GEJWM1   2,622  -  0 
GEJWM2   4,030  -  0 
GEJWM3   2,756  -  0 
GEJWM4   2,560  -  0 
GEJYM2   1,200  -  0 
GEJYM3   1,000  -  0 
GKIWM1   1,820  -  0 
GKIWM2   3,776  -  0 
GKIWM3   3,970  -  0 
GKIWM4   1,100  -  0 
GKIYM2   3,500  -  0 
GKIYM3   1,120  -  0 
GKUWM1   1,480  -  0 
GKUWM2   4,645  -  0 
GKUWM3   1,700  -  0 
GKUWM4   1,700  -  0 
GKUYM1   1,480  -  0 
GKUYM2   4,130  -  0 
GKUYM3   1,120  -  0 
GKUYM4   1,700  -  0 
GSAWM1   3,145  -  0 
GSAWM2   4,745  -  0 
GSAWM3   2,684  -  0 
GSAWSS4   3,200  -  0 
GSAYM1   3,145  -  0 
GSAYM2   4,960  -  0 
GSAYM3   2,516  -  0 
GTAWM1   4,440  -  0 
GTAWM2   4,405  -  0 
GTAWM3   1,920  -  0 
GTAWM4   1,100  -  0 
GTAWSO3   1,550  -  0 
GTAYM1   1,480  -  0 
GTAYM2   5,335  -  0 
GTAYM3   1,120  -  0 
GTAYSB1   2,800  -  0 
GTAYSB2   5,220  -  0 
GWAWM1   1,340  -  0 
GWAWM2   3,823  -  0 
GWAWM3   1,200  -  0 
GWAYM1   3,099  -  0 
GWAYM2   4,425  -  0 
GWAYM3   1,100  -  0 
GWAYSB1   4,828  -  0 
GWAYSB2   5,325  -  0 
GWEWM1   1,340  -  0 
GWEWM2   3,945  -  0 
GWEWM3   2,695  -  0 
GWEWM4   2,694  -  0 
GWEYM1   1,760  -  0 
GWEYM2   3,370  -  0 
GBOAMSMR2   11,110  -  0 
    

News | Ghana Commodity Exchange

GHANA COMMODITY EXCHANGE MARKS 5TH ANNIVERSARY WITH A MAIDEN SYMPOSIUM IN PARTNERSHIP WITH IFC AND GCB BANK PLC

Date : 18th Apr, 2024


GHANA COMMODITY EXCHANGE MARKS 5TH ANNIVERSARY WITH A MAIDEN SYMPOSIUM IN PARTNERSHIP WITH IFC AND GCB BANK PLC image


Accra, Ghana - April 17, 2024 – As part of celebrations to mark its 5th year Anniversary, the Ghana Commodity Exchange (GCX) organized a symposium on Wednesday, April 17, 2024, under the theme "Transforming Commodity Trading through Structured Markets." The event served as a momentous occasion to reflect on the remarkable advancements the Exchange has achieved in revolutionizing commodity trading through structured markets over the past half-decade.

A person standing at a podiumDescxxxription automatically generatedPartnering with IFC and GCB Bank this year to elevate the impact of our initiative, the inaugural edition of our annual event, marks the beginning of a tradition.

Over the past five years, GCX has played a pivotal role in reshaping commodity trading dynamics, fostering transparency, and enhancing efficiency in the market. This milestone anniversary offered an ideal juncture to acknowledge the collective efforts that have propelled the Exchange forward and to chart a course for continued growth and innovation.

 

 

 

A person standing at a podiumDescxxxription automatically generated“Government and by extension the Ministry of Food and Agriculture, as you are aware, recently launched the second phase of our flag ship initiative, Planting for Food and Jobs 2.0 (PFJ2.0). Under the PFJ2.0, I am pleased to inform you that, all the grains recovered under the program will be traded through the GCX. This is to further signify to us all that the Government is keen in ensuring that commodity trading in Ghana is done in a structured manner”, remarked the Minister for Food and Agriculture, Honourable Bryan Acheampong. “The GCX platform will ensure that the grains recovered are stored properly to reduce post-harvest losses, that the grains are sold at the right price through the price discovery mechanism and buyers are given good quality and right quantity for the grains they purchase”.

The symposium, attended by industry experts, policymakers, stakeholders, and esteemed guests, provided a platform for insightful discussions on the evolution of commodity trading. Participants had the opportunity to delve into the challenges faced and strategize for the future trajectory of the commodity trading sector.

 

The CEO of GCX, Mrs. Tucci Ivowi shared, “It is important to acknowledge the critical role the Ghana Commodity Exchange plays in advancing the Government's ambitious agenda to modernize the agricultural sector—a cornerstone of our Nation's quest for food security, employment creation, and poverty alleviation. GCX sits in a privileged position at the intersection of trade, agriculture, technology, and financial services. This is a core driver to bridging the gap between the youth and agriculture…. agribusiness is a goalpost for many more people than before.”

 

A critical success factor that ensures liquidity in any Exchange is the listing of an anchor commodity of high commercial value that will bring in the needed revenues to help develop and list other commodities.

 

 

A person standing at a podiumDescxxxription automatically generatedThis was a key takeaway from the address of the keynote lecture by agribusiness, agricultural development, and agricultural finance expert Mr Kwesi Korboe, also the CEO of GIRSAL. He shared how full or partial mandating in Exchanges is an intentional tool used by Governments to create liquidity for Exchanges. A classic example is the Ethiopian Commodity Exchange where the government mandated the trading of coffee on the Exchange in 2008 which catapulted ECX into a billion-dollar business.

Mr Kwesi Korboe suggested that for the case of Ghana, cocoa’s light crop and cashew should be mandated by the Government of Ghana to trade on GCX to reap the catalytic benefits of re-capitalization and revolutionary transformation in structured markets.

Another focal point of the symposium was the panel discussion on "Innovative Financing for Agriculture. The panel was composed of Mr. Robert Dowuona Owoo Esq., Chief Operations Officer, GCX, Mr. Joe Emmim, CEO, Adehyeman Savings and Loans, Mr. Wonder Adetor, Principal Economist, Ministry of Finance and Mr. Linus Kumi – Director, Corporate Banking, GCB Bank PLC, and moderated by Roselyn Siaw – Head Corporate Affairs & Communications, GCX.

 

The symposium served as an educational platform, enlightening stakeholders and participants on the significant impact of commodity trading through structured markets on the economy. By fostering transparency, efficiency, and risk management, structured markets play a pivotal role in promoting economic stability and growth. The Chief Executive Officer of GCX also seized the moment to announce the launch of the GCX Commodity Training & Certification program in partnership with the Ghana Institute of Securities & Investment, slated for its inaugural cohort in June, to underscore the Exchange’s commitment to knowledge dissemination and capacity building in commodities trading.

In attendance was Ms. Abena Amoah, Managing Director, Ghana Stock Exchange

In her concluding remarks, CEO GCX, Mrs. Tucci Ivowi stated, “As we chart the course for the future, sustainability remains a central tenet of our mission. We look forward to working with Government agencies in boosting access to markets and contributing to sector and economic growth, as much as we look forward to strengthening policy ties through a strong collaboration with the private sector.”

As the Ghana Commodity Exchange embarks on the next phase of its journey, it remains committed to driving innovation, fostering collaboration, and catalyzing positive change in the commodity trading landscape. The Exchange looks forward to continuing its transformative work, delivering value to stakeholders, and contributing to the sustainable development of Ghana's economy.