Food Reserve Agency to sell 100,000 tonnes of soya beans on commodity exchange platform

The Food Reserve Agency (FRA) has commenced the selling of 100,000 metric tonnes of soya beans on the Zambian Commodity Exchange (ZAMACE) platform.

FRA Public Relations Coordinator, John Chipandwe, said ZAMACE was a transparent market place for the trading of commodities, certification of storage sites, grading and valuation of stored commodities under warehouse receipts.

He, in a statement issued in Lusaka on Wednesday, also said that ZAMACE was an enabler for the financial sector to finance warehouse receipts.

He said it was an exclusively mandated entity prescribed to carry out this mandate under the Agricultural Credits Act No. 35 of 2010 of the Laws of Zambia.

“The Agency (FRA) is notifying the public that it has partnered with ZAMACE to trade part of its 100,000 metric tonnes of soya beans on the ZAMACE platform,” Chipandwe said.

He said stakeholders interested in buying the FRA soya beans are requested to register on the ZAMACE platform and express their intentions formally and as stipulated on the platform.

Chipandwe said ZAMACE membership was open to individuals or corporate entities looking to participate in the commodities market in Zambia and the African continent.

“The Agency hopes that this move will promote competition and enhance farmers’ economic welfare,” he said.

Chipandwe said the Agency shall in the future be trading part of its Maize stock on the ZAMACE platform and this practice shall become the norm.

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