Ghana’s local rice will soon be listed on the Ghana Commodity Exchange (GCX), Chief Executive Officer (CEO) of GCX, Dr Kadri Alfah, has announced.
Mr Alfah said his outfit will, by the end of the year, list the product as one of the commodities to be traded on the exchange.
The listing of the local rice on the exchange is expected to be finalized in December this year, after clearance and certification from the Securities and Exchange Commission (SEC).
“So by the end of the year, the Ghana Commodity Exchange will be trading rice, we will be listing Paddy rice and Mill rice. We’re currently in talks with SEC to give us permission to trade rice, so hopefully by the end of the year, we should have rice listed,” he said.
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After clearance from SEC, the Ghana Commodity Exchange will be listing one million metric tonnes of local Rice which translates into 20 million 50 kg.
The move is expected to give a further boost to local rice production and consumption, as government plans to ban the importation of rice by 2022 to boost local rice production.
The Ghana Commodity Exchange is a private company limited by shares, structured as a Public Private Partnership, with the government of Ghana currently the sole shareholder.
The aim of the exchange is to establish linkages between agricultural and commodity producers and buyers, to secure competitive prices for their products, assuring the market quantity and quality as well as timely settlement of their trade.