Wendy Malm is the head of Trading, Central depository and surveillance at the Ghana Commodity Exchange. In this role she has developed commodity contracts, executed several trading strategies and has continually supervised the processing and execution of all market transactions also ensured that all trades conform to the regulatory requirements of the GCX and the Securities and Exchange Commission.
She holds a BA (Hons.) in Economics & Geography from KNUST, Kumasi, Ghana and an MBA in Banking and Finance from the Paris Graduate School of Management, France. She is also certified by the Ghana Stock Exchange as an Authorized Dealing Officer and is a member of the Ghana Stockbrokers Association and a student member of the Institute of Chartered accountants Ghana.
Wendy is part of the team that developed the systems and processes towards the setup of the GCX. She represents GCX on the Capital Market Master Plan Group for the development of markets and products. She also serves on the Internal Audit, Health and Safety and Brokers technical Committees at GCX. Prior to joining GCX, she served in several capacities within the SIC group for thirteen years attaining a rank of head of trading. She has Twelve years’ experience in Stock trading and operations, Eight (8) years’ experience in treasury and fixed income trading and operations and a years’ experience in Fund/Portfolio Management. At SIC Brokerage Limited, she also served as a member of the investment committee and shortly as a compliance officer
Ms Evelyn is an adaptable corporate leader with a proven record of success in Operations, Public Relations, and Executive Management, with a distinguished career spanning over 20 years.
As the Head of Operations with Giet Group, she consistently demonstrates the ability to drive transformative change, enhance operational efficiency, and lead diverse teams across global markets. With deep expertise in executive management, coupled with certifications in Project Management Professional (PMP), Agile Methodology, and Scrum Framework, she is positioned as a strategic leader equipped to navigate complex challenges and deliver impactful results. Notably, she spearheaded a groundbreaking initiative that achieved a 20% improvement in operational efficiency. Through strategic vision and meticulous execution, she expanded operations into the East Coast, driving sustained revenue growth and establishing the organization as a market leader.
Additionally, as a trusted Executive Account Manager at Oakwood Worldwide, she empowered leadership teams to secure high-value partnerships and implement successful market expansion strategies, resulting in measurable business outcomes. She has extensive experience in establishing partnerships with both local and international stakeholders. Previously, she served as an Account Coordinator for governmental clients, providing excellent administrative and customer services to State Department clients.
At the Ghana Broadcasting Corporation, she held several communications and corporate positions, including serving as a Broadcast Journalist with Radio News and co-host of the TV show “Music for You.”
She is also a licensed real estate consultant who has sold homes throughout the Maryland Metropolitan area. Passionate about meeting the needs and goals of clients, she specialized in bringing peace of mind to home sellers and buyers. Her background in interior design has provided her with valuable skills in real estate negotiations, educating homebuyers and sellers, and effectively marketing listings. She is a certified short sale specialist, an accredited home-staging specialist, and a certified neighborhood specialist.
Globally recognized for leadership and innovation, she holds prestigious accolades such as the Freedom Forum Achievement Award (USA), the Carole Simpson Leadership Institute Award (South Africa), and the African Women’s Media Center Award (USA). These awards underscore her commitment to excellence, innovation, and fostering meaningful impact within organizations and the broader community.
Beyond professional accomplishments, she is inspired by personal values and passions that drive continuous learning and excellence. The values of integrity, innovation, and impact resonate deeply in her professional endeavors. With this foundation, she contributes strategically to organizational vision by leveraging her experience to drive growth, inspire teams, and deliver sustained value to stakeholders.
Ms Evelyn is an adaptable corporate leader with a proven record of success in Operations, Public Relations, and Executive Management, with a distinguished career spanning over 20 years.
