Ghana Commodity Exchange begins trading of rice

Details Written by Emmanuel Bruce | Graphic GH Also available: FR Published: December 17, 2020 10:00 AM

The Ghana Commodity Exchange (GCX) has commenced trading of rice on its electronic trading platform.

This brings the number of commodities traded on the exchange to five, with the four others being maize, soya bean, sorghum and sesame.

The GCX was established two years ago to help transform and standardise commodity trading in the country.

At the launch of the programme in Accra, the Chief Operating Officer of the GCX, Mr Robert Dowuono Owoo, said it was a structured marketplace where buyers and sellers of agricultural commodities met to transact business using modern and innovative technology.

He said the local rice industry was very key to the commodity value chain, since almost all regions in the country cultivated rice, a staple food.

He said it was, therefore, necessary for the industry to be well developed to ensure that the rice value chain benefited from the marketing structures put in place by the GCX, adding: “I hope this will be a win-win situation for everyone in the local rice value chain.”

Fair market

The Chief Executive Officer of the GCX, Mrs Tucci Goka Ivowi, said since its inception in 2018, the exchange had been working with key stakeholders to develop commodity value chains to add value to the lives of farmers by creating a transparent and fair market.

She said the establishment would support rice farmers to reduce post-harvest losses, have access to affordable drying, cleaning and weighing facilities, while selling their commodity by weight and grade and also packaging it to increase appeal, as well as have access to the financial market through its warehouse receipt system.