The Ghana Commodity Exchange undertook a reserve trading auction of raw cashew nuts for the first time on Tuesday.
This is a process by the exchange to engage market actors in the Cashew Value Chain.
According to the sellers and buyers who participated in the trade, the auction was a simple, transparent and beneficial process.
With the Reserve trading auction, interested buyers and sellers were brought together to discover prices in a fair and transparent manner on the exchange.
Chief Executive of the Exchange, Tucci Ivowi expressed excitement about the process and assured that more of such innovations will be employed unto the trading platform moving forward
“GCX decided to undertake this reserve cashew auction to demonstrate to the actors in the cashew value chain how the GCX structured trading concept which includes; commodity quality testing, grading, weighing, packaging and standardization operates and to prepare our cashew value chain market actors on how to trade on the Exchange as an alternative and a more structured market for trade’‘ Tucci Ivowi explained.
The Exchange currently trades maize, sesame seed, rice, soya beans, sorghum and is working on adding on cashew due to the growth rate of Cashew production in the Bono, Bono East and Ahafo regions for export and revenue.
Thus, the introduction of cashew unto the electronic trading platform of GCX will undeniably reap many benefits for Ghana’s cashew value chain as well as market actors involved in the cashew sector in Ghana.
The open and accessible price discovery system offered by GCX will reduce the difficulty that farmers, processors and traders of cashew face when it comes to determining the price of cashew.
This is fully in line with GCX’s objectives to help farmers sell their products at fair and competitive prices by providing them with real-time price and market information while assuring buyers of high-quality commodities.
The seller of the 50,000kg raw cashew nut valued at GH¢280,000 sold at the auction was Kaksfour Commodities Limited, a wholly Ghanaian private owned and license firm to undertake business in cashew nuts trading and general agri-business both in Ghana and internationally.
The company is a registered broker member of the Ghana Commodity Exchange (GCX) and the African Cashew Alliance (ACA) since 2019.
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