GCX Signs on its first Microfinance Institution in its Warehouse Receipts Financing Program

In January 2019, the Ghana Commodity Exchange has added on Success for People Microfinance Limited to its list of financial institutions. Success for People agreed to partner with the Exchange for mutual cooperation in building a framework for settlement of trades as well as provision of financial services to exchange actors.

GCX now has a total of seven (7) financial institutional partners, all agreeing in principle to work with the Exchange to develop new financing products for farmers and traders. Those are Fidelity Bank, Zenith Bank, Apex Bank, ADB, ECOBANK, Ghana Commercial Bank and Success for People Microfinance.

In order to achieve true development of the agricultural value chain and improve the lives of rural communities, greater access to financing and a diverse set of credit facilities is critical. This will give Ghanaian farmers the working capital they need to sustain their business activities in between each harvesting season as well as give them greater purchasing power for seeds, fertilizers and other inputs. These financial institutions are ready to accept warehouse receipts which represents agricultural products as the sole collateral for loans.

FROM LEFT TO RIGHT; Mr. Ebenezer Egyir Tetteh - Success for People Head of Operations, Mrs Victoria Antwi - Success for People Managing Director, Dr. Kadri Alfah - CEO of GCX