Story by Tichaona Kurewa
THE second Africa Continental Free Trade Area Association of Commodities Exchanges (A-ACX) Conference kicked-off in Victoria Falls this Wednesday, with focus on stimulating investment within African commodities markets.
As Africa still imports between US$80 billion to US$100 billion worth of food annually, Zimbabwe is actively exploring the export opportunities brought about by the Africa Continental Free Trade Area (AfCFTA) and Association of Commodities Exchanges (A-CX).
Zimbabwe confirmed the strides it is making in that direction during the official opening of the second edition of the conference.
“Zimbabwe is building capacity to export key commodities. For example, having attained wheat self-sufficiency three seasons ago, Zimbabwe now has an annual surplus of wheat of about 250 000 Metric Tonnes, a surplus of 290 million kilograms of tobacco, surplus sugar, and many horticultural products.
“The conference centres on strengthening collaboration, enhancing regional trade integration, and stimulating investment within African commodities markets. Indeed, there are exciting times ahead for a country whose economy is agro-based.
“With enhanced value addition and beneficiation, coupled with the creation of competitive production and pricing models, establishment of risk mitigation through appropriate insurance models, the increasing use of innovative payment platforms and use of more efficient logistics and transportation networks, Zimbabwe can indeed contribute to stable, affordable, and friendly intra-Africa trade,” Minister of Lands, Agriculture, Fisheries, Water and Rural Development, Dr Anxious Masuka said.
A-ACX is upbeat about Zimbabwe’s potential to cut food imports from outside the continent.
“I know wheat is one of those that is coming out of Zimbabwe. There are other countries who have expressed interest in receiving wheat. Not many of the African countries are actually producing wheat. Zimbabwe is a key player so they will benefit obviously from the surpluses that you’re now producing to be able to provide to other African countries and this is amazing,” ACX Chairperson, Ms Tucci Ivowi said.
Zimbabwe has intensified efforts to ramp up production in the agriculture sector through establishment of irrigation schemes, setting up village business units, climate proofing agriculture and issuing of title deeds to agricultural land beneficiaries, among other initiatives.
The second A-ACX is focusing on fostering collaboration, promoting regional trade integration, and advancing investment in African commodities markets.
The Association of Commodities Exchanges, established under the Guided Trade Initiative of the African Continental Free Trade Area, comprises 16 national and regional exchanges.
The Association’s aims, among others, is to play a pivotal role in enhancing the commodity trade ecosystem, contribute to the advancement of regional trade, economic growth, sustainable development, and stimulate investment in Africa’s agricultural and natural resources sectors.
