AFEX, GCX Partner To Enhance Cross-border Commodities Trading

A commodities exchange platform, AFEX, has entered into a Memorandum of Understanding (MoU) with the Ghana Commodities Exchange (GCX) to enhance cross-border trade.

The partnership was signed at AFEX’s office in Abuja, saw the chief executive officer(CEO), GCX, Mrs Tucci Ivowi, and the president/CEO, AFEX Nigeria, Akinyinka Akintunde put pen on paper to consummate the deal.

The signing of this agreement highlights the unwavering dedication of AFEX and GCX to work in tandem to revolutionise the agricultural industry, stressing that, the ultimate goal is to promote collaboration that will facilitate market integration and foster best practices for all stakeholders involved. 

Speaking after the signing, the CEO, GCX, Mrs. Tucci Ivowi, 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 ste p 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.”

Expressing optimism about the partnership, the President/CEO, AFEX Nigeria, Akinyinka Akintunde, emphasised that, “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.” 

Since expanding into Kenya and Uganda in 2021 and 2022, AFEX has been bullish in the pursuit of their strategic Pan-African expansion goal to penetrate eight African countries before 2023, promoting the efficient trade of commodities in Africa while supporting the AFCFTA’s objectives to boost regional trade integration on the continent. 

This signing is a major step towards establishing consistent standards between the two countries and sets the foundation for a replicable model across Africa.