GCX reports sharp decline in commodity trading for 2023

Nov 4, 2024 - 10:19

Accra, Ghana - November 4, 2024 - The Ghana Commodity Exchange (GCX) has reported a significant downturn in trading activity for 2023, with a 45% decline in total trade value to GH₵11.3 million, down from GH₵20.7 million in 2022.

According to the 2023 Financial Stability Review, the decline reflects the impact of macroeconomic instability and adverse climate conditions on price dynamics and market performance.

The exchange's traded commodities, including maize, soybeans, sorghum, sesame, rice, and cashews, were severely affected.

Key Highlights:

- 45% decline in total trade value to GH₵11.3 million
- 36% drop in contracts traded to 2,206
- 55% decrease in trading volume to 2,488.17 metric tonnes
- Maize remains top commodity, accounting for 93% of trade volume

Despite the challenges, the GCX Graded Commodity Index (GCX-GCI) showed resilience, yielding 7.14% for the year.

Initiatives such as the Commodity Aggregation Development Fund (CADeF) and the GCX Aggregation Support Scheme (GASS) have helped sustain trade activity.

Source: Lead News Online