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The Commodity Exchange Project will provide a ready market for grains and cereals producers

Stakeholders make U-turn to support commodity exchange :

Potential actors within the Ghana Commodity Exchange (GCX) platform have finally affirmed their full support for the project.

The stakeholders include producers, aggregators, traders, wholesalers, processors and other stakeholder groups who interact with market actors in the value chain process of the commodity market.

This was after the GCX market council met with them to address some of their challenges at the second bi-monthly consultative council meeting.

The GRAPHIC BUSINESS in its January 26 edition reported how the stakeholders had declined to give their full backing to the project as they perceived it as a threat to their businesses, a development that slowed down the implementation process.

However, at the second consultative council meeting, the stakeholders were convinced that the project would rather create a platform for them to improve their businesses and not compete with them.

About market council meeting

The consultative session, known as the Market Council Meeting, is a platform for the GCX Project secretariat to solicit feedback on the various aspects of the project which is in its implementation phase from council members.

The session deliberated on concerns that bordered on trading-related considerations, market surveillance and other key issues critical to the successful execution of the project.

The Acting GCX Project Director, Mr Robert Dowuona Owoo, said Ghana was still on course to deliver the first commodity exchange in the West African sub-region and was also well placed to lead in rewriting Africa’s economic renaissance narrative which is to create wealth through the transformation of the agricultural sector.

He commended the Market Council members for the level of commitment so far demonstrated towards the establishment of the first Commodity Exchange in West Africa that promises a bright secure future to market actors in Ghana’s agricultural value chain especially small holder farmers.

On behalf of the Chairman of the Project Steering Committee of the GCX, Mr Joe Tackie, Mr Owoo rallied stakeholders’ support for the project team to work towards the creation of an orderly organised path that would enhance market efficiency, transparency and integrity through the dissemination of market information in real time to all market players.

Launched in June 2015 by President John Mahama, the GCX Project is a Public-Private-Partnership (PPP) initiative aimed at transforming Ghana’s agricultural sector through the establishment of the first modern commodity exchange in the country. 

The GCX project is being financed with equity investment by the Government of Ghana under the sponsorship of the Ministry of Trade and Industry and a private sector financing consortium made up of domestic and global institutional investors.

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