The Consortium of investors working to establish the Ghana Commodity Exchange (GCX) Project has entered into a formal agreement with World Trade Centre Accra to be the home of the first-ever Commodity Exchange Project in the West-Africa sub-region.
The offices and trading floor of the exchange are expected to become operational in 2016.
To facilitate the work of the team and ensure the on time commencement of the project, World Trade Centre Accra is currently hosting the team in its Temporal/Virtual office facility.
A commodity exchange is an organised market where future delivery contracts for graded commodities such as grains, cotton, sugar, coffee and wool are bought and sold
The GCX Project, a Public-Private Partnership with minority equity from the Government of Ghana and private sector financing consortium consisting of Ecobank Ghana Limited, Ghana Commercial Bank Limited, 8 Miles Fund (a London-based private equity fund launched in 2012 by Sir Bob Geldof) and the International Finance Corporation (IFC).
The project will be implemented by the recognised industry leader in establishing and operating commodity exchanges in frontier markets, eleni LLC, headed by Dr Eleni Gabre-Madhin, founder and CEO of the highly acclaimed Ethiopian Commodity Exchanged, launched in 2008, which successfully traded annually US$ 1.5 billion of agricultural commodities in the fourth year.
During the formal launch of the project in June, the President of Ghana assured that the government has the political will to see to the successful implementation of the project. ‘There is sufficient political will to see the commodity exchange through. I am confident by the middle of next year, Ghana will have a full and well-functioning commodity exchange’ he said.