The County Government of Uasin Gishu is set to host the launch of commodity trading, specifically for maize, aimed at enhancing market accessibility and prices for local farmers through the stock exchange.
During a planning meeting at Deputy Governor’s office attended by CMX members, representatives from the Office of the President, and county officials, Deputy Governor Evans Kapkea emphasized the importance of developing strategic approaches for maize trading.
This initiative is designed to transform the agricultural landscape of the region and drive significant benefits to farmers.
DG Kapkea explained that the introduction of a warehouse receipt system is a pivotal component of this initiative. Under this system, farmers can deliver their maize harvest to licensed warehouses in exchange for official receipts, which can subsequently serve as collateral for loans.
“These receipts can serve as collateral when applying for loans, enabling farmers to secure financing for the next planting season without the financial burden of waiting for their crops to be sold,” stated Hon. Kapkea.
The DG emphasized that this approach aligns with Governor Dr. Jonathan Bii’s manifesto, demonstrating the administration’s commitment to enhancing the economic well-being of local residents.
“This initiative is a game-changer for our farmers,” Kapkea stated. “By modernizing how we manage maize trading through warehouse receipts, we are empowering our farmers to not only stabilize prices but also to gain access to much-needed financial resources.”
Chief officer Agriculture Mr Elphas Kesio alongside his counterpart for cooperative Ruth Samoei was also present during the meeting where they highlighted that going forward they are going to have an expanded series’ of meeting for successful day
In addition, the discussion covered the introduction of forward contracts and futures contracts in the commodity market. Under this framework, farmers can lock in their prices for maize before planting, providing them with a level of price certainty and reducing the risks associated with fluctuating market prices.
This forward-thinking approach aims to stabilize incomes for maize farmers and promote long-term sustainability in the agricultural sector.
Director Agribusiness Joel Rutto, Deputy Director Agribusiness Mr. Ismael Asowa, Coffee officer Nicholas Maritim all the Six sub-counties Agricultural Officer’s among those present during the meeting.
