Ghana Commodity Exchange adds local rice to listed commodities

The Ghana Commodity Exchange, which serves as a link between commodity producers and buyers has added rice to the number of commodities traded on the GCX electronic trading platform.

This however will bring to five the number of items the Exchange trades in including maize, sorghum, soy bean, and sesame.

Chief Executive Officer of the Ghana Commodity Exchange, Mrs. Tucci Goka Ivowi speaking at the event affirmed that the organization has worked with rice market actors to deliberate on dynamics that occur in trading rice to ensure that all considerations are made to ensure the most efficient methods for trading rice on the Exchange are taken into account.

According to Mrs. Tucci Goka Ivowi, the addition of rice to the list of contracts traded on the GCX would increase marketing opportunities for rice farmers as well as address post harvest loss issues and their lack of financing, which are key industry concerns.

With this intervention by the Ghana Commodity Exchange, rice farmers and millers can be sure of ready market with competitive prices once they meet the expected quality standards he added.

President of Ghana Rice Inter-professional Body Nana Adjei Ayeh II, admonished he is wholly confident that this steps taken to launch rice trading through the Exchange will be of immense value to the Ghanaian rice farmers.

We know what trading through GCX guarantees the farmer quality, transparency, and most importantly timely payment “ he added .

Ghana Commodity Exchange is a market place where buyers and sellers of listed commodities undertake electronic trading under rules. The Exchange aims to standardize rice trading in Ghana with its trading system to enable buyers and sellers appropriately judge the quality of produce they trade.