As the Head of Operations with Giet Group, she consistently demonstrates the ability to drive transformative change, enhance operational efficiency, and lead diverse teams across global markets. With deep expertise in executive management, coupled with certifications in Project Management Professional (PMP), Agile Methodology, and Scrum Framework, she is positioned as a strategic leader equipped to navigate complex challenges and deliver impactful results. Notably, she spearheaded a groundbreaking initiative that achieved a 20% improvement in operational efficiency. Through strategic vision and meticulous execution, she expanded operations into the East Coast, driving sustained revenue growth and establishing the organization as a market leader.
Additionally, as a trusted Executive Account Manager at Oakwood Worldwide, she empowered leadership teams to secure high-value partnerships and implement successful market expansion strategies, resulting in measurable business outcomes. She has extensive experience in establishing partnerships with both local and international stakeholders. Previously, she served as an Account Coordinator for governmental clients, providing excellent administrative and customer services to State Department clients.
At the Ghana Broadcasting Corporation, she held several communications and corporate positions, including serving as a Broadcast Journalist with Radio News and co-host of the TV show “Music for You.”
She is also a licensed real estate consultant who has sold homes throughout the Maryland Metropolitan area. Passionate about meeting the needs and goals of clients, she specialized in bringing peace of mind to home sellers and buyers. Her background in interior design has provided her with valuable skills in real estate negotiations, educating homebuyers and sellers, and effectively marketing listings. She is a certified short sale specialist, an accredited home-staging specialist, and a certified neighborhood specialist.
Globally recognized for leadership and innovation, she holds prestigious accolades such as the Freedom Forum Achievement Award (USA), the Carole Simpson Leadership Institute Award (South Africa), and the African Women’s Media Center Award (USA). These awards underscore her commitment to excellence, innovation, and fostering meaningful impact within organizations and the broader community.
Beyond professional accomplishments, she is inspired by personal values and passions that drive continuous learning and excellence. The values of integrity, innovation, and impact resonate deeply in her professional endeavors. With this foundation, she contributes strategically to organizational vision by leveraging her experience to drive growth, inspire teams, and deliver sustained value to stakeholders.
Ms. Ophelia Martekuo Atoklo brings to the Ghana Commodity Exchange (GCX) over a decade of experience in human capital management, organizational leadership, and administrative excellence, with a diverse background spanning the healthcare, optical, environmental, and waste management services sectors.
She joins GCX from the Accra Compost & Recycling Plant (a subsidiary of the Jospong Group), where she served as Human Capital and Administrative Manager. In that role, she led strategic initiatives in talent management, compensation, compliance, employee wellness, and administrative operations, driving strong alignment between people strategy and institutional performance in a dynamic industrial environment.
Previously, Ms. Atoklo held senior HR leadership positions at Robert & Sons Ltd and Habana Medical Services. Her responsibilities included managing the full spectrum of HR functions—from recruitment and performance management to employee relations and regulatory compliance. She is credited with designing and implementing critical frameworks such as grading systems, band structures, and business continuity strategies, which significantly enhanced operational efficiency and staff retention.
Ms. Atoklo holds a Bachelor of Arts degree in Sociology and Political Science from the University of Ghana, an Executive MBA, and an MBA in Strategic and Human Resource Management, respectively, from the Kwame Nkrumah University of Science and Technology. She has also earned a Bachelor of Laws (LLB) degree from the University of Professional Studies, Accra. In addition, Ms. Atoklo is trained in Team Leadership and People’s Management by the Institute of Leadership and Strategy, and is currently a trainee with the SPHRi (Senior Professional in Human Resources – International) for certification.
Known for her disciplined and collaborative leadership style, she is passionate about inclusive leadership, staff development, and building systems that drive innovation and institutional transformation.
As Acting Deputy Chief Executive Officer of GCX, Ms. Atoklo will support the CEO in the overall management of the Exchange, with specific oversight of operations, corporate services, and capacity-building initiatives. She will play a pivotal role in aligning GCX’s operational and human capital strategies with its mission to promote inclusive agricultural trade and market development across Ghana.
