The Ghana Grains Council (GGC) and the Ghana Commodity Exchange project has signed a memorandum of understanding (MoU) at the Ghana International Press Centre in Accra.
The MoU seeks to strengthen the relationship between the GGC and the GCX on the establishment of a commodity exchange platform for the country.
The GCX project, a Public-Private Partnership (PPP) initiative aims at transforming Ghana?s agriculture through the establishment of the first modern Commodity Exchange in Ghana and the first-of its-kind for the West African region.
?We speak through our collaborations with the Ghana Grains Council to engage a broad spectrum of public and private sector stakeholders, such as farmers and farm-based organizations, commodity traders/brokers, financial institutions, quality certifiers, collateral managers, transport and logistics service providers, insurance providers, telecoms operators, and audit and accounting professionals, amongst others,?? stated the chairman of the GCX Project steering Committee, Mr. Joe Tackie.
The GCX Project aims to establish Ghana?s first Commodity Exchange, with the value proposition to bring efficiency, transparency, order, and integrity to enable a major transformation of Ghana?s traditional agricultural and other commodity marketing with a project completion timeline of 14 months to August 2016.
The GXC Project further announced that the project?s National Launch, in the presence of very senior government officials, industry and financial sector leaders, farmer organizations, market actors, developments actors and the diplomatic community, will take place on 23 June 2015 at the Accra International Conference Center/
?The national launch is an important activity of the GCX Project to present the vision, timeline, and design of the future Ghana Commodity Exchange (GCX) entity and sensitize all the stakeholders on the objectives and benefits of the GCX to Ghana ? stated Mr. Robert Dowouna Owoo acting Project Director.
The National launch in Accra will be followed up by a sustained sensitization campaign around the country, involving media, printed materials, television, film, and other means to ensure reach to all segments of Ghanaian society.
The Ghana Commodities Exchange (GCX) will be financed with minority equity investment by the Government of Ghana, under the sponsorships of the Ministry of Trade and Industry, and a private sector financing consortium of highly credible domestic and global institutions investors: Ecobank Ghana limited, Ghana Commercial Bank Limited, 8 Miles Fund (a London-based equity launched in 2012 by Sir Bob Geldof) and the International Finance Corporation (IFC).
The GCX Project will be implemented by the recognized industry leader in establishing and operating commodity exchanges in frontier markets, eleni LLC, headed by Dr. Eleni Gabre-Madhin, founder and former CEO of the highly renowned Ethiopia Commodity Exchange, which after being launched in 2008 currently trades US$1.5 billion annually.
The Ghana Grains Council was established, with support from USAID?s ATP and ADVANCE projects and other donor agencies, as a leading grain industry entity, with the aim of intervening in the grains value chain to achieve in productivity, quality, and greater commercialization of the industry.