THE Tanzania Mercantile Exchange (TMX) announced on Tuesday that it will commence trading cashew nuts and pigeon peas this season, following a successful four-year trial period.
Mr. Prince Philemon, TMX’s Finance and Management Officer, told the ‘Daily News’ here on Tuesday that after conducting successful trials, the exchange will include these two crops starting from August.
“Following the introduction of sesame last month in Mtwara, cashew nuts and pigeon peas will now also be featured on the exchange,” Mr. Philemon stated.
During the sesame auction from last month to midthis month, a total of 27,550 tonnes were traded, amounting to a transaction value of 80bn/- .
The auctions, conducted across Mtwara, Masasi, and Nanyumbu under the Mtwara, Masasi, and Nanyumbu Agricultural Cooperative Union (MAMCU), showed increasing prices in each of the six sessions.
Sesame prices ranged from a high of 3,570/- per kilogramme to a low of 3,350/- per kilogramme, with the fifth auction averaging around 3,550/- per kilogramme.
“The TMX platform allows farmers to directly observe the entire bidding process, ensuring transparency and providing realtime market data,” Mr. Philemon added.
Initially, farmers were hesitant to use the platform due to concerns about potential fraud.
However, as they began selling their produce through TMX, they found it to be a reliable and transparent mechanism for pricing and selling their crops.
Encouraged by the success of sesame auctions, sesame farmers in Mtwara have urged the government to consider expanding the commodity exchange market to include other cash crops, aiming to maximize returns.
“At first, I was skeptical about TMX, thinking it might cheat us farmers. But we’ve realized it’s the best platform for us to benefit,” said Ally Omary, a sesame grower in Nanyumbu, Mtwara
Source: allafrica.com
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