The Ghana Commodity Exchange (GCX) this 7 days integrated 20 farmer-dependent corporations, representing more than 60,000 tiny scale farmers in maize, soya bean and other crop farmers to trade on its electronic system.
The farmers will get a variety of solutions which contain grain tests, grading, weighing, storage, re-bagging, fumigation and shorter-time period financial loans (making use of their grains as sole collateral), and other economical expert services.
The farmer groups are largely in 100 districts in the Northern, North East, Higher East, Upper West, Savannah, Bono, Brong Ahafo, Ahafo, Ashanti and Higher Accra Areas.
The Ghana Commodity Exchange with an agenda to website link Ghanaian small-scale farmers to commodity and financial marketplaces in Ghana, commenced trading late last 12 months in White and Yellow maize contracts. The Trade has not too long ago included soya bean contracts to its list of traded commodities and will quickly insert sesame seeds and sorghum.
The farmer groups or their reps will be registered members of the Exchange and will be qualified to trade commodities.
The Trade is controlled by the Ghana Securities and Trade Fee (SEC), for this reason it is vital for the farmer teams to turn into members to delight in the security beneath the Law as well as other privileges that arrive with GCX membership, which include things like absolutely free article-harvest administration coaching, free of charge accessibility to GCX price and market place data, absolutely free linkage to marketplaces in Ghana and West Africa, access to safely deposit their grains in GCX accredited warehouses across the region and be issued GCX warehouse receipts which could be applied as collateral for loans from Ghanaian banks.
GCX warehouse receipts give evidence of ownership of grains of a certain high quality and quantity. At this time GCX has more than 120 customers, comprising 40 farmer teams representing over 120,000 farmers, generally compact-holder farmers.
The Trade has so significantly signed and integrated 25 commodity brokers to signify farmers and other current market actors who are constrained from trading on the GCX system by on their own.
The eyesight of GCX is to build a marketplace for Ghanaian farmers that is productive and clear, that eradicates speculation from middlemen and minimizes waiting time for payments and delivery.
The farmers are also equipped to find true price ranges and volumes presented to the Exchange for trade. The Govt of Ghana has supported the GCX monetarily in the acquisition of a environment course buying and selling platform, warehouses with laboratory services to check, quality and retail store commodities, and services to settle and deliver commodities within just 24 hrs of trade.