Mr. Albert Tagoe is a Chartered Management Accountant and is currently the Head of Finance and Investment at the Ghana Commodity Exchange and has over a decade of experience in Financial Management. Albert was awarded in March 2023 as part of the Top 30 Public Sector Finance Leaders in Ghana. He holds an MBA in Finance with Distinction from Coventry University (UK) and holds a Chartered Professional Membership with the Chartered Institute of Management Accountants (CIMA-UK), and the Institute of Chartered Accountants Ghana (ICAG-GH).
He holds a First-Class Honours degree in Bachelor of Business Administration (Accounting Option) from Valley View University and a certification by the Ghana Stock Exchange for Investment and Securities. Albert joined the Exchange for its implementation in January 2018 and has supported in setting up a robust and dynamic finance and control unit for the business with his expertise in Financial Management and Reporting, Financial Analysis, Budgeting and Financial projections, Treasury Management, Investment, Internal and External Audit, and Financial controls and Taxation. As part of his portfolio, he currently leads the teams’ engagement with Financial Institutions to extend financing to smallholder farmers in Ghana under its’ Warehouse Receipt and Aggregation Financing programme where the commodities serve as collateral for the financial institutions.
Albert worked for (7) years with Stanbic Bank Ghana in Credit Risk Management and Banking operations and received a Beyond Excellence Award in 2017 for service excellence. He also received an award as the Top Performing Student in Ghana in the CIMA Strategic Case Study Exam and the Top Performing Student in Ghana in the CIMA Performance Strategy Paper in 2014.
Richard Ankrah is an experienced and highly energetic leader heading the Special Projects Unit. Proven track record of driving membership and clientele-base growth through strategic partnerships and effective communication, and executing high-impact, revenue-generating initiatives.
Richard worked as Membership and Business Development Team Lead, GCX, spearheading membership and business development initiatives, identifying strategic partnerships, and driving growth. He was a team member of the GCX Project Phase in charge of Membership, Partnership, and Communications.
He worked as Business Development Manager, Metropolitan Health Insurance; Country Marketing and Client Relations Manager, iBurst Africa; and held various managerial positions at Internet Ghana Company Limited.
Richard holds a Bachelor of Business Administration (BBA) certificate, Master of Business Administration (MBA) in Marketing, Master of Business Administration (MBA) in Entrepreneurship & Corporate Strategy and he is an Associate Member, Institute of Public Relations (IPR), Ghana and Chartered Institute of Marketing (CIM), Ghana respectively.
Mr. Vitus Otto Ninfaakang has over seventeen years of experience working in various leadership positions in the business environment in Ghana and West Africa.
At GCX, he led the processes that culminated in the acquisition of warehouses to serve as Exchange designated warehouses licensed by the Ghana Standards Authority and the Security and Exchanges Commission to store grains and issue warehouse receipts for depositors of these commodities.
He also helped set up the Central Depository of the Exchange to host electronic warehouse receipts and played a leading role in setting up robust risk management and market surveillance systems for the Exchange.
Vitus has extensive knowledge in Exchange Operations gained on the job from the Ghana Commodity Exchange and from working visits to Commodity Exchanges in New York, Chicago, Dubai, Abu Dhabi, and Mumbai.
Dr. Harold Okai-Tettey is an avid researcher and practitioner of Computer Science. He holds a PhD degree in Computer Science from Rhodes University, South Africa, where he also obtained BSc and BSc (Hons) degrees in Computer Science and Electronics. Harold's research interest focuses on High Performance Digital Networks; Biometrics and Smart card applications; Automation and Control, and Artificial Intelligence. He contributed to R&D work for Yamaha Corporation (Hamamatsu – Japan), NEC Corporation (Tokyo-Japan), and UMAN GmbH (South Africa), as well as attended and participated in a number of conferences and conventions organized by the Audio Engineering Society.
