The Ghana Commodity Exchange is now expected to go fully operational from November this year.
JoyBusiness understands that all the necessary structures have been put in place to support take off with an official launch expected before the second week of November.
The Ghana Commodity Exchange was launched by President Mahama in 2015 and was expected to fully take off from 2016.
However, some initial challenges made it difficult to go live.
What is a Commodity Exchange?
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, which would operate on a warehouse receipt system modelled after a similar one in Ethiopia.
The initiative will be a multi-commodity exchange that provides market integrity. It is aimed at transforming Ghana’s agriculture by creating a transparent and professional market institution.
The GCX will start trading of primarily agricultural commodities, including maize, soybeans, groundnuts, paddy, palm oil, among others, and is expected to introduce other key agricultural and non-agricultural commodities in what is envisaged as a future regional trading platform.
Finance Minister Ken Ofori Atta has noted that the operations of the commodity exchange would go a long way to help the economy.
Mr Ofori Atta said the move would help the country make some savings on its import bill as well as influence prices of goods on the local market.
He tells JoyBusiness this would also improve warehousing system for foodstuffs in the country.