Nigeria on 24 August, announced the signing of a memorandum of understanding (MoU) with Ghana Commodities Exchange (GCX), to strengthen the commodity trading ecosystem across Nigeria and Ghana
The collaboration aims to transform the agricultural sector and foster cooperation to enhance market integration and promote best practices. The collaboration will apply to areas related to commodities trading, warehousing, quality standards, and market infrastructure development. In addition, both organisations will collaborate on capacity building initiatives, with both exchanges deploying their resources to facilitate cross-border trading of warehouse receipts and increase market liquidity of commodities.
One of the main objectives of the Ghana Commodity Exchange is to link Ghanaian smallholder farmers to markets and opportunities that help secure their incomes while delivering economic prosperity, and establishing Ghana as a regional and global trading hub for all commodities.
Expressing optimism about the partnership, the president/CEO, AFEX Nigeria, Akinyinka Akintunde, emphasised that the MoU signing reflected their resolute commitment to revolutionise the agricultural landscape. "Through this strategic partnership, we will set new benchmarks in quality standards, and fortify market infrastructure. Our joint efforts will not only amplify market liquidity but also empower stakeholders and unlock value for Nigeria and Ghana’s value chain.”