Ghana Commodity Exchange (GCX): Exciting Future for Agribusiness Financing in Ghana

The Ghana Commodity Exchange (GCx) will soon go live! The GCX is expected to link buyers and sellers of some selected commodities in Ghana.

The exchange will allow for standards and weight plus prompt payment to farmers and agribusinesses who trade using the platform. Processors will also be assured of the quality and quantity of produce they buy.

Agricinghana Media believes, this initiative will quicken the (re)introduction of the Warehouse Receipt System (WRS) in the country.

The Government of Ghana currently owns 100 per cent shares in the GCX. The commodity exchange platform will initially focus on staple foods such as: maize, soybean, dry beans, millet, sorghum, and groundnut; later expanding to trade in cashew, cocoa, timber, shea-butter, and vegetables.

With very  exciting agribusiness financing initiatives in the pipeline being developed by the public and private sector such  as Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL); data-driven credit solution for smallholder farmers ( mfarmPay) by Remote Sensing company, SyeComp, and Warehouse Receipt System expected in early 2019, Ghana’s agricultural sector is primed for growth!

News Source: Agricinghana Media