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Published On: Wed, Jun 4th, 2014

Oteh applauds EAX over support to small farmers

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By Clem Khena-Ogbena

Director General, Securities and Exchnage Commission (SEC), Ms. Arunma Oteh has commended the East African Exchange ( EAX)for supporting smallholder farmers, in order to reduce their post-harvest losses as well as improve their income and progress made in linking commodity markets across the East African Community area.

A statement from the Commission said Oteh gave the commendation when a delegation from SEC paid a visit to the East Africa Exchange (EAX), during the 49th Annual African Development Bank (AfDB) meetings in Kigali, Rwanda, last week. She also expressed delight at the activities of EAX in promoting cross-border trade across the region.

Oteh who called in, according to the statement, to acquaint her group with the Exchange’s operations as well as witness the progress the Exchange has made, since it began operations in 2013, stressed that Nigeria had a similar effort. She added that the two countries could share common experiences.

According to the Chief Executive Officer of the EAE, Mr. Paul Kukubo, who briefed the delegation on the Exchange’s current activities in Rwanda and expansion strategies for the East African region, explained the Exchange’s regional focus and launching of new offices in Kenya and Uganda.

Kukubo also explained that the Rwandan government had recently made available thirteen warehouses located in several grain production sites of the country, in support of farmer cooperative groups.

The statement further said that among others, the Exchange would support farmers to address post-harvest losses, through better storage and collateral management.

The Exchange, he said, had signed up Collateral Management International, a highly reputable collateral manager worldwide to support the farmers in addressing post-harvest losses and improve farmer’s income.

The statement quoted him as saying, “The Exchange will also provide the farmers access to finance, linking them to Banks through its electronic warehouse receipts program, as well as providing a trading platform for the farmers to trade their product.

“An electronic warehouse receipt represents commodities stored in an exchange-accredited warehouse with specific quality, quantity, ownership, and reference location stated on the receipt. The integrity of the receipt is guaranteed by a collateral manager who maintains the quality and quantity of stored commodities.”

 

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