TMX goes from strength to strength

DAR ES SALAAM: THE Tanzania Mercantile Exchange (TMX) has facilitated sale of more than 100,000 tonnes of commodities worth over 200bn/- in five years.

TMX is the government institution under the Ministry of Finance established to help farmers, traders, exporters and other various market actors access domestic and global markets and as well obtain a fair price in selling or buying of commodities.

According to the TMX Chief Executive Officer (CEO), Mr Godfrey Malekano from 2019 to 2023, the mercantile has been able to facilitate sale of a total of 135,103.721 tonnes of various commodities worth 287.98bn/-.

Speaking on Thursday in Dar es Salaam during the working session between journalists, editors and TMX coordinated by the Treasury Registrar (TR) office, Mr Malekano mentioned coffee as among the top commodities that were traded.

“Among the commodities that have greatly traded and contributed to TMX sales of more than 100,00 tonnes (worth 287bn/-) in a period of five years included coffee, cocoa, green grammes, sesame seeds, chickpeas and raw cashew nut,” he pointed out.

On top of the achievements, Mr Malekano said there is the need to continue addressing the challenges of quality and quantity of produces to meet the international standards.

Besides that, he underlined the need of adhering to the quality and standards of the produces by investing in the construction of silos, adding that by doing so, the country will increase exportation and address existing challenges of foreign currency.

“If we can well improve our systems and bring the desired results in terms of quality, it will be very easy to do international trade as we now know implementing the African Continental Free Trade Area (ACFTA),” he added.

Elaborating, the CEO noted that mercantile exchanges are relied upon by AfCFTA to be a link between countries in doing business, adding that the institution continues to look at investment areas and places, which require sufficient capacity building to support AfCFTA move.

In a related development, Mr Malekano also highlighted some of the reasons for the establishment of the TMX as including the ruling party CCM election manifesto (2015-2020 and 2020-2025), Agricultural Sector Development Programme Phase II (ASDP II) and the Kilimo Kwanza (Agriculture First) programme.

Mr Malekano said currently the TMX conducts only one type of mercantile ‘the spot exchanges’ which involves direct trading between farmers, traders, exporters and other market actors.

He added that in the future, the institution will jump into another type of mercantile exchanges which is a future option.

Moreover, he said the TMX’s vision is to become the leading and most diverse and dynamic commodity market place in East, Central and Southern Africa.

“TMX intends to provide a modern, efficient, transparent and reliable market platform for commodities to serve the national development goals through state-of-the-art technology and integrity,” he added.

Mr Malekano also commended President Samia Suluhu Hassan for developing the commercial and economic reforms adding that for the institute like TMX to operate it needs strong legal and commercial basics.

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