In an exclusive interview with The Zimbabwean, Ngoni Musariri, GMA Chairman said:
“We are very happy about the decision to launch Comex. In fact we thought it was long overdue. It will help farmers especially grain farmers get value for their money as they were sometimes being paid poor prices. It will bring about stability in the grain sector and i hope it really works out because it is a very noble idea.”
The Comex was launched in Harare on Friday at the Five Star Harare International Conference Centre (HICC). Musariri said the government’s decision to launch the Comex was contingent upon meeting the fundamental needs and requirements of market participants and users.
For agricultural commodities, trading on the Comex will be on the basis of warehouse receipts issued by the exchange operated or approved warehouses which guarantee quality and quantity of products.
Information on commodity prices will be transmitted to producers, and consumers in real time through the website as well as through SMS, newspapers, and other media so as to reach as many people as possible, a spokesman said.
He said an arbitration tribunal system would ensure the speedy and professional resolution of any disputes related to trading and grades that might arise.
“The Exchange will also maintain a system of market surveillance where experts monitor the behaviour of market actors to protect the market from manipulation, excessive speculation, fraud, or other malpractices,” he told The Zimbabwean.
Post published in: Manufacturing