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GKUYM4   1350  -  0 
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News | Ghana Commodity Exchange

GHANA COMMODITY EXCHANGE LAUNCHES OPERATIONS IN AFRAM PLAINS.

Date : 24th Oct, 2019


GHANA COMMODITY EXCHANGE LAUNCHES OPERATIONS IN AFRAM PLAINS. image


Ghana Commodity Exchange (GCX) launched its operations in Afram Plains to help solve the issue of market inaccessibility, which has been one of the main issues affecting farmers in Afram Plains for decades and has led to a lot of post-harvest losses. As part of the Ghana Commodity Exchange’s (GCX) agenda to create awareness, educate and communicate what GCX brings to all stakeholders in the agriculture value chain and farmers specifically, GCX undertook a roadshow on Monday 14th October, 2019 in the maize production areas of Afram Plains where GCX has established a warehouse.

 

The objective was to formally introduce GCX to farmers and traders in the local communities, highlight the benefits of trading through GCX and rally the support of opinion leaders in these communities whilst convincing farmers to bring their commodities into the GCX warehouse in Takorantwene. Nana Ofori Ameyaw, Takero Hene (Tease Paramount Chief) had this to say; “Now that the Ghana Commodity Exchange has taken the bold step to start operations in Afram Plains, let’s all help the Exchange achieve its aim of transforming Ghana’s economy through agriculture. I believe that, much like it has for other areas, the presence of GCX in Afram Plains, will bring nothing but a positive impact to the country”.

 

 To involve the community in the GCX activities, the team undertook a mini-float through the major streets of the various communities to inform the entire market and specifically the maize farmers and traders about the Ghana Commodity Exchange and the benefit it brings to farmers and other value chain actors.

“The establishment of the Ghana Commodity Exchange is meant to address all the wrongs associated with commodity trading and that service is now available for you all here in Afram Plains, where a digital platform for trading commodities is backed by the physical delivery of graded commodities. This will encourage the youth of the area to venture into agriculture and thereby provide an avenue for income generation. Other services like transportation and logistics required by the warehouse facility can be taken up by the locals, also serving as a means of employment”. Richard Ankrah the Business Development Manager had this to say to farmers and community leaders.

 

 

GCX plans to embark on many more of such roadshows, to further deepen its relationships at the grassroots and ensure that many more communities enjoy the benefits that come with being associated with GCX. The District Chief Executive, Hon. George Ofori said;

“I would like to also state our full support and will encourage all the farmers in Afram Plains to work with GCX by bringing their maize (grains) to the GCX Warehouse to be traded for them.I hope this is only the first step towards the establishment of more warehouses here in Afram Plains in order to give more opportunities for our farmers to increase production and meet the needs of a ready market”.

 

GCX took the opportunity to visit farmers in Afram Plains, explaining the benefits of a Commodity Exchange. Farmer groups praised the Exchange and expressed willingness to work with the Exchange.

About GCX

GCX was established in November, 2018 to provide Ghanaian farmers the opportunity to link up with buyers. Ghana Commodity Exchange has warehouses in Afram Plains, Kumasi, Ejura, Wenchi, Kintampo, Tamale, Wa and Sandema, where farmers can deposit commodities and trade to diverse buyers and would guarantee the quality and quantity of commodity sold. GCX is supervised by the Securities & Exchange Commission of Ghana. Since inception, GCX has been assisting farmers to reduce post-harvest losses by helping them manage the post-harvest quality and linking them to markets. Some farmers who trade through GCX have benefited from price increased to up to 30% as a result of grading and standardization of the commodities.