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The Ghana Commodity Exchange (GCX) and the AFEX Commodities Exchange (AFEX) based in Abuja, Nigeria, have signed a memorandum of understanding (MoU) to enhance cross-border trade, promote agricultural development and strengthen economic ties.
The MoU, signed in Abuja last Friday after a two-day meeting of the two sides, will enable the two exchanges to work together to foster economic growth and intra-African trade.
The agreement seeks to establish a framework for joint initiatives aimed at advancing the agricultural and trading sectors in their respective countries and beyond, with a focus on various facets of commodities trading.
This includes areas such creating opportunities,scaling up commodity aggregation, the development of market infrastructure and concerted efforts towards bilateral trade and market integration.
Both exchanges consider the MoU as a historic collaboration between two innovative commodity exchanges on the African continent.
The Chief Executive Officer (CEO) of GCX, Tucci Ivowi, and the CEO of the AFEX, Akinyinka Akintunde, agreed that the partnership held the promise of reshaping the commodity trading landscape and contributing to the realisation of a more prosperous Africa.
"This collaboration between the Ghana Commodity Exchange and the AFEX Commodities Exchange signifies our shared commitment to innovation, modernising agriculture and driving structured trade in Africa beyond borders,” Mrs Ivowi said.
“By pooling our expertise and resources, we can create a more vibrant and resilient agricultural and trading sector," she added.
For his part, Mr Akintunde said the MoU with the GCX reflected the belief in the power of partnerships.
“This collaboration, I believe, is the first step in promoting the viability of commodities exchanges across Africa," he added.
The GCX is a licensed trading platform in Ghana dedicated to facilitating transparent and efficient commodity trading.
GCX aims to connect farmers, traders and other market participants, enabling them to access markets, finance and information, providing opportunities for growth.
AFEX, on the other hand, is duly licensed by the Securities and Exchange Commission in Nigeria.
Its aim is to harness Africa’s commodities and talent to build shared wealth and prosperity.
The company infrastructure and platform investments work to unlock capital to power a trust economy in Africa’s commodities markets.