Harold is also Executive Director of HarTet Technologies Limited, a technology research firm focused on R&D and consultancy in line with systems automation. He was the lead consultant on a number of projects with firms such as Genser Energy, ACDI VOCA Ghana, Ghana Poultry Project, Ghana Grains Council, Ministry of Food and Agriculture, and the Ghana Commodity Exchange. Harold is also the lead solutions architect of SmartSale ERP (a Biometric and Smart card-enabled solution for the retail industry). Harold enjoys teaching courses in Computer Networks, Artificial Intelligence, Embedded Systems, and Software Development. He has over 8 years of teaching experience, he is an advisory member of the National Accreditation Board (under the Ministry of Education) and is a member of the Audio Engineering Society and the IEEE Computer Society.
Wendy Malm is a seasoned expert in trade and operations, with extensive experience in developing trading contracts and executing trade strategies.
As a key member of the team that established the Ghana Commodity Exchange (GCX), she currently heads operations, leveraging her previous experience as Head of Trading, Central Depository, and Surveillance.
Before joining GCX, Wendy spent 13 years with the SIC group, rising to Head of Trading. Her background includes 12 years in stock trading and operations, 8 years in treasury and fixed income trading, and 1 year in fund/portfolio management.
Wendy is a Chartered Accountant and holds a BA (Hons.) in Economics and Geography from KNUST and an MBA in Banking and Finance from the Paris Graduate School of Management. She's also a certified Authorized Dealing Officer of the Ghana Stock Exchange.
Wendy serves in key roles, including being GCX’s Company Secretary, Chair of the Broker's Technical Committee, and member of the Products and Markets working group under Ghana's Capital Market Master Plan Committee.
Mr. Gabriel Tettey Aryeetey is the Warehouse Operations and Quality Control Manager for Ghana Commodity Exchange and he has held this position since the inception of Ghana Commodity Exchange in 2018. He was sorely responsible for the setting up of all ten warehouses currently being operated by the Exchange across the country.
He is also noted for the establishment of delivery and managerial systems (including sampling, weighing, grading, inventory management, and stock control) for agriculture commodities with a specialization in grain management. He is also responsible for the development of exchange procedures and guidelines regarding the selection and training of warehouse operators and staff.
He has over 15 years of experience in warehouse management. His first four years of working career were at Jandel Limited as a warehouse and cost analysis officer, spent another nine years at Wienco Ghana Limited as the Northern sector warehouse manager and established grain warehouses in Tumu, Tamale, Wa, Kintampo just to name a few before switching to Ghana commodity exchange.
Gabriel T. Aryeetey holds an MBA in Business Administration from KNUST and a Bachelor’s degree in Business Management from UCC and is a German-trained and certified fumigator. He is also a Ghana Standard Authority certified grain grader with 5 years of experience.
Mr. Godfred Kofi Nyamekye is an Experienced Agricultural and Value chain expert with over ten (10) years of extensive experience with Agriculture development interventions in Ghana. He has worked with several international donor-funded projects, with DPs such as USAID, EU, AFD, and GIZ in various technical and management capacities. He is skilled in capacity building in good agronomic practices, revolving input fund management, value links, value chain analysis, post-harvest management, contract farming, organizational development, and marketing linkages.
Strong consulting professional with a Master of Philosophy (M.Phil.) focused on Post-harvest Technology from the Kwame Nkrumah University of Science and Technology. He currently heads the Value Chains and Product Development at GCX.
Mrs. Oppong-Gyamfi is a collaborative leader with excellent communication skills, and she is known for her ability to foster effective relationships at all organizational levels. She holds an Associate Membership from the Chartered Institute of Human Resource Management in Ghana and a SHRM Senior Certified Professional certification from the Society of Human Resource Management in the USA. Her educational background includes an MBA in Human Resource Management from Methodist University College, Ghana, and a BA in English from Kwame Nkrumah University of Science and Technology. Before her role as Head of Corporate Services at the Exchange, Jemimah held positions such as HR Manager, West Africa at SMEC International Pty Ltd, HR & Office Manager at Technology Management Group Ltd, Team Leader for Talent Resourcing & Onboarding at UBA Ghana, Human Resource Officer at UT Bank (now GCB), and Marketing Executive at Combert Impressions Ltd.
