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AFEX, a commodities exchange platform, has entered into a memorandum of understanding with the Ghana Commodities Exchange to enhance cross-border trading.
The partnership was announced by AFEX in a statement released on Thursday (August 24, 2023).
The signing of the memorandum occurred at AFEX’s headquarters in Abuja. Tucci Ivowi, the Chief Executive Officer of GCX, expressed that one of GCX’s primary objectives is to connect Ghanaian smallholder farmers to markets and opportunities that can secure their incomes, fostering economic prosperity, and positioning Ghana as a regional and global trading center for all commodities.
She remarked, “Since 2017, GCX has been dedicated to improving the lives of smallholder farmers. This partnership with AFEX extends our commitment to drive transformative change in the agricultural sector. It’s a significant step towards realizing our shared vision of seamless market integration in Africa’s commodity trading arena. Together, we’ll not only enhance commodities trading and market infrastructure but also empower farmers and traders through capacity building.”
Akinyinka Akintunde, the President/CEO of AFEX Nigeria, conveyed his optimism about the collaboration, stating, “At AFEX, we’re thrilled to announce this significant MoU signing, which reflects our unwavering dedication to revolutionizing the agricultural landscape. Through this strategic partnership, we’ll set new standards in quality, and strengthen market infrastructure. Our collaborative efforts will not only amplify market liquidity but also empower stakeholders, creating value across Nigeria and Ghana’s value chain.”
Having expanded into Kenya and Uganda in recent years, AFEX has actively pursued its expansion goal, aiming to establish its presence in eight African countries. The platform aims to promote efficient commodity trade in Africa while supporting the objectives of the African Continental Free Trade Agreement (AFCFTA) to enhance regional trade integration.
The memorandum signing signifies AFEX and GCX’s commitment to leveraging cooperation for the transformation of the agricultural sector. It aims to promote market integration and uphold best practices.
“Under this partnership, AFEX and GCX will collaborate on areas related to commodities trading, warehousing, quality standards, and market infrastructure development,” the statement read.
In addition, the two entities will collaborate on initiatives to enhance capacity-building, leveraging their resources to facilitate cross-border trading of warehouse receipts and boost market liquidity of commodities.
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