Tucci Goka Ivowi, CEO, Ghana Commodity Exchange

Ghana is seeing improved commodity quality, reduced post-harvest losses and lower transaction costs, Tucci Goka Ivowi, Managing Director of Ghana Commodity Exchange, said on Sunday.

She said the entry into force of the commodity exchange resulted in an increase in jobs for transportation and other service providers.

Ms Ivowi was speaking at the Minister’s press conference on the progress so far for the exchange in Accra.

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She said it also provided an easily accessible market, data and better prices for farmers.

The CEO said that thanks to the actions of the stock exchange, he introduced standards in the markets and exchanges within the framework of defined rules.

The commodity exchange must transform Ghana’s economy by creating prosperity for all commodity value chains and become a regional and global hub for all commodities.

There were three key areas of intervention; access to storage, markets and finance, Ms. Ivowi said.

She said it also brought contract enforcement, assurance and confidence in transactions and delivery.

“We are a regulated market, which establishes links between producers and buyers of raw materials to guarantee competitive prices for their products, guaranteeing the quantity and quality of the market as well as rapid settlement of their trade,” said the CEO.

As a strategic direction, the Ghana Commodity Exchange (GCX) had links with ‘Planting for Food and Jobs’ to provide wider market access to support improved quality and increase production. , she said.

It was also linked to the One District, One Warehouse program to support the Commodity Exchange warehouse receipt system.

Ms Ivowi said GCX also had ties to One District, One Factory, which was to serve as a taker through the sourcing and processing of quality grain purchases.

Some of the strategic partnerships formed during the period were the allocation of 5 million Ghc by the venture capital fund for the aggregation of selected products in the GCX warehouse, and the establishment of a line of Ghana Rural Development Fund GHc 1 million credit for soybean and maize aggregation. with the potential to expand to GHc10 million to fund other commodities and brokers.