Date: November 14, 2023
In a historic move, 16 leading Commodities Exchanges across Africa have come together to establish the AfCFTA Association of Commodities Exchanges (A-ACX) signing a Memorandum of Understanding (MOU) at the Intra-Africa Trade Fair in Cairo to promote intra-African trade in commodities, foster collaboration and collectively address challenges and opportunities in the commodities exchange industry.
Six (6) African Commodities EXCHANGES, represented by their CEOs, were present in Cairo for the signing ceremony; Mr. Ayodeji Balogun, AFEX Commodities Exchange – Nigeria, Mr. Kristian Moller, Agricultural Commodities Exchange for Africa – Malawi, Mrs. Tucci Ivowi, Ghana Commodity Exchange – Ghana, Mr. Akin Akeredolu-Ale, Lagos Commodities and Futures Exchange – Nigeria, Prof. Justin N’Goran Koffi, Regulatory Authority of the Warehouse Receipt System – Cote D’Ivoire and Mr. Collen Tapfumaneyi, Zimbabwe Mercantile Exchange – Zimbabwe.
Also present were Mr. Mohamed Ali, Director of Trade in Goods of the African Continental Free Trade Area, Dr. Hermogene Nsengimana, Secretary General of the African Regional Standards Organisation (ARSO) and Mr. Collins Wafula, Regional Coordinator Africa and Arab States International Standards Organisation (ISO).
The 16 African Exchanges involved, recognize the pivotal role of collaboration in promoting the development of Commodities Exchanges.
The Association aims to:
- Promote intra-African trade in commodities and related services through, among others, market creation and liquidity, price discovery and transparency, efficient physical and financial settlement, and facilitation of inclusive financing.
- Contribute to the UN Sustainable Development Goals through, among others, enhancing enabling economic growth, food security, sustainable livelihoods, climate action and support sustainability and ethical practices in responsible commodity production and trade.
- Advocate jointly for policy initiatives and investments to strengthen Commodity Exchanges, regulatory authorities and market actors and facilitate intra African and Global Trade.
- Foster collaboration, knowledge sharing, capacity building and adoption of best practices among member exchanges.
- Enhance visibility of African commodity exchanges on the global stage
The Association begins with 16 founding members, with additional Commodities Exchanges and related institutions invited to join by unanimous agreement. Membership includes Ordinary members (Registered Commodities Exchanges and Warehouse Receipt Operators) and Affiliates (related institutions interested in well-functioning commodities markets).
Founding Members
- AFEX Commodities Exchange - Nigeria
- Agricultural Commodities Exchange for Africa - Malawi
- Bourse Regionale des Valeurs Mobilieres - Cote D’Ivoire
- East Africa Exchange - Rwanda
- Ethiopia Commodities Exchange - Ethiopia
- Ghana Commodity Exchange - Ghana
- Johannesburg Stock Exchange – South Africa
- Kenya National Multi-Commodities Exchange - Kenya
- Lagos Commodities and Futures Exchange - Nigeria
- Nigeria Commodities Exchange - Nigeria
- Regulatory Authority of the Warehouse Receipt System – Cote D’Ivoire
- Tanzania Mercantile Exchange - Tanzania
- Uganda National Commodities Exchange - Uganda
- Uganda Warehouse Receipt System Authority - Uganda
- Zambian Commodities Exchange - Zambia
- Zimbabwe Mercantile Exchange - Zimbabwe
This groundbreaking initiative marks a significant step towards a more integrated and collaborative African commodities exchange landscape, poised to influence regional and global trade positively.