The Ghana Commodity Exchange (GCX) says it has created the needed modern, interactive and appropriate technological marketplace that connect people with markets to trade in commodities.
Speaking at a press conference on Sunday 4th July, 2021, the Chief Executive Officer of the exchange Tucci Goka Ivowi this has enabled all users (farmers, cooperatives, buyers, brokers, merchants etc.) to trade on the platform anywhere in the country irrespective of location.
She said the exchange has a membership base of 220 members out of which 116 are brokers, 67 are associate members and 37 trading members adding that a further 320,000 smallholder farmers have been trained and are set to be on boarded in the coming weeks.
Providing updates on the progress of the exchange since its inception in 2018, Mrs Ivowii said the exchange is positioned as a national and regional exchange to formalize Ghana’s and West Africa’s agricultural sector and provide better access to agricultural and financial markets for participants.
She said GCX has been able to create the needed connection between Ghanaian smallholder farmers to agricultural and financial markets in Ghana and across the West Africa Region and beyond in a way that has created new opportunities to increase Ghana’s competitiveness in global markets.
“We started by trading in Ghana for Ghanaian farmers but in the next face, when you talk about the region we have started with landlocked countries. We are already dealing in cross boarder trading with countries like Burkina Faso and Niger. The idea is to bring them formally to the exchange so we are increasing our reach in the West African market then the wider African Market,” she noted.