Ghana Commodity Exchange trade doubles to ₵24m in 2024
By Praisebell Rosemond Larbi
The Ghana Commodity Exchange (GCX) posted its strongest performance yet in 2024, with trade turnover more than doubling to GHS24.23 million.
Increased market participation and strong demand for maize and soybeans drove record levels of activity.
Figures from the 2024 Financial Stability Review show that trading volumes rose by 107 percent to 5,161 metric tonnes, while the value of executed trades surged by 115 percent compared to GHS11.29 million in 2023.
Settlement values also climbed by 113 percent to GHS23.31 million, underscoring greater liquidity and faster deal execution across the Exchange.
GCX attributed the strong performance to a combination of factors, including deeper trader confidence, aggregation funds, and the efficiency of its T+1 settlement cycle.
The Exchange also cited investments in warehouse infrastructure, which expanded its storage network from eight to nine facilities, increasing national capacity by 9 percent to 6,000 metric tonnes.
Maize remained the most traded commodity, with volumes nearly doubling to 4,604 metric tonnes.
However, soybeans recorded the steepest gains, rising by 190 percent to 512 metric tonnes, fuelled by growing demand from both local processors and international buyers.
Price movements reflected these fundamentals. Average maize prices rose by 34 percent to GHS4,396 per tonne, while soybeans more than doubled to GHS8,311 per tonne, supported by strong export appetite and elevated input costs.
Prices for other commodities such as sorghum, sesame, and rice held steady, suggesting a balance between supply and demand in those markets.
The warehousing network, spread across the Ashanti, Bono, Northern, Upper East, and Upper West regions, is expected to further improve access for farmers and traders, provide quality assurance, and reduce liquidity bottlenecks in the commodity value chain.
In total, 4,898 contracts were executed on the Exchange, representing a 122 percent increase compared to the previous year.
