Maize and Soybeans drive record year for the Ghana Commodity Exchange
The 2024 Financial Stability Review shows that liquidity on the Ghana Commodity Exchange (GCX) recorded a trade turnover of GH¢24.3 million, largely driven by strong demand for maize and soybean contracts.
According to the report, trading volumes climbed 107 percent year-on-year to 5,161 metric tonnes, while the value of executed trades rose 115 percent from GH¢11.29 million in 2023.
Settlement values also increased by 113 percent to GH¢23.31 million, reflecting improved liquidity and faster deal execution.
GCX attributed the growth to higher market participation, the use of aggregation funds, the introduction of a T+1 settlement cycle, expanded warehouse infrastructure, and stronger trader confidence.
By commodity, maize dominated activity, with traded volumes nearly doubling to 4,604 metric tonnes.
Soybeans recorded the sharpest gains, rising 190 percent to 512 metric tonnes, supported by higher demand from processors and export markets.
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Maize prices advanced 34 percent to GH¢4,396 per tonne, while soybean prices more than doubled to GH¢8,311 per tonne, driven by export demand and rising input costs. Prices for sorghum, sesame, and rice remained largely stable.
GCX expanded its warehousing network from eight to nine facilities, increasing storage capacity by 9 percent to 6,000 metric tonnes.
In total, 4,898 contracts were executed during the year, representing a 122 percent increase.
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SP/MA
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