Development of a Legal and Regulatory Framework for the Establishment of a Commodities Exchange and Warehouse Receipts Systems in Ghana

Description of the project and Services provided:

The overall objective of the project was to develop an appropriate legal and regulatory framework   to underpin the establishment, operation and regulation of a viable Commodities Exchange (including a clearing and settlement mechanism) and supporting warehouse receipt system in Ghana.

Services provided by AESA:
•  Drafting a  legal and regulatory framework that is in conformity with international regulatory and legal standards and best practices for the establishment, operation,and regulation of a Commodities Exchange and warehouse receipt system in Ghana.
• Development of  a rule book for effective and efficient regulation and conduct of trading, payment and settlement on the proposed Ghana Commodities Exchange (GCX).
• Development of a legal and regulatory framework   for the proposed warehouse receipt system.
• Drafting  specific legislation and related policies to ensure that warehouse receipts issued by licensed warehouse operators and collateral managers are legally recognized as transferable financial instruments .
• Development of  rules and regulations covering requirements for institutionalized market information and trading system necessary for the  functioning  of the Commodities Exchange and Warehouse Receipts system.
• Develop rules and regulations to govern an arbitration system pertaining to the operation of the proposed Commodities Exchange and Warehouse Receipt System.
• Develop an operational manual for warehouses management and the warehouse receipt system as part of the proposed Commodities Exchange and Warehouse Receipt system.