Online Reporter
Patience Maturure
Agriculture Reporter
Zimbabwe’s Mercantile Exchange (ZMX) is gaining recognition across Africa, with Angola’s Debt and Stock Exchange (BODIVA) seeking to replicate the model as it establishes its own commodity exchange.
A knowledge-sharing visit by an Angolan delegation, led by BODIVA chief executive Cristina Lourenço, to Zimbabwe marked a significant step towards deeper collaboration and knowledge transfer between the two countries.
Lands, Agriculture, Fisheries, Water and Rural Development Permanent Secretary Professor Obert Jiri said he was impressed with the developments.
“I’m happy that now we’re looking at another level where you are now seeing this opportunity. We used to have a commodities exchange which collapsed when we started to control the trading of grain,” he said.
Prof Jiri said the ZMX had demonstrated remarkable efficiency and progress, serving as a blueprint for Angola’s aspirations.
“Zimbabwe’s journey to establishing a commodity exchange was marked by past setbacks, but the liberalisation of grain trading ushered in a new era of resilience and innovation, culminating in the establishment of ZMX.
“The last two years have seen us running with it and implementing it. There are legal instruments that you may need to ensure that the commodities exchange operates well,” he said.
He said the exchange had played a crucial role in bolstering agricultural markets and improving transparency.
“Our journey has been exciting and we hope that you find yours also exciting. We, of course, invite you again and again and we can only assist where we can. It is an exciting journey which I hope you will find useful,” he said.
Ms Lourenço said the delegation’s mission was to gain a deeper understanding of Zimbabwe’s commodities exchange model, particularly the role of the Ministry of Agriculture in enabling the exchange to operate.
“We are here in Zimbabwe to understand better how the commodities exchange here in Zimbabwe works,” she said.
She said the delegation was impressed by the practical aspects of Zimbabwe’s commodities exchange, including the Ministry’s intervention in plant quarantine and warehouse certification.
“Our main interest was because just like in Angola, our regulator doesn’t allow the stock exchange to trade commodities.
“So we heard about the model in Zimbabwe and how the Ministry of Agriculture played a vital role in actually enabling the commodities exchange to exist,” she said.
Despite their financial background, they recognised the importance of the ministry’s role in supporting the exchange.
“We do not have an agricultural background; as you can imagine, it is mostly a finance background.
“But even so, it has been really critical for us to have a hold of how the planned quarantine intervenes in the certification of the warehouses and all the other functions the Ministry of Agriculture does to enable the commodity exchange,” she said.
