Eleni, a private company positioned as the premier commodity exchange promoter in Africa, has announced its intention to form a private-public investment consortium in the country to finance the establishment of the Ghana Commodity Exchange (GCX).

The consortium partners will include Ghana?s top-tier financial institutions such as Data Bank, Agrifund Manager Ltd, ?Ecobank Ghana Ltd, UT Bank Ghana Ltd, as well as International Finance Corporation (IFC), 8 Miles Fund and eleni, while the Government of Ghana will be a minority stakeholder.

A release issued in Accra said ?A letter of intent with the aim of completing the investment process by next month and launching the GCX within the next 12 months has been signed between the consortium partners and the Government of Ghana?.

As a strategic eco-system partner to the GCX, a second consortium is also in formation for a large-scale investment in warehouse and logistics infrastructure and equipment in eight delivery sites around Ghana.

In his second State of the Nation Address delivered on February 25, President John Dramani Mahama announced that ?as part of efforts to create an orderly, transparent and efficient marketing system for Ghana?s key agricultural commodities to promote agricultural investment and enhance productivity, the government has committed itself to the establishment of a Ghana Commodity Exchange (GCX) and an associated Warehouse Receipt System (WRS).

This move is to encourage market access and fair returns for smallholder farmers and to facilitate the formalisation of informal agricultural trading activities.

It is expected that the establishment of the Ghana Commodity Exchange will position it as a West African regional hub for commodity trading activities.

The GCX will start with spot and futures trading of primarily agricultural commodities, including maize, soybeans, paddy rice, palm oil, groundnuts, among others, and will introduce other key agricultural and non-agricultural commodities in what is envisaged as a future regional trading platform.

?This exchange will undoubtedly have a transformative impact on our economy and we are very pleased to be backing it,? Mr Samuel Ashitey Adjei, MD of Ecobank ?Ghana Ltd, said.

?Following the success of the Ethiopian model, the African commodity exchange momentum is real,? he added.

The Chief Executive Officer of elini, Dr Eleni Gabre-Madhin, ?said ?We can think of no better time than today and no better place than Ghana to start a new thrust of developing an efficient and transparent price discovery platform. Ghana?s exchange has every potential to become a leading West African hub for globally traded commodities, and we are excited to partner with the consortium to bring this idea to reality.?

Source Daily Graphic


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