ACCRA, Nov. 6 (Xinhua) -- Ghanaian President Nana Akufo-Addo on Tuesday launched the Ghana Commodity Exchange (GCX), a platform for buying and selling listed agricultural commodities.
The GCX is a regulated market that links buyers and sellers of commodities to trade by rules while assuring the market of quality, timely delivery, and settlement.
Speaking at the event, Akufo-Addo said the GCX is going to be one of the key drivers of realizing his government's vision of becoming the agricultural hub of West Africa.
He said his administration will make sure that the platform delivers on its mandate, and promotes high productivity, price stability, increased exports, and reduced imports of commodities.
He added that the exchange, in light of the emerging regional and continental free trade area, can position Ghana as the premier West African global trading hub.
With an estimated one million farmers to be integrated into the GCX in the next 18 months, Ghanaian farmers will gain access to secured storage for their harvest and good warehousing management practices, substantially reducing their post-harvest losses, and improving their take-home sales, Akufo-Addo said.
"To our traditional rulers here, I encourage you to help with the sensitization drive to improve the lives of your peoples; to our farmers, be part of the knowledge sharing within your communities so everyone benefits. Buy and sell through the Ghana Commodity Exchange," he said.
The GCX, in the first 12 months, will trade staple food including maize, soya bean, rice, dry beans, millet, sorghum, and groundnut.
However, there are plans that from 12 months to 24 months, the GCX will trade in cashew, cocoa, timber, shea butter and vegetables, and trade in metals, minerals, petroleum and gas three years later.