HomeNewsCommodity exchange to begin operations

Commodity exchange to begin operations

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CABINET has moved in to deal with delays in operationalising the country’s commodity exchange following a standoff between key government ministries spearheading the process, a government official has said.

By Business Reporter

Industry and Commerce deputy minister Mike Bimha yesterday told delegates attending the inaugural credit insurance conference in Harare that discussions were on to revive the exchange which was launched last year.

The Commodity Exchange of Zimbabwe was launched in January last year, but was yet to start trading after a row between the Industry and Commerce and Agriculture ministries over its modus operandi. Banks, farmers’ unions and the government were expected to hold stakes in the exchange.

“It went through the right process. It was something being initiated by my ministry. We conducted the necessary consultations and we went through the normal Cabinet process for approval, which we got and obviously that was followed by the launch,” Bimha said.

“However, what then happened was that the Ministry of Agriculture later on brought certain issues that they felt were pertinent and it was like we had to listen to them, to engage them. This resulted in shelving of the entire process.

“But I am happy to report that Cabinet has resuscitated that process and there are meetings taking place within the Ministry of Industry and Commerce, the Ministry of Agriculture and other relevant ministries to ensure that some of those issues are addressed. I’m sure we should be able to announce something positive very soon.”

The exchange, was initially expected to start exclusive trading of grains, cereals and oil seeds.

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