Zambian President Michael Sata has given Zambia Agriculture Minister, Wylbur Simuusa, a directive to “expeditiously operationalize” the Agricultural Credits Act and reopen the country’s agricultural commodities market for trade following a three-year break.
Zambia reportedly produced 3.4 million metric tons of corn this year with as much as 42% going to waste due to inadequate storage facilities.
According to Jacob Mwale, CEO of Zamace Ltd., a 15-member bourse established in 2007 as a trading platform for crops, renewed trading will open opportunities for investment to better meet the needs of the flourishing Zambia maize crops with investors already indicating interest in injecting more than USD 80 million in upgrades to the country’s grain storage infrastructure.
According to Hon. Simuusa, the Act will likely be implemented before the end of the year which will result in improved trade and finance for the Zambia agriculture sector.
“We’ve got this maize coming out of our ears,” he said, “If that was in place we would have all that being managed properly through the exchange and through the market. It will be of big benefit to the farmers.”