20,000 metric tonnes of raw cashew targeted for next crop season auction – GCX

• The Ghana Commodity Exchange is targeting a minimum of 20,000 metric tonnes (MT) of raw cashew nuts to be auctioned

• This would be realized in the upcoming cashew crop season

•The electronic trading platform is expected to positively reap many benefits for Ghana’s cashew value chain

Chief Operations Officer at the Ghana Commodity Exchange (GCX) has revealed a minimum 20,000 metric tonnes (MT) of raw cashew nuts will be auctioned in the upcoming cashew crop season.

According to Robert Dowuona Owoo, the exchange last week recorded some 1,000 MT of raw cashew nut at its auction session and is well on course to achieve its target.

In an interaction with the B&FT newspaper monitored by GhanaWeb, Owoo said the introduction of cashew onto the electronic trading platform will positively reap many benefits for Ghana’s cashew value chain, as well as key players in the sector.

“In the next season for cashew, we are going to do 20,000 MT – because if in a lean season we have been able to do 1,000 MT, I don’t see why during the main season here in Ghana we can’t do 20,000MT.”

“As an Exchange, the projected auction – which is about 20 percent of the total production in Ghana – is something we think is very possible looking at the interest being shown by market participants, the Exchange and its efforts to have a structured trading system for raw cashew,” Owoo added.

Meanwhile, the GCX in previous sessions has auctioned 50MT and 1,000MT of raw cashew nut in a reserve auction.