by Rules, while we assure the market quantity and quality, timely delivery and settlement.
Ghana Commodity Exchange is a regulated national and regional market linking buyers and sellers of agricultural and non- agricultural products to trade under rules and discover prices while assuring the market quantity and quality of the products and timely settlement.
GCX key goal is to link Ghanaian smallholder farmers to agricultural and financial markets in Ghana and across the West Africa Region to ensure Ghana farmers secure competitive prices for their commodities, as well as supply good quality commodities which meet the nutritional needs of the Ghanaian people.
The GCX and GoG believe commodity exchanges are critical drivers of economic development and transformation. To this end, GCX is positioned as a national and regional exchange to formalize Ghana’s and West Africa’s agricultural sector and provide better access to agricultural and financial markets for participants.
This business offers tremendous opportunities for Ghana and West Africa’s exports and creates new opportunities to increase Ghana and West Africa’s competitiveness in global markets.
Through the establishment of the national and regional commodity exchange and its supporting infrastructure, GCX aims to promote the commercialization of the Ghana and West Africa’s agricultural sector, improve market access, increase market efficiency, and lower transaction costs.
GCX business operations consist of: (1) a trading platform powered by a provider Trading system, and (2) warehouse storage operations linked to the exchange through an electronic warehouse receipt system (e-WRS), backed by collateral management services.
One of the primary advantages of the GCX trading system is to enable all users (farmers, cooperatives, buyers, brokers, merchants etc.) to trade anywhere in the country, region and the world. Moreover, through the dissemination of data generated through the trading platform, the exchange provides participants with a price discovery mechanism that adds transparency and confidence, and enables participants to negotiate better prices.
The warehousing operations linked to the exchange provide much needed value-added services including secure storage, product drying and grading, and re-packaging. The warehousing operations are supported by a collateral management system that enables warehouse operators to issue electronic warehouse receipts (e-WRs). Banks provide agricultural financing by using the e-WR as collateral.
Patrick Nomo
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Sampson Akligoh
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David Klotey Collison
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Mrs Mangowa Ghanney
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Dr. Kadri Alfah
Dr. Kadri Alfah is a Structured Trading, Commodity Exchange and Financial services expert with over 15 years of experience expanding in Africa and Europe. He has served as the Country Director of the East Africa Commodity Exchange based in Rwanda, where he presided over an unprecedented re-structuring of the Rwanda based commodity exchange to be functional and sustainable, introducing new commodities and trading products and facilitating agricultural producers, particularly smallholder farmers cooperatives to participate in the trading platform. At EAX he was also in charge of the Kenya, Uganda and Burundi Country operations to set up an East Africa common platform for trading soft and hard commodities.
Dr Alfah was the CEO and Technical Director of the Ghana Grains Council where he oversaw the implementation of Ghana’s private sector first warehouse receipt system, and inventory financing system for Agricultural products. He also worked for the famous Ethiopia Agricultural Commodity Exchange (ECX) in various capacities during the starting up phase, including United Nations Technical Advisor, Chief Risk Officer and Chief Central Depository Officer and Trade Settlement Officer. Dr Kadri holds a BSC in Agriculture from the University of Cape Coast in Ghana, an MBA and Ph.D. in Corporate Finance, both from the United Kingdom.
Mrs. Tucci Goka Ivowi
Mrs. Tucci Goka Ivowi is an experienced business leader with over eighteen (18) years’ experience in marketing and general business management in the UK and emerging markets of Southeast Asia and Sub-Saharan Africa. Leading teams across multiple geographies, she has worked in various roles including SBU Director, Marketing Communications Director/CMO, and Managing Director in one of the global leading food & beverage companies.
Her immediate past role was as an Executive Director of Nestle Central & West Africa Ltd, where she specialised for many years in establishing new businesses and turning around troubled businesses, with record results. She is also an expert in coffee and cocoa, and has managed these products across the business value chain ‘from farm to cup’ to deliver added value for all stakeholders. Tucci is a Member of the Chartered Institute of Marketing (MCIM). She holds a BA in Political Science and French from the University of Sussex and an MBA from Warwick University, both in the UK, as well as a Diploma from the Institute of Political Studies, in Aix-en-Provence, France.
