Commodity exchange market to be established soon

The Ministry of Trade and Industry (MOTI) in collaboration with the Securities and Exchange Commission (SEC) is to establish a Commodity Exchange Market where farm produce could be traded on the stock market. The move, according to Mr. Adu Anane-Antwi, Chairman of the SEC, was to reduce post harvest loses as it provided farmers ready markets for their goods. The SEC chairman was speaking at the third national financial literacy week organised by the Ministry of Finance and Economic Planning (MoFEP) for the public at Takoradi, in the Western Region. The theme: Financial Literacy –Creating Wealth and Financial Stability was chosen to deepen the financial intermediation, broaden inclusion to attract the unbanked and uninsured, protect the public against fraud and also instil financial discipline in consumers. He said a consultant had been engaged by the two bodies to fashion out the modalities for its effective take off later this year. Mr Anane-Antwi said developing the commodity market involves the institution of commodity and warehouses at designated locations where interested buyers would be provided with warehousing receipt for clearance of goods.