Cote d’Ivoire on Wednesday launched the Agricultural Commodities Exchange (BMPA), a platform where agricultural commodity prices can be negotiated between national and international investors and farmers.
Introduced with the Regional Stock Exchange as its technical partner, the BMPA initially focused on kola nuts, cashew nuts, and corn. Ultimately, the BMPA will provide a basic price reference for negotiations on commercial contracts at both national and international levels, thereby providing better control over the prices of the country’s agricultural products.
According to the government of Cote d’Ivoire, the platform will enable the agricultural sector to access significant resources for financing, benefiting all stakeholders along the value chain.
At the launch of the BMPA in Abidjan, the country’s economic capital, Minister of Agriculture Kobenan Kouassi Adjoumani said the event is a “historic turning point” for the economy of Cote d’Ivoire, whose agricultural sector employs more than 60 percent of the population and constitutes the primary source of foreign exchange, accounting for about 40 percent of export revenue.
Cote d’Ivoire, the second-largest economy in West Africa, is the world’s leading producer of cashew nuts, cocoa, kola nuts, and natural rubber.
XINHUA