Mr. Robert Dowuona Owoo
Mr. Robert Dowuona Owoo is a Lawyer by profession and also holds a BSc in Mathematics from the University of Cape Coast, Ghana and an MSc in Finance and Management from the Exeter University, UK. He started his professional career with the Securities and Exchange Commission, Ghana where he worked in various capacities and has thirteen (13) years’ experience in Securities (Capital Market) Regulations and Supervision.
In addition to this, Mr. Owoo has experience in the coordination and management of projects having spearheaded several initiatives for the development of the capital market in Ghana whilst working as Head of Policy, Research and IT at the Securities and Exchange Commission including the establishment of an alternative market (Exchange) for trading in securities and the establishment of a securities institute for Ghana.
Albert Tagoe
Finance
The department is responsible for the management and oversight of all financial processes and procedures, including budgeting and budget monitoring, financial procedures and internal controls, contract management, cash flow management, computerized accounting systems and procedures, audits, and line management responsibilities.
Maami Aba Ahoma
Richard Ankrah
Membership
The department is responsible for development and management of the membership structure and membership management strategy of the exchange and overseeing the effectiveness of the membership strategy including managing policy updates such as changes to membership structure, rights and obligations.
Joseph Boateng
Clearing and Settlement
The department is responsible for the planning and day to day management of the GCX Clearing and Settlement operations of the exchange spot market and later, derivatives market and other post-trade services to ensure that payment and title exchange for all the exchange traded commodities and instruments are achieved in a manner that ensures integrity, reliability and fairness in the commodity trading market through its role as a counter party risk manager and guarantor of trade payments.
Vitus Ninfaakang
Risk Management
The department is responsible for monitoring market participants, analyzing speculative and other positions, and examining the relationship between trading activity on the GCX and fundamental factors in the cash market to ensure that there are no price distortions and no market manipulation. The department is also responsible for developing a comprehensive risk management strategy for GCX.
Dr. Harold Okai-Tettey
IT
The department is responsible for providing vision and leadership for developing and implementing information technology initiatives and to direct the planning and implementation of market data in support of Exchange operations, to create and maintain a technology strategy for the Exchange based on an in-depth understanding of the business processes and information flows in a way that ensures that the business strategy and IT investments are aligned.
Wendy Malm
Trading Operations
The department is responsible for the overall trading system of the exchange including the order management, session management, order reconciliation and back office processes of the exchange to ensure all trading operations are run efficiently and that market integrity is intact.
Gabriel Aryeetey
Warehouse Operations
The department is responsible for the overall development of the physical delivery management system including sampling, weighing, grading, inventory management, stock controls, treatment of goods, and overall warehouse operations. It is also responsible for developing Exchange procedures and guidelines with regard to selection and designation of Warehouse Operators, joint liability, performance guarantees and monitoring, indemnity measures, and other matters.
Bernard Akuffo-Addo
Procurement
The department is responsible for logistics and procurement of goods and services for the GCX.
Roselyn Siaw
Communications
The department is responsible for the creation, dissemination of information both internal and external to the GCX, including website, quarterly reports, policy and market briefs, working closely with project management and stakeholders to determine who needs what information when, and developing a communication plan to disseminate the information in the chosen medium. It is further responsible for developing and designing a rollout of communications for the GCX, involving outreach to various levels of stakeholders: farmers, industry, policymakers and regulators, investors, donors, international experts and global researchers.
Sefakor Tetteh
Human Resources
The department is responsible for human resources and overall GCX office management, human resources.
Freda Fofie
Legal and Compliance
The department is responsible for research and analysis on Rules of the Exchange and Directives, for developing and amending Rules, determining when and appropriateness of introducing new Rules to meet changing circumstances, and drafting and presenting Rules. It is also responsible for reviewing all internal agreements and procedures, including those between warehouse operators, clearing institutions, members and clients, to determine compliance with rules and regulations governing the Exchange.
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