AFEX Signs MoU with Ghana Commodities Exchange Towards Cross Border Collaboration
AFEX, Nigeria’s premier commodities exchange, has signed a Memorandum of Understanding (MoU) with Ghana Commodities Exchange (GCX) to boost the commodity trading ecosystem in Nigeria and Ghana. The MoU signing, which took place on August 24th at AFEX’s office in Abuja, was attended by the Chief Executive Officer of GCX, Mrs. Tucci Ivowi, and the President/CEO of AFEX Nigeria, Akinyinka Akintunde, among other dignitaries.
The signing of the MoU demonstrates AFEX and the GCX’s determination to effectively reform the agriculture sector through partnership, and it aims to strengthen cooperation to improve market integration and promote best practices. AFEX and GCX will work on commodities trading, warehousing, quality standards, and market infrastructure development as part of this agreement. Furthermore, both organizations will work together on capacity-building efforts, with both exchanges dedicating resources to facilitate cross-border trading of warehouse receipts and increase commodity market liquidity.
Mrs. Tucci Ivowi, CEO of the Ghana Commodities Exchange, stated at the signing, “Since 2017, the GCX has been committed to improving the livelihood of smallholder farmers, and this partnership with AFEX is an extension of our commitment to drive transformative change in the agriculture sector.” This is an important step toward fulfilling our shared vision of seamless market integration in Africa’s commodity trading arena, and we will work together to not just improve commodities trading and market infrastructure, but also to empower farmers and traders via capacity building.”
One of the primary goals of Ghana Commodity Exchange is to connect Ghanaian smallholder farmers to markets and opportunities that would help them secure their incomes, while also bringing economic prosperity and establishing Ghana as a regional and global trading centre for all commodities.
Akinyinka Akintunde, President/CEO of AFEX Nigeria, expressed optimism about the relationship, saying, “We at AFEX are elated to announce this momentous MoU signing, which reflects our steadfast commitment to revolutionize the agricultural landscape.” We will establish new quality standards and strengthen market infrastructure as a result of our strategic relationship. Our collaborative efforts will not only increase market liquidity, but will also empower stakeholders and unleash value for the Nigerian and Ghanaian value chains.”
AFEX has been bullish in their pursuit of their strategic Pan African expansion goal of penetrating 8 African countries by 2023, promoting the efficient trade of commodities in Africa while supporting the AFCFTA’s objectives to boost regional trade integration on the continent. This agreement is a significant step toward establishing consistent standards between the two countries and lays the groundwork for a replicable model throughout Africa.
