TANZANIA Mercantile Exchange (TCX) is expected to begin trading operations in September this year when cashewnut seasons begin.
The TCX facility was launched by former
president Jakaya Kikwete in November last year, 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, Mr Charles Shirima said in
Dar es Salaam yesterday that the regulator is 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 search 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.
Mr 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 last year.
Apart from cashew nuts, other
commodities are coffee, sesames, rice, sunflower and probably maize —
currently traded under warehouse receipt system.
The TCX is a central place where sellers
and buyers meet to transact in an orderly and organised fashion, with
clearly specified and transparent rules. The government backs commodity
exchange as an answer to market challenges.
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