Ivory Coast: birth of an agricultural exchange in West Africa

Ivory Coast has inaugurated West Africa’s first agricultural commodities exchange (BMPA). At its symbolic launch, 89 tonnes of products (cashew nuts, kola nuts and corn) were traded for 31 million FCFA in just ten minutes.

The platform aims to better regulate prices through the law of supply and demand.

The system is based on a network of approved warehouses (total capacity: 500,000 tonnes) and brokers. Producers receive a receipt that can be exchanged on the market, enabling them to sell at the best time. In the medium term, BMPA could handle 20 to 30% of local production from the three pioneering sectors.

This major innovation for the West African region should bring greater transparency and stability to agricultural markets, while offering new outlets for Ivorian producers.

source: Agence Ecofin