Ghana: cocoa beans to the GCX commodity exchange?
Assessments underway to promote local consumption, but not just it
Ghana Commodity Exchange (GCX), the Ghanaian commodity exchange, is considering listing cocoa beans on its trading platform in order to promote local consumption. This was made known by the national regulator of the cocoa sector (Cocobod), specifying that about one third of the national production of cocoa beans is processed locally and that the goal is to increase this share to 50%. In addition to promoting local cocoa consumption by using the Commodity Exchange to ensure easier access for national processors, the listing is also intended to help determine the price of Ghanaian cocoa on international markets.
"In the medium term, we are looking to bring new commodities into the exchange's trading plan", said GCX chief operating officer Robert Dowuona. "We are also looking into the possibility of trading the cocoa processed here in Ghana and the crop contracts". According to the director, the introduction of cocoa and other income crops on the platform will attract new investments in GCX. It is currently being prepared and also approves the procedure to allow the negotiation of contracts related to the production of cashew nuts.
EFA News - European Food Agency