AFEX and Ghana Commodities Exchange Join Forces to Boost Commodity Trading Ecosystem in Nigeria and Ghana
Nigeria’s commodities exchange, AFEX, and Ghana Commodities Exchange (GCX) have embarked on a transformative partnership by signing a Memorandum of Understanding (MoU) to enhance the commodity trading landscape across both countries. This collaboration, sealed at AFEX’s Abuja office, signifies a commitment to leveraging their combined strengths to drive innovation and growth in the agricultural sector.
The strategic alliance between AFEX and GCX is poised to revolutionize various aspects of commodities trading, including warehousing, quality standards, and market infrastructure development. Moreover, both entities are set to channel their resources into initiatives aimed at enhancing cross-border trading of warehouse receipts and increasing the liquidity of commodities in the market.
Tucci Ivowi, CEO of Ghana Commodities Exchange, highlighted the shared vision of seamless market integration in Africa’s commodity trading space. She emphasized that this partnership not only aims to bolster commodities trading and market infrastructure but also focuses on empowering farmers and traders through capacity-building efforts. GCX’s commitment to uplifting smallholder farmers aligns perfectly with AFEX’s strategic goals.
Akinyinka Akintunde, President/CEO of AFEX Nigeria, stressed that the collaboration reflects their unwavering dedication to transforming the agricultural landscape. The partnership sets the stage for raising the bar in quality standards and solidifying market infrastructure. Akintunde emphasized that this endeavor will not only amplify market liquidity but also empower stakeholders, ultimately creating value for Nigeria and Ghana’s entire value chain.
With AFEX’s Pan-African expansion goal to penetrate eight African countries by 2023, this partnership marks a significant milestone. The joint efforts of AFEX and GCX are set to establish consistent standards between the two countries and serve as a replicable model across the African continent. As both countries work together to enhance their commodity trading ecosystems, they lay the foundation for economic growth and prosperity in the region.