News | Ghana Commodity Exchange

GHANA COMMODITY EXCHANGE, JOHN A. KUFUOR FOUNDATION, AND GHANA RICE INTER PROFESSIONAL BODY SIGN MOU IN KEY STEP TOWARDS ENHANCING RICE VALUE CHAIN

Date : 2nd Sep, 2019


GHANA COMMODITY EXCHANGE, JOHN A. KUFUOR FOUNDATION, AND GHANA RICE INTER PROFESSIONAL BODY SIGN MOU IN KEY STEP TOWARDS ENHANCING RICE VALUE CHAIN image


GHANA COMMODITY EXCHANGE, JOHN A. KUFUOR FOUNDATION, AND GHANA RICE INTER PROFESSIONAL BODY SIGN MOU IN KEY STEP TOWARDS ENHANCING RICE VALUE CHAIN

 

 

The Ghana Commodity Exchange, has today, 28th August 2019, signed a memorandum of understanding (MOU) with the Ghana Rice Inter Professional Body (GRIB) and the John A. Kufuor (JAK) Foundation. This MOU is a noteworthy step along the path of fulfilling the mission and vision of GCX which is aligned with the development of the country’s economy through the growth of the agricultural value chain.

As such, GCX will, as part of the MOU, register GRIB and the JAK Foundation as members of the Exchange; while also offering training on quality parameters needed for commodities to gain premium status and aggregation support to members of GRIB. Further, GCX agrees to grant depositors access to market, price discovery, real time price and market data.

On its part, GRIB agrees to aid in creating awareness and sensitisation programmes on the GCX warehouse receipt system as well as on other operations of the Exchange. In addition, the Ghana Rice Inter Professional Body agrees to support the movement of grains from farmer warehouses to GCX operated warehouses and also support farmers to deposit into community warehouses, enabling them reach scalable volumes.

The role of the JAK Foundation is to facilitate the engagement between the Exchange and GRIB, promote Rice and other commodity value chain linkages for mutual benefit and, where possible, work with GCX to provide pre-financing services and the needed support to the farmers.  A key intervention by the Foundation is the advocacy and policy support of farmers under GRIB.

 

This agreement between the three parties is of particular import in the development of the country and will bring immeasurable benefit to Ghana’s commodity value chains, notably rice.

 

ABOUT THE ORGANISATIONS

 

Ghana Commodity Exchange (GCX) is a platform for buying and selling a physical product or for trading in futures and options contracts for its listed commodities. A regulated market that links buyers and sellers of commodities to trade by Rules, GCX assures the market quality and quantity, timely delivery and cash settlement.

 

The Ghana Rice Inter-Professional Body (GRIB) is a national umbrella organisation of rice stakeholders with the goal of working towards a competitive local rice sector which puts producers in the best position to derive benefits from their harvest.

The John A. Kufuor Foundation (JAK) is an organisation with a drive towards the establishment of peace, well-governed and economically sustainable societies in Ghana and Africa. JAK seeks to provide rural communities with the opportunity to enhance their socio-economic status.