Cameroon launches a feasibility study for its first Commodities Exchange
Cameroon wants to launch its first Commodities Exchange, according to Agence Ecofin.Cameroon wants to launch its first commodities exchange, according to Agence Ecofin.
Its aim would be to “modernise the way agricultural commodities
are marketed through transparency in both market and
price and to reduce the cost of transactions”, as well as to increase producers’ revenue.
Jean Marc Anga, Executive Director of the International Cocoa Organisation (ICCO), explained that if the example of cocoa producers is considered, producers are at "the mercy of unscrupulous, lawless buyers". "Setting up a commodities exchange is the best way to remove these constraints," he stated.
To launch the exchange in the best possible conditions, Luc Magloire Mbarga Atangana, Minister of Trade, and Mr Anga signed an agreement to finance a feasibility study on the project.
Fifty billion CFA francs, over 76 million Euros, have been allocated to the initiative.
Eleni LLC, a firm which has already launched similar projects, such as the Ethiopian commodities exchange, will be completing the study before summer is over.
The firm has already warned that unless the launch of the commodities exchange comes with improvement in infrastructures and means of communications, including payment systems, it is unlikely to succeed.