In October 2023, Heads of African Commodities Exchanges and associated entities were convened by the Ghana Commodity Exchange (GCX) in collaboration with the African Continental Free Trade Area (AfCFTA) and with support from the World Food Program (WFP) Ghana towards the establishment of an Association of African Commodities Exchanges under the auspices of AfCFTA (AfCFTA-ACX)(A-ACX). The A-ACX has since then attained official recognition within AfCFTA's framework as an MOU was signed by members in November 2023 at the Intra-Africa Trade Fair (IATF) in Cairo, Egypt. The A-ACX, established under the Guided Trade Initiative of the African Continental Free Trade Area, comprises 17 national and regional African commodity exchanges. The Association’s aims, amongst others, is to play a pivotal role in enhancing the commodity trade ecosystem, to contribute to the advancement of regional trade, economic growth, and sustainable development, and to stimulate investment in Africa's agricultural and natural resources sectors. As African markets continue to feel the consequences of successive global shocks, COVID-19 and the Russia/Ukraine conflict, mechanisms for sustainably scaling intra-African trade are more important than ever to help address the Continent’s critical resilience imperative. It is our collective view that Africa’s commodity exchanges offer a unique value proposition to the realization of the AfCFTA vision and Africa’s economic integration agenda more broadly – the capacity to structure inclusive, formal, transparent, reliable and well-regulated trading relationships across the Continent’s borders through providing the price and market information, setting the standards, storing and certifying the physical commodities, matching the transactions, facilitating the finance, mitigating the risk, and settling the obligations from Africa cross-border trade, sustainably at scale. In this light, the objectives of the Association are multifaceted, with a focus on piloting cross-border trade mechanisms between different African markets, exploring exchange-intermediated pan-African supply and procurement strategies, facilitating regional price discovery, creating pan-African markets, establishing efficient single-window trade gateways and advocating for policy and legal reforms to unlock rapid intra-Africa trade growth through commodity exchanges.

Six Members of A-ACX, represented by their CEOs/MDs, were in Cairo, Egypt for the signing of a Memorandum of Understanding (MOU) of the Association, at the Intra-Africa Trade Fair 2023  (IATF’23), marking a significant step towards a more integrated and collaborative African Commodities Exchange landscape, poised to influence regional and global trade positively. They representatives were in the persons of; 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 and Competition of the African Continental Free Trade Area, Dr. Hermogene Nsengimana, Secretary General of the African Regional Standards Organization (ARSO) and Mr. Collins Wafula, Regional Coordinator Africa and Arab States International Standards Organization (ISO).

The recent General Assembly meeting brought together representatives from various sectors to address critical global issues. Key topics included strategies for enhancing economic stability, initiatives for climate action, and measures to improve global health resilience.

During the meeting, delegates shared progress updates and collaborated on resolutions aimed at fostering international cooperation. Noteworthy achievements included renewed commitments to sustainable development goals and strengthened frameworks for global peace and security. The discussions set a promising direction for future initiatives and reinforced the Assembly’s dedication to tackling emerging challenges collectively

Victoria Falls, Zimbabwe, 27 March 2025 – African trade reaches new heights with the signing of the Memorandum of Understanding (MoU) under the umbrella of the African Continental Free Trade Area (AfCFTA) Association of Commodity Exchanges (A-ACX) on 26 March 2025, at the second A-ACX Conference in Victoria Falls, Zimbabwe.

This achievement brings together four commodity exchanges in Eastern and Southern Africa: The Agricultural Commodity Exchange for Africa (ACE Africa) in Malawi, the Tanzania Mercantile Exchange (TMX), the Zambian Agricultural Commodity Exchanges (ZAMACE), and the Zimbabwe Mercantile Exchange (ZMX). The MoU shows a commitment of the exchanges to establish a common framework for collaboration, while they will maintain the respective operational independence.

This is a significant step towards boosting regional trade, leveraging each commodity exchange’s expertise to foster collaboration and boost market efficiency. The A-ACX will also work towards improving price discovery, increasing market liquidity, creating broader opportunities for farmers and traders, boosting cross-border trade in Eastern and Southern Africa, and reducing price volatility. Beyond market dynamics, it will contribute to food security across the region.

Kristian Schach Moller, Chief Executive Officer (CEO) of ACE Africa, commented on this milestone: “ACE is excited with this development as it will give Malawian farmers and traders an easy modality to export. Simply deposit commodities at a certified warehouse in Malawi, and buyers on all the exchanges can see and buy them”.

To facilitate cross-border transactions, the exchanges seek to leverage the Pan-African Payment & Settlement System (PAPSS). This allows for instant and secure payments in local currency, providing an opportunity for all market players to access new African markets.

Jacob Mwale, CEO of ZAMACE, stated: “structured markets, such as ZAMACE, provides an efficient trading platform, transparent pricing, and reliable market information, which are essential for connecting farmers to broader markets. This collaboration gives opportunities to Zambian small-scale farmers to expand their reach beyond local boundaries.”

Collen Tapfumaneyi, CEO of ZMX, added: "This collaboration marks a pivotal moment for Zimbabwe's agricultural sector, as it opens up new avenues for our farmers to access regional markets. By working together, we can unlock the full potential of our commodity markets and contribute significantly to the economic growth of the region."

Godfrey Malekano, CEO of TMX, further commented, “This collaboration will play a pivotal role in addressing quality and standards challenges for the needed commodities in the market, while also fostering greater trust in the Exchange’s platforms among farmers (sellers) and traders. By leveraging the commodity exchanges, the aim is to unlock more opportunities for a wide range of service providers across the value chains, driving growth and efficiency in the agricultural sector through trade.”

Tucci Ivowi, A-ACX Chairperson, reflected on this landmark in regional trade and collaboration: "This is an exciting moment for Africa’s commodity markets! The signing of this MoU demonstrates our commitment to real action—breaking barriers, enhancing market access, and driving intra-African trade. We are building a stronger, more integrated market that benefits farmers, traders, and economies across the continent. This is just the beginning, and I look forward to seeing more exchanges join this movement."