GCX to expand scope of trading after introducing soybean to its platform

The Ghana Commodity Exchange (GCX) will soon begin trading in cashew, sorghum, paddy rice and some other crops on its platform.

Chief Executive Officer, Dr Kadri Alfah of the Exchange revealed this at the first trading of soybean.

Ghana produces about 30,000 metric tonnes of soybean per year, about 90 per cent are cultivated in the three Northern regions and the rest from Ejura farms and the south of the country. The average price is between G¢97.00 to GH¢120.00 for the 50kg bag size.

Dr Alfah said: “Trading soybean through the Exchange is expected to benefit all the parties involved in the value chain, especially farmers and processors. More farmers will be encouraged to cultivate the crop as they will be assured of market opportunities.”

It is expected that the trading in cashew, sorghum, paddy rice and some other crops on the GCX will bring more vibrancy on the platform.

The Exchange had signed agreements with nine Ghanaian commercial banks to accept farmers who have harvested their commodity and deposited into the Exchange certified warehouse, as collateral for short term loans to meet their capital needs.

The agreements offer affordable interest rates for farmers to invest in the value chain and increase agricultural production in the country.

Dr Alfah said the GCX in collaboration with its partners undertook extensive feasibility studies in post-harvest management, quality control, marketing, and production to improve Ghanaian commodity value chains.

He encouraged farmers to join the platform and have access to affordable storage commodity for up to nine months and enjoy affordable drying, cleaning and weighing facilities to improve the quality and marketability of their products.