Ghana Commodity Exchange platform starts operations today

Mr Kojo Oppong Nkrumah, Minister of  Information

Mr Kojo Oppong Nkrumah, Minister of Information

President Nana Addo Dankwa Akufo-Addo is expected to launch the Ghana Commodity Exchange (GCE) platform to commence operations today.

The GCE is an electronic platform that would seek to harmonise and provide a one-stop market avenue for commodity buyers and sellers without going through the laborious process of searching for markets

The Exchange, when operationalised is expected to regulate the commodity market and link up buyers with sellers within established trade rules as well as assuring market quality.

Speaking at his maiden press briefing as the Minister for Information, Mr Kojo Oppong Nkrumah said the exchange which is a wholly owned by government would also ensure the timely delivery and settlements of commodities traded.

He said in the first 12months, the exchange would trade staple foods including maize, soyabean, rice, dry beans, millet, sorghum and groundnut, however, there were plans to ensure that after the first 12 months of its operations to the 24 months, the exchange would trade in cashew, cocoa, timber, shea-butter and vegetables.

According to him the GCE after three years would also trade in metals, minerals, petroleum and gas, adding that “trading through the commodity exchange offers the following benefits: standardised weights and grades commodities, guaranteed prompt payments within 24 hours of trade, access to multiple and premium buyers , secured storage facilities and price discovery.”

Mr Oppong Nkrumah said it was important for people to buy through the GCE because the platform would address the needs of diverse buyers looking for quality products.

In addition to this, he explained that it would offer lower transaction cost due to better coordination of commodities as such buyers would not have to move to gather quantity of commodities needed.

“GCE only provides a platform to link buyers and sellers of commodities. In this case commodity prices are set by the sellers,” he stressed.

By Cliff Ekuful

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