For Immediate Release
Tuesday 15th December 2015
LAUNCH OF THE ZAMBIAN COMMODITY EXCHANGE (ZAMACE) SERVICES
The Zambian Commodity Exchange (ZAMACE) successfully launched the commencement of providing a range of services as part of the process of operationalising the warehouse certification and receipt system (WRS) on 15th December, 2015.
ZAMACE aims to provide an efficient and vibrant agricultural commodity exchange, supported by a warehouse certification and receipt system to enhance market access, liquidity and credibility in the commodities market.
Part of the services being launched include, certification of warehouses, issuance of a “negotiable” warehouse receipts, provision of a trade platform which includes buying and selling of commodities, ensuring compliance to industry acceptable Grades and Standards, coordinating the Zambian Commodities Futures Contract with the Johannesburg Stock Exchange (JSE), and providing market information.
Since 2011, Musika supported the establishment of ZAMACE by providing technical assistance and financial support to maintain its operations, and also provided technical support to Zambia National Farmer’s Union and Grain Traders Association of Zambia (GTAZ) in promoting greater private sector participation in grain marketing by smallholders.
Musika’s support towards the development of a more inclusive commodities market creates an opportunity to leverage private sector resources to bring the smallholder sector into a well-functioning, growing and sustainable agricultural economy.
Musika has supported the partnership between JSE and ZAMACE and other local market participants to finalise the standardised contract specifications including the terms for physical delivery in completion of a derivative contract. The licensing of warehouses in accordance with the Agricultural Credits Act and launch of the new derivative products has since been completed.
Musika is an independent Zambian non-profit company supported by the Embassy of Sweden and the UK Government in Zambia to stimulate and support private sector investment in the smallholder and rural markets.
Musika’s operations are national in scope and stretch across the agricultural industry, working primarily with those corporate entities in the sector that are committed to engaging the rural poor as their clients, suppliers and consumers. Musika’s clients are those agribusinesses that demonstrate both the willingness and the ability to develop strong and constructive commercial relationships with the lower end of the agricultural market.
Through the provision of high quality, commercially focused technical support and a range of smart, catalytic investments aimed at reducing the initial risks involved in exploring, testing and developing new markets, Musika stimulates and deepens commercial engagement with the rural poor and seeks to fundamentally change the way agricultural markets work with and benefit the smallholder sector.
Pamela Hamasaka – Communications & Outreach Manager
+260 211 251371 / 0977475323