Rwandan farmers to get access to the commodities exchange market
A commodities exchange - currently being set up in Rwanda – will be opened to farmers, it has been revealed. The East Africa Exchange Rwanda (EAX Rwanda) is expected to change the dynamics of commodity trading by guaranteeing farmers better market access, Rwanda Focus reports.According to the governor of the National Bank of Rwanda (BNR), Claver Gatete, the EAX Rwanda will address challenges relating to financing for [the] agriculture sector.
Agriculture is considered a risky business, as it is vulnerable to bad weather conditions and farmers often have difficulty accessing finance from commercial banks.
Mr Gatete said on February 15th that through the commodities exchange, farmers will be assured of selling their produce at a good price and such information can be used to guarantee commercial bank loans.
According to figures from the International Fertilizer Development Center (IFDC), agriculture represents one third of Rwanda’s gross domestic product and employs 80 per cent of its workforce.