News | Ghana Commodity Exchange


Date : 5th Sep, 2019




The Membership and Business Development department of the Ghana Commodity Exchange brought together farmers, brokers and financial institutions with the aim of reiterating what GCX is, how it works, the benefits as well as educate farmers especially on price mechanism, and how financial institutions will partner GCX to deliver the WRF. This session was conducted with the support of the Warehouse and Trading departments

When asked about their level of knowledge of the Exchange, the responses of the farmers, who hailed mainly from the Bono East and Brong Ahafo regions, were very positive. They had enough knowledge about GCX and how it works. The farmers from Sunyani however took the chance to know more since they were hesitant due to previous bad experiences.

The attendees were given a background of the problems GCX can and is solving and recapped what GCX is and its benefits to farmers and members by the head of the Membership Department. He encouraged farmers and members to take advantage of the GCX to trade their commodities which hitherto had been difficult to sell. He also informed the gathering the Exchange’s intent of getting warehouses in all the maize catchment areas as well as facilitation of trucks to cart the commodities from the districts to the main GCX warehouses at a reasonable fee. Mr. Ankrah informed the farmers that daily reference prices and graded prices per GCX ETP would be disseminated daily to ensure that they are informed of prevailing market trends and price their commodities appropriately.

The head of the Warehousing and Quality Control department then took the gathering through best practices, the GCX grading parameters and how GCX handles commodities prior to and once the grains reach the warehouse. In addition, the various warehouse charges were communicated thoroughly to the farmer; both the previous and current rates. This pleased the farmers since the previous charges had been an issue that prevented them from bringing their commodities to the Exchange.

The farmers in response then took turns to thank GCX for the good work done so far and what GCX intends to do with the financial institutions to activate the WRF.

Mr. Nathan Neizer and Madam Agnes Grimmon-Instiful of the Wenchi Rural Bank and Nsoatreman Rural Bank respectively took turns to tell the farmers their role in collaborating with the Ghana Commodity Exchange. They explicitly explained the proposed terms of monthly, quarterly interest rates of the facilities they will give out to farmers per the WRF and encouraged the farmers to take advantage of the GCX’s WRF and adhere to all set down procedures to enable them obtain the best value for their efforts.

Some of the farmers in attendance were then given the opportunity to raise certain teething concerns they had including a request for additional warehouses in Wenchi and Sunyani; as well as a desire for trucks and tricycles which allow them to cart produce from farms to the various GCX warehouses.

The Membership and Partnerships team assured these farmers senior management of GCX is working fervently to ensure activation of warehouses in all maize catchment areas and secure a truck or two for carting the commodities to the GCX warehouses in the middle belt and other areas nationwide. They then brought the event to a close by thanking the various participants for making the time to attend.