AFEX and GCX aim to revolutionize the agricultural industry.
In a significant stride towards transforming the agricultural sector, leading commodities exchange platform AFEX has entered into a strategic Memorandum of Understanding (MoU) with the Ghana Commodities Exchange (GCX). This partnership marks a pivotal milestone in the journey towards seamless cross-border trade and integration in Africa’s commodity trading space.
AFEX and GCX – Enhancing trade efficiency
The signing ceremony took place at AFEX’s headquarters in Abuja, with Mrs. Tucci Ivowi, CEO of GCX, and Akinyinka Akintunde, President/CEO of AFEX Nigeria, formalizing the collaboration. The MoU underscores the shared commitment of AFEX and GCX to not only enhance cross-border trade but also drive market integration and elevate best practices across the industry.
Empowering farmers and traders
Ivowi, speaking about the partnership, said, “Since 2017, the GCX has been committed to improving the livelihood of smallholder farmers, and this partnership with AFEX is an extension of our commitment to drive transformative change in the agriculture sector. This is a significant step towards realising our shared vision of seamless market integration in Africa’s commodity trading space, and together, we will not only enhance commodities trading and market infrastructure but also empower farmers and traders through capacity building.”
Elevating quality standards and fortifying market infrastructure
Akintunde, expressed enthusiasm about the partnership, saying, “We are elated to announce this momentous MoU signing, which reflects our resolute commitment to revolutionize the agricultural landscape. Through this strategic partnership, we will set new benchmarks in quality standards, and fortify market infrastructure. Our joint efforts will not only amplify market liquidity but also empower stakeholders and unlock value for Nigeria and Ghana’s value chain.”
Advancing Pan-African expansion and regional trade integration
Since its expansion into Kenya and Uganda in recent years, AFEX has been steadfast in its strategic Pan-African expansion mission. The company is determined to establish a presence in eight African countries by 2023. This goal aligns with the objectives of the African Continental Free Trade Area (AFCFTA) to boost regional trade integration. The partnership between AFEX and GCX contributes significantly to the realization of these objectives.
The signing of the MoU between AFEX and GCX signifies a crucial step towards consistent standards and collaborative models in Africa’s commodity trading landscape. The foundation laid by this partnership has the potential to be replicated across the continent, further enhancing trade efficiency and market integration.
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