Former PM encourages farmers to fully utilize commodity exchange for price discovery

“We need to install new technology, enough warehouses, quality production of crops before start of the exchange,” he said.

Former PM encourages farmers to fully utilize commodity exchange for price discovery

“We need to install new technology, enough warehouses, quality production of crops before start of the exchange,” he said.

03 January 2018 Wednesday 07:09
Former PM encourages farmers to fully utilize commodity exchange for price discovery

By Azania Post Reporter

FORMER Tanzanian Prime Minister, Mizengo Pinda, has said the commodity exchange (TCX) would provide farmers with actual price of their crops.

Speaking with Katavi farmers yesterday, he urged them to make sure that they utilize the services to be provided by the long awaited commodity exchange.

“When it comes into full operation do not hesitate to use the exchange because it would provide the actual prices of your crops,” he emphasized.

However, the government has said it is still improving internal infrastructures that would enable the long awaited commodity exchange (TCX) to kick off, the Parliament was told in Dodoma today.

Speaking in the Parliament last year, the former Deputy Minister for Agriculture, Livestock and Fisheries, William Ole Nasha, was quoted as saying it is true that the government pledged to establish the commodity exchange, but it is taking some measures before commencement.

“We need to install new technology, enough warehouses, quality production of crops before start of the exchange,” he said.

Ole Nasha who is now the deputy minister for education and vocational training said, the government  will use the available warehouse receipt system to establish the long awaited commodity exchange.

Earlier it was reported by local media that TXC was scheduled to commence operations late last month.

But already the office has been established at LAPF building in the city and management installed.

The TCX facility was launched by former president Jakaya Kikwete in November four  years ago, setting the landmark initiative to transform agriculture sector that provides livelihood to nearly 75 per cent of the country's population.

The Capital Market and Securities Authority (CMSA), Public Relations Manager Charles Shirma,  was once quoted as saying  that the regulator was finalising sorting out some problems which may have contributed to the delays in TCX operations to take off.

"CMSA has already received and working on the findings from a consultant picked to research why some farmers rejected the TCX initiative," he said. Initial survey had suggested that most farmers were ignorant with the TCX facility and how it would become an important instrument in giving true value for their crops.

 Shirima said also that the regulator is processing licences application of four brokerage companies to work on the TCX initiative. Similarly, he said training and examination of 60 commodities dealers was done successfully.

Apart from cashew nuts, other commodities are coffee, sesames, rice, sunflower and probably maize -- currently traded under warehouse receipt system.

Azania Post

Comments
Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
<strong>Warning!</strong> Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.