The country’s long-awaited Commodity Exchange and Warehouse Receipt System will still not be fully operational until the middle of next year.
The system will provide farmers with financing and ready market through trading in their produce as is the case with equities on the Ghana Stock Exchange. Its draft Legal and Regulatory framework has been developed and handed over to the Trade Ministry.
But the Chairman of the Technical Committee for the Commodity Exchange, Joe Tackie tells JOY BUSINESS, the system cannot take-off this year due to number key issues that must first be well-defined".
“One has tom do with the issue of ownership - whether government or the private sector would own it or should be a public-private partnership. Also is the issue of the depository.Currently the Bank of Ghana has a depository, the Ghana Stock Exchange has its won and the Ghana Commodity Exchange also expected to have a depository. So we would have to ascertain whether the country would adopt one depository or go with separate depositories.” he said.
These decisions according to him would be taken through stakeholder consultations in due course. According to him, even though the initiative seems to have delayed, it couldn’t have come at any better time.
“I agree its taken a great deal of time since about 10 to 15 years ago when this whole idea started. But its all good because now we have our internet and IT backbone, Marketing systems as well as our Banking and Insurance Systems well developed” he noted.