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Ghana Commodity Exchange Lists Rice On Trading Platform

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Ghana Commodity Exchange Lists Rice On Trading Platform

The Ghana Commodity Exchange (GCX) has added rice contracts to the number of commodities traded on its electronic trading platform.

This move brings to five, the number of commodities listed by the GCX.

Already, maize, soya bean, sorghum and sesame contracts for trade are already making grounds on the trading floor.

Rice has over the years become the most consumed food staple in Ghana after maize.

The Ministry of Food and Agriculture (MOFA) identified rice as an important food crop that should be given special attention for food self-sufficiency in Ghana; however, the country currently imports about 50 per cent of rice consumed.

Speaking at the ceremony to list the commodity on Tuesday, the Chief Executive Officer of the Exchange, Tucci Goka Ivowi said the exchange was optimistic the country would be rice-importation-free in five years.

“Today we get to witness our very first trade of rice on the GCX trading platform making it the fifth commodity to be traded after maize, soya bean, sorghum and sesame. Through the Planting for Food and Jobs programme, the government of Ghana plans to support the value chain to reduce the need for import and satisfy 100 per cent of local demand by 2025,” she said.

According to Mrs Goka Ivowi, the exchange would work closely with rice farmers to ensure that only efficient methods for trade were adopted.