Ghana Commodity Exchange (GCX) and Nathan Associates, Ghana Branch (Nathan) have entered into a Memorandum of Understanding (MoU) to foster a mutually beneficial collaboration aimed at enhancing Ghana’s agricultural trade and development.
This collaboration is expected to benefit various stakeholders in the agricultural sector, including farmers, traders, processors and financial institutions. By improving market access, transparency and efficiency, the MoU aims to increase agricultural productivity, trade and economic growth.
The MoU marks a significant collaboration to bolster Ghana’s agricultural trade and development. GCX and Nathan Associates Inc. will focus on various key areas to drive positive change within the agricultural sector through this partnership.
This includes capacity-building initiatives to enhance the skills and knowledge of GCX staff, market participants and regulatory authorities, as well as support the development of market infrastructure such as electronic trading platforms and clearing systems.
Additionally, the partnership will strengthen Ghana’s regulatory framework for commodity exchanges, explore innovative finance solutions for the agricultural sector, conduct value chain analyses for new commodities seeking to list on the exchange and undertake market awareness campaigns to promote the benefits of commodity trading.
Furthermore, the collaboration will prioritise risk management strategies to mitigate various risks associated with commodity trading, improve the dissemination of market information to empower stakeholders, promote the adoption of sustainable practices within the agricultural sector, and conduct impact assessments to evaluate the effectiveness of interventions.
By leveraging their combined expertise and resources, GCX and Nathan Associates Inc. seek to drive inclusive growth, enhance market efficiency, and improve the livelihoods of farmers and other stakeholders across the agricultural value chain in Ghana.
Speaking about the partnership, Nik van Wees, Chief of Party at Nathan Associates Inc., mentioned that GTI has been actively working on creating groundbreaking financing tools like the warehouse receipt system and futures and forwards, revising the GCX rulebook, certifying warehouses and introducing new commodities to the exchange.
Setutsi Ivowi, CEO of the Ghana Commodity Exchange, expressed excitement about the official partnership with GTI. She added that in addition to the funding received from USAID, the partnership will contribute to their goal of improving social and financial systems to reduce poverty and improve farmers’ livelihoods for many years to come.
Overall, the comprehensive collaboration framework outlined in the MoU reflects the shared commitment of GCX and Nathan Associates Inc. to drive positive change and transformation within Ghana’s agricultural sector.
Through concerted efforts across multiple fronts, the partnership aims to foster inclusive growth, enhance market efficiency, and improve the livelihoods of farmers and other stakeholders across the value chain.
Present at the signing ceremony were the CEO of the Ghana Commodity Exchange – Setutsi Ivowi, Chief of Party of Feed the Future Ghana Trade and Investment Activity – Nik van Wees, SME Development and Entrepreneurship Director of Feed the Future Ghana Trade and Investment Activity – Richard Obuobi, Head of Risk and Partnership Manager of GCX – Vitus Otto Ninfaakang, Head of HR & Admin of GCX – Jemimah Oppong-Gyamfi, and Head of Corporate Affairs & Communications – Roselyn Siaw.