Mr. Opoku Debrah joined the Ghana Commodity Exchange in March 2023. Opoku comes on board with six years of experience in internal auditing from the rural banking and financial services industry in Ghana. Since joining the Exchange as the first auditor, Opoku has assisted management in developing an internal audit charter and a risk-based audit plan for the year under review.
Opoku worked with many organizations, with the last one being the head of the internal audit department at Akumadan Rural Bank Plc for five years. Working as head of audit with the bank, he managed to ensure sanity and integrity in the operations of the bank.
Opoku holds an H.N.D. in Accounting from Kumasi Technical University and a BCom. Accounting option from the University of Cape Coast, and an MSc. Accounting and Finance from Kwame Nkrumah University of Science and Technology. Opoku is a full member in good standing with the Institute of Chartered Accountants Ghana (ICAG) and also a member of the Institute of Internal Auditors, Ghana.
2nd Floor - Africa Trade House,
Ambassadorial Enclave Off Liberia Road
Ridge, Accra
Ghana - West Africa
Digital Address: GA-077-0681
Fill in your details and a copy of the membership form would be sent to your email. Please note that to complete registration, a fee of 50Ghs is charged upon delivery of your completed form to our office.
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Kumasi (April 24, 2018) The Ghana Commodity Exchange (GCX), a trading platform for physical commodities and futures contracts, under the auspices of the Ministry of Finance, piloted trading operations on the 24th of April 2018.
The Government of Ghana’s drive to support smallholder farmers, increase value along the agricultural value chain and provide export opportunities for Ghanaian commodities, has led to its investment in GCX, in its bid to structure the commodities market towards the eventual commencement of regular formal trading. This is being done by piloting the trading of maize in certain parts of the country, with maize stored in warehouses in Bonyo/Ejura in the Ashanti region and Sandema in the Upper West region.
On 24th April 2018, GCX brought together sellers and buyers of maize from all parts of the country to participate in its first auction trade which took place in Kumasi. 126 farmers were involved and several amongst them sold 136,000 GHS of trade during two (2) trading sessions, using a Reserve Auction trading mechanism. Buyers of maize had the opportunity to purchase high quality maize (GCX grade 1) whilst sellers (mostly small holder farmers) received premium prices and are benefiting from access to a wider market for their goods. Both parties benefiting from low transaction costs, the model presents a sustainable alternative to low prices and margins.
The Chief Executive Officer (CEO) Dr Kadri Alfah explains, “GCX initiated this pilot trading operation largely to demonstrate our structured trading concept which includes; commodity quality testing, grading, weighing, packaging and standardization, and to prepare our farmers and other market actors for our planned electronic trading and electronic warehouse receipts (e-WR) later this year. We are learning from other commodity exchanges that failed in Africa because they did not plan ahead to get the market behind them prior to the establishment of the trading platform”.
With many more of these trading sessions planned, GCX intends to use this initiative to educate and train market actors including farmers, farmer cooperatives, traders, brokers, financial institutions, regulators and warehouse operators to get everyone involved from the beginning.
During the first trade, farmers of White Maize were provided the opportunity to deposit their commodities, and have them graded, where they conformed to meet national and international market standards, prior to sale in a GCX Reserve Auction trading floor. Title was transferred from sellers to buyers using highly controlled contracts. GCX has established a system of performance guarantees including guaranteeing the quality and quantity of the commodity traded, freeing the farmers from the risk of commodity losses.
According to the farmers who participated in the trade, the auction was a simple, transparent and beneficial process. They were happy to receive the support to weigh and grade their grains. Some of them said they didn’t know they had high quality grains and could receive a premium for it. They were also happy to be presented with buyers which saved them time and cost. The biggest surprise for them was that they received contracts for their trade, with the guarantee from GCX that they would receive their cash settlement within five (5) days of the trade. This is fully in line with GCX’s objectives to help farmers sell their products at fair and competitive prices by providing them with real time price and market information while facilitating their access to financial institutions for loans and financing opportunities.
