Commodities exchange far from take-off

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• C.Stephen Sackey 9 years ago

  Where do I begin with this narrative of governmental incompetence?
  
  Let me begin, like all tales, from the beginning. I first met the current occupier of Ghana's Foreign Ministry at the New York Marriot ...
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  Where do I begin with this narrative of governmental incompetence?
  
  Let me begin, like all tales, from the beginning. I first met the current occupier of Ghana's Foreign Ministry at the New York Marriot Hotel, where as a hanger-on of President Mahamma debut at the General Assembly, she was then the Minister of Trade and Commerce.
  On a side-bar discussion after the President's presentation I asked the then Minister of Trade the status of the Commodities Exchange. She responded " it's ready to roll with some few technical details to be worked out". This encounter was several moons ago. Folks, what I suspect is that when she assumed the head of the Foreign Ministry the Commodities Exchange white paper she husbanded was abandoned,left cobwebbed in a drawer.
  
  But all is not lost.Setting up a commodities Exchange is not rocket Science. Don't reinvent the wheel :There is a legislative precedence to serve as a guide- the USA's Commodities Futures Trading Commission, CFTC.
  
  This self regulatory body has served producers, accredited investors and speculators in various forms since April 03, 1848 when The Chicago Board of Trade ( CBOT ) was founded as a cash market for grain forward or "to-arrive" contracts. The last revision of this market was on October 23-24,1974 when congress of the USA, passed the CFTC Act of 1974 and signed into law by President Gerald Ford.
  
  Of Ghana will shape it's "market" with it's local sensitivities but just do it

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