Ghana Commodity Exchange executes first electronic trade
November 14, 2018
Barely a week ago, Ghana recorded the first ever electronic trading of a commodity. The Ghana Commodity Exchange (GCX), a national multi-commodity exchange commenced trading in spot contracts for maize – a move that would help farmers get the true value of their goods.
President Akufo-Addo was present to deliver the keynote address emphasizing the benefits farmers will gain from selling through the Exchange and the goal of it becoming the West African global trading hub. The President “rang the bell” to officially commence electronic trade of commodities.
Amongst highlights of the occasion, during the maiden trade, a session which lasted 20 minutes, one nucleus farmer, representing 250 smallholder farmers from the Adidwan farming community in the Ashanti region traded 80 mini bags of maize prior to the main harvest end November/December, and received his settlement less than 24 hours later.