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AFEX, Nigeria’s commodities change and Ghana Commodities Alternate (GCX), have signed a Memorandum of Understanding (MoU) to strengthen the commodity buying and selling ecosystem throughout Nigeria and Ghana.
The MoU signing occurred at AFEX’s workplace in Abuja which underscored the dedication to leverage collaboration to successfully rework the agricultural sector.
Underneath the partnership, AFEX and GCX will collaborate on areas associated to commodities buying and selling, warehousing, high quality requirements, and market infrastructure improvement.
As well as, each organisations can even collaborate on capacity-building initiatives, with each exchanges deploying their assets to facilitate cross-border buying and selling of warehouse receipts and enhance market liquidity of commodities.
“This can be a important step in the direction of realizing our shared imaginative and prescient of seamless market integration in Africa’s commodity buying and selling house, and collectively, we won’t solely improve commodities buying and selling and market infrastructure, but additionally empower farmers and merchants by way of capability constructing,” Tucci Ivowi, CEO, Ghana Commodities Alternate said.
Based on her, the GCX has been dedicated to bettering the livelihood of smallholder farmers since 2017. “This partnership with AFEX is an extension of our dedication to drive transformative change within the agriculture sector.”
Talking additional, she said that GCX’s core purpose is to hyperlink Ghanaian smallholder farmers to markets and alternatives that assist safe their incomes whereas delivering financial prosperity and establishing Ghana as a regional and world buying and selling hub for all commodities.
Akinyinka Akintunde, President/CEO, AFEX Nigeria, said that the settlement displays their resolute dedication to revolutionize the agricultural panorama.
Learn additionally: Netherlands, AFEX associate to spice up Nigeria’s agro exports
“By way of this strategic partnership, we are going to set new benchmarks in high quality requirements, and fortify market infrastructure. Our joint efforts won’t solely amplify market liquidity but additionally empower stakeholders and unlock worth for Nigeria and Ghana’s worth chain,” Akintunde said.
Since increasing into Kenya and Uganda in 2021 and 2022, AFEX has been bullish within the pursuit of its strategic Pan-African enlargement purpose to penetrate eight African international locations earlier than 2023, selling the environment friendly commerce of commodities in Africa whereas supporting the AFCFTA’s targets to spice up regional commerce integration on the continent.
“This signing is a serious step in the direction of establishing constant requirements between the 2 international locations and units the inspiration for a replicable mannequin throughout Africa,” Akintunde added.
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