GCX has come at the right time to support the Government’s “Growth and Transformation Plan” to double production of key stable crops, improve storage and improve the general wellbeing of Ghanaian farmers and the people of Ghana. GCX is expected to play a crucial role in supporting government initiatives such as the Ministry of Food and Agriculture’s “Planting for Food and Jobs” and the “One District One Warehouse” initiative. GCX will support these initiatives by collaborating to provide warehousing management and quality control systems.
The GCX trading mechanism used for the pilot was a Reserve Auction. Interested buyers had the opportunity to interact with the farmers to discover prices in a fair and transparent manner. A Reserve Auction is a payment against delivery system whereby the farmers ( sellers ) announce a minimum price for their product incorporating their production cost in the sale price. The buyers then put in a bid to match the farmers’ asking price, factoring in transportation and other costs. By so doing, both the buyers and sellers hedge against their cost in a win-win situation for all.
30th May 2018: The Ghana Commodity Exchange (GCX) has brought together over forty (40) market actors from across several commodity value chains to provide inputs into the ongoing implementation phase. Members included representatives from farmer groups, aggregators, logistics companies, traders/brokers, agro-processors, manufacturers, financial institutions, insurance companies, and developmental organisations.
Representatives from the commodity value chain market actors form the GCX Market Council, who are playing key roles in the activities of the Ghana Commodity Exchange (GCX). The Council was established to solicit inputs and feedback on the various elements needed to ensure a successful implementation of the commodity exchange for Ghana.
During the session, the GCX team gave a status update on GCX activities, shared details on the GCX Membership Process and outlined the structure, rules and processes of the current trading activity that GCX was undertaking.
The GCX team explained that in its efforts at structuring the commodity market for the eventual spot trade activities later this year, the market council has a crucial role to play.
Whilst several challenges were highlighted by market council members, there were extremely positive sentiments regarding the role of the Exchange and a commitment by council members to champion the cause, providing insights and actions towards contributing to a successful establishment of the Exchange.
The GCX, in April of this year, commenced maize trading in spots through auctions (reserve). The owner of Akandem Farms, Mr. Maxwell Akandem shared his experience from one of these recent trade activities through the GCX, expressing his delight at the efficiency of the trading and the speed with which he received his cash settlement for his commodity sold.
On sustainability of the GCX, the council members opined the need for the GCX to ensure that operations would be continuously strengthened to help the nation deliver on its mandate towards greater financial inclusion, particularly regarding famers, and that the value chain as a whole would provide the ripple benefits expected.
Council members advocated a well thought out plan regarding transportation and other logistics, since that is a source of loss of goods, be it through theft, damage, or time lost. The GCX was urged to develop criteria or standards in the transportation chain in order to reduce potential frictions between truck owners and goods owners.
On the subject of the state of warehouse infrastructure across the country, council members requested the GCX to take practical steps to increase current stock by renovating and equipping warehouses with the right tools to enable farmers and producers of agricultural produce to have access to and use of the facilities. This will help reduce post-harvest losses in the country.
In his closing remarks, the Chief Executive Officer (CEO) of GCX, Dr. Kadri Alfah, expressed his appreciation to the market council members for showing commitment towards the establishment of the Commodity Exchange, which is expected to be the leading Exchange in West Africa. He stated that this will be the first of many gatherings by market council members to deliberate on issues and challenges surrounding the commodity value chain.
Supported by the World Bank Group (WBG), particularly the International Finance Corporation (IFC) and support from the Swiss Secretariat for Economic Affairs (SECO). The Securities and Exchange Commission brought together eighty-one (81) key stakeholders from the Central Bank (BOG); Ghana Commodity Exchange (GCX); Financial Institutions; Ministry of Food and Agriculture (MOFA), Brokerage Firms, Insurance companies, Farmer Groups, Academia, and more, for a review of Commodity Exchange and Warehouse Receipt System at the Alisa Hotel, Accra.
