The Ghana Commodity Exchange (GCX) and the AFEX Commodities Exchange (AFEX) have signed a memorandum of understanding (MoU) towards enhancing cross-border trade, promoting agricultural development, and strengthening economic ties between Ghana and Nigeria.
The MoU, signed on 25th August, 2023 in Abuja, Nigeria marks a historic collaboration between two innovative commodity exchanges on the African continent. The agreement seeks to establish a framework for joint initiatives aimed at advancing the agricultural and trading sectors in their respective countries and beyond, with a focus on various facets of commodities trading. This includes, but is not limited to, areas such creating scale in commodity aggregation, the development of market infrastructure, and concerted efforts towards bilateral trade and market integration.
Speaking at the signing of the MoU, Tucci Ivowi, CEO of the Ghana Commodity Exchange, explained: “This collaboration between the Ghana Commodity Exchange and the AFEX Commodities Exchange signifies our shared commitment to innovation, modernising agriculture and driving structured trade in Africa beyond borders. By pooling our expertise and resources, we can create a more vibrant and resilient agricultural and trading sector”.
Likewise, Akinyinka Akintunde, CEO of the AFEX Commodities Exchange, stated: “The MOU with the Ghana Commodity Exchange reflects our belief in the power of partnerships and this collaboration I believe is the first step in promoting the viability of commodities exchanges across Africa”.
The signing of this MoU serves as a testament to the determination of the Ghana Commodity Exchange and the AFEX Commodities Exchange to collaborate in fostering economic growth, agricultural development, and intra-African trade. This partnership holds the promise of reshaping the commodity trading landscape and contributing to the realization of a more prosperous Africa.
About Ghana Commodity Exchange (GCX)
The Ghana Commodity Exchange (GCX) is an innovative and licensed trading platform in Ghana, dedicated to facilitating transparent and efficient commodity trading. GCX aims to connect farmers, traders, and other market participants, enabling them to access markets, finance and information, providing opportunities for growth.
About AFEX Commodities Exchange (AFEX)
AFEX is a commodities exchange duly licensed by the Securities and Exchange Commission in Nigeria. AFEX aims to harness Africa’s commodities, and talent to build shared wealth and prosperity. The company infrastructure and platform investments work to unlock capital to power a trust economy in Africa’s commodities markets.
