Stakeholders affirm support for Ghana Commodity Exchange Project

CocoaThe Ghana Commodity Exchange Project (GCX) has held its second bi-monthly consultative meeting with its key stakeholders following the inaugural meeting in November, 2015 to deliberate on concerns bordering on trade related considerations.

A statement in Accra and copied to the Ghana News Agency said the session, known as the Market Council meeting, is a platform for the GCX Project secretariat to solicit feedback on the various outputs of the Project, which is in its implementation phase from council members.

Apart from the trade related considerations, market surveillance and other key issues critical to the successful execution of the Project were discussed at the session, which brought together all members including key producers, aggregators, traders, wholesalers, processors and other stakeholder groups, who interacted with market actors in the value chain process of the commodity market.

In his opening remarks at the second Market Council session held on January 28, 2016, the acting GCX Project Director, Mr. Robert Dowuona Owoo, indicated that Ghana was still on course to deliver the first commodity exchange in the West African sub region and well placed to lead the re-writing of 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 of its kind 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 and 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 the 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 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.

The GCX Project is designed to transform Ghana’s agricultural sector through the establishment of the first modern commodity exchange in the country. It is the first of its kind in the West Africa sub region and expected to become operational by late 2016.

The GCX when operational will be a modern market system, where buyers and sellers assured of quality delivery and payment comes together to trade. The GCX will operate as a transformational vehicle dedicated to the creation of an up-to-date, transparent and professional market system that impacts the lives of millions of Ghana’s small scale producers, processors and trade.

The Project is currently being executed by a team of professionals made up of Ghanaians with diverse rich experience and expertise, headed by Mr. Robert Dowuona Owoo and Technical Partners knowledgeable in the establishment of Commodity Exchanges in Africa and headed by Dr. Eleni Gabre-Madhin, Founder and first Chief Executive Officer of the Ethiopia Commodity Exchange.

Source: GNA

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