The Director General of SEC, Rev. Ogbamey Tetteh in his welcome address highlighted the relevance of warehousing and the need to grow the commodities market shepherded by a commodities exchange. He introduced the role of the regulator, opining that they would play a key part in building trust in the system.
Dr. Langyintuo (IFC Senior Technical Specialist for the Ghana WRS Project) in his presentation on the Project, reported that trade in Africa is a big challenge because of high risks, border related difficulties, standards, policy uncertainties and export finance. He explained the role warehouse receipts play in filling the gap for trade and collateral financing.
He recommended the following areas to be especially considered:
Dr. Langyintuo hinted that solutions could arise from friendlier tax regimes, non-discriminatory access to markets, non-interference with the functioning of the markets, honoring of internationally accepted standards, abiding by contractual undertakings, and ensuring the sector is free from corruption.
Dr. Kadri Alfah (Chief Executive Officer, GCX) gave an overview of the Warehouse Receipt System and Commodity Exchange. He indicated that the Ghana Commodity Exchange operates as a market and the WRS is a key component.
Dr. Alfah iterated that the Exchange’s rules are designed in the context of the Securities Industry Act and that it is a membership-based market with brokers who trade for themselves and on behalf of others. Dr. Alfah shared that the GCX has adapted its own standards for maize, rice and soy beans using the GSA standards as a benchmark.
He highlighted GCX’S current situation as follows:
- Identified 6 warehouses in Tamale, Wenchi, Ejura (3 warehouses) and Kumasi
- 65 members, including 2 Banks and off-takers with capacity to buy
- New office and trading platform almost ready
- Auction traded over 6,000 mini bags (this was designed to test the system which has been successful so far)
- Maize contracts designed
- Capacity building of market actors has commenced (40 trained)
The way forward according to Dr. Alfah is to get rules for the Exchange and WRS approved by SEC; passage of the WRS Legal Instrument (LI) and the Borrowers & Lenders Bill and build capacity of bank staff and other key stakeholders.
He stated that the bell for the commencement of official trading activities on the GCX platform is expected in November 2018. Finally, Dr. Alfah mentioned readiness of the warehouses; commodity price vitalities; getting interest rates below 20% for financing WHR; readiness of banks; banks accepting GCX performance bond for warehouse operations and passage of the WR and Commodity Exchanges’ regulations.
On the part of SEC, Evelyn Essien (Head of Exchanges) said SEC’s regulations are aimed at controlling behaviors of Exchange actors in the commodity market. She stated that the regulatory powers would be derived from Securities Industry Law, 2016 (ACT 929) and along the line, guidelines and circulars could be issued by SEC. SEC, according to Mrs. Essien, will keep a close eye on possible market abuse and crimes under the Act such as false trading and would apply penalties and other disciplinary measures such as revocation and suspension when necessary. Mr. Caliis Baidoo (Head of Legal, SEC) shared the regulatory components of the WRS, clarifying the role the WRS played within the context of a Commodity Exchange, so that they are clearly distinguished.
The session ended with a round table discussion chaired by Mr. Paul Ababio (Deputy Director General, SEC), with Mr. Robert Owoo (Project Director, GCX), Dr. A. Langyintuo and Caliis Baidoo, opening the floor for all participants to seek clarifications or share their own comments on the areas of operationalizing the WRS/ GCX; the role of technology, and other general business opportunities that would emerge as part of the Exchange ecosystem.
About Ghana Commodity Exchange (GCX)
GCX is a market / platform which brings buyers and sellers together to trade commodities including agricultural commodities, and as a body, guarantees the quantity and quality as well as prompt settlement (cash and delivery) of all products traded on the platform. This shields both buyers and sellers from physical and financial losses. GCX is regulated by the Securities and Exchange Commission and is managed by an experienced team of professionals with varied work experiences across the commodity value chain both in Ghana and abroad.