GAPWM2   1,280  -  0 
GAPWM3   1,240  -  0 
GAPYM2   1,200  -  0 
GAPYM4   1,160  -  0 
GEJWM1   1,240  -  0 
GEJWM2   1,200  -  0 
GEJWM3   1,100  -  0 
GEJWM4   1,000  -  0 
GEJYM2   1,200  -  0 
GEJYM3   1,000  -  0 
GKIWM1   1,200  -  0 
GKIWM2   1,760  -  0 
GKIWM3   1,200  -  0 
GKIWM4   1,100  -  0 
GKIYM3   1,120  -  0 
GKUWM1   1,480  -  0 
GKUWM2   1,200  -  0 
GKUWM3   1,340  -  0 
GKUWM4   1,800  -  0 
GKUYM1   1,480  -  0 
GKUYM3   1,120  -  0 
GKUYM4   1,100  -  0 
GSAWM1   1,920  -  0 
GSAWM2   1,880    9.30 
GSAWSS4   3,200  -  0 
GSAYM1   1,840  -  0 
GSAYM2   1,840  -  0 
GTAWM2   1,920  -  0 
GTAWM3   1,920  -  0 
GTAWM4   1,100  -  0 
GTAWSO3   1,550  -  0 
GTAYM1   1,480  -  0 
GTAYM2   1,200  -  0 
GTAYM2   1,120  -  0 
GTAYSB1   2,000  -  0 
GTAYSB2   2,700    3.84 
GWAWM1   1,340  -  0 
GWAWM2   1,820  -  0 
GWAWM3   1,200  -  0 
GWAYM1   1,360  -  0 
GWAYM2   1,720  -  0 
GWAYM3   1,100  -  0 
GWAYSB1   2,000  -  0 
GWAYSB2   2,000  -  0 
GWEWM1   1,340  -  0 
GWEWM2   1,710  -  0 
GWEWM3   1,200  -  0 
GWEWM4   1,000  -  0 
GWEYM1   1,260  -  0 
GWEYM2   1,340  -  0 
GJUAMSMR4   5,140  -  0 
    

News | Ghana Commodity Exchange

A letter to Ghanaians, dedicated to our Farmers

Date : 6th Nov, 2020


A letter to Ghanaians, dedicated to our Farmers image


 

 

A letter to Ghanaians, dedicated to our Farmers

 

 

Mrs. Tucci Ivowi, GCX CEO

To be a farmer in Ghana in 2020 has meant one or both of two things. Firstly, that you are in the group which everyone aspires to be in because finally people are realising that if done right, farming can be a lucrative business. Secondly, you faced losses this year because in the height of Covid-19, you were unable to produce more than you could (due to lack of access to funds for input purchase or a slowdown in demand for certain commodities). The good news is that the challenges brought about by the pandemic, have also presented great opportunities for an even more vigorous approach to agribusiness and kept the spotlight on this most important sector. Through the challenge of Covid-19, a large majority of the population has realised that the opportunity for Ghana to be self-reliant as a nation includes, very importantly, the support which must be given to farmers.

 

The outbreak of COVID-19 inevitably caused a widespread impact across global commodity markets and sent shock waves throughout economies around the world, disrupting the demand and supply of commodities. According to the World Bank, oil prices plunged since January, and prices reached a historic low in April with some benchmarks trading at negative levels which reflect a sharp drop in demand and uncertainty around production levels among major oil producers. Ghana’s most important cash crop saw its futures price on the international market fall in March and remain depressed for several months.

 

With significant supply shortages and subsequent increases in prices across many commodities and the ensuing volatility of these markets, it was virtually impossible for the Ghana Commodity Exchange (GCX), especially being a new organization, not to be negatively impacted, along with most other businesses. Warehousing and Trading Operations took a downward turn in March. The volumes of commodities deposited as well as trade volumes plummeted in the first week of the lockdown in Ghana, due to the uncertainty of dynamics in the marketplace and remained the same throughout the months that followed. In addition, there was a stall in the registration of new members onto the Exchange. The Exchange, however, was quick to activate technology-based measures, which included the provision of e-training solutions for potential members, as well as full activation of the remote trading solution which was encouraged to be used by registered members.

 

Like any Exchange, the Ghana Commodity Exchange (GCX) is a marketplace that brings buyers and sellers together to exchange goods (commodities for cash). Currently, the Exchange is listing agricultural commodities, a decision which was made in line with the government’s policy objective to focus strongly on agriculture, a catalyst for industrial development and economic growth.  

 

The beauty of the Exchange is that it pulls so many different elements together. Members consist of traders, processors, food systems providers, and the beloved farmers, whom we are celebrating today. The commodities listed are varied in type and in form. The Exchange ecosystem includes farms, warehouses, banks, an electronic trading system, and electronic warehouse receipts which can be used as sole collateral for loans. New jobs are being created in brokerage and technology. New training courses are emerging for commodity exchange specialisation. The bridge between traditional agriculture and technology is making the sector more attractive to youth.

 

If you can plant crops to eat, then add value to the rest and make money from it, why wouldn’t this be an attractive proposition? All these years, farmers have known what its about. It’s time the rest of us follow in their footsteps or at least get involved in some way.  With collective action, we can greatly enhance results in the food supply chain, with agribusiness growing and contributing to the country’s economic growth. 

 

I take this occasion to thank every farmer for his or her contribution to the food we eat daily. The Ghana Commodity Exchange will support our farmers in the different ways we can. I also use it as an opportunity to encourage every Ghanaian citizen and our friends from abroad who live in Ghana, to buy and eat locally grown Ghanaian food.

Finally, I wish every farmer a Happy Farmers Day!

 

 

About GCX

 

The Ghana Commodity Exchange (GCX) is a marketplace which establishes linkages between commodity producers and buyers, assuring the market quantity and quality as well as timely settlement of their trade.

One of the aims of GCX is to transform Ghanaian and African agriculture by creating more bargaining power for smallholder farmers, providing accurate and reliable market and price information, access to secured storage, and increased penetration of credit and agricultural financing.