The Commodity Exchange in Zimbabwe (COMEZ), has been launched in the capital, with a view to improving the marketing of agricultural and other commodities in the country.
Officially launching COMEZ on behalf of the Acting President, Cde John Landa Nkomo, Minister of State for Presidential Affairs, Cde Didymus Mutasa, said the institution will address issues of agricultural development and food security.
He said government and the private sector should work together to uplift the agricultural sector.
Cde Mutasa said the commodity exchange will go a long way in stimulating increased production, adding that the setting up of the institution is part of governmentâ€™s policy to liberalise agricultural commodities trade.
COMEZ is a private-public sector partnership, which makes it possible for farmers and buyers to agree on the price of a crop while it is still in the fields.
The commodity exchange will involve trade with or without physical commodities, allowing for effective competition among buyers and sellers.
It will be temporarily housed at the Ministry of Industry and Commerce headquarters at Mukwati Building in Harare.
It seeks to eliminate the issues of delayed payment to farmers, improving quality and grading of produce, and allows buyers of agricultural produce to hedge against an increase in the price of crops.