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BRVM Investment Days

As Côte d’Ivoire’s nascent Agricultural Commodities Exchange (BMPA-CI) moves into the final phase of its pilot programme, the government and regional stock exchange BRVM are preparing to present a progress report to investors at an upcoming investor conference with the aim of attracting interest and enthusiasm amongst potential investors.

Launched in 2023 to provide the country with a world-class organized market and innovative solutions to the challenges of its agricultural sector, the Côte d’Ivoire Agricultural Commodities Exchange (BMPA-CI) is currently in the phase of establishing the legal, institutional, and operational framework. This includes laying the groundwork for market participant training, trader accreditation, tech platform acquisition, marketing and communication strategies, quality standard schemes and contract standardization, including the Warehouse Receipt. Sights are set on starting trading operations before the end of 2024.

As the world’s largest producer and exporter of cocoa beans and a major coffee, palm oil, and cashew nut producer and exporter, Côte d’Ivoire’s agriculture sector accounts for 25% of GDP, two thirds of direct jobs and over 40% of export earnings. However, relatively little of what the country exports is locally processed. Raising the finance to cover the needs of sector players is key to building local value added and boosting financial performance throughout the value chain. For the launch of the BMPA-CI, the Ivorian Government selected cashew nuts, corn, and kola nuts, considered strategic agricultural productions for industrialization and food security issues. 

Dr Edoh Kossi Amenounve, BRVM CEO, says, “After achieving record levels of production worldwide for decades, the Ivorian agricultural sector is now at a turning point in its growth, and requires new transformational initiatives. For producers, introducing new innovative financing that integrates the Warehouse Receipt into commodities exchange market instruments, in cash and futures contracts, will ensure fair and secure income. For industrial and commercial operators, the BMPA-CI provides a framework for managing price risks and sourcing raw materials, thus contributing to improving the management and profitability of agricultural cooperative organizations and agribusiness companies.” This interconnection between value chain players is set to promote increased liquidity in the organized agricultural market that will benefit all participants.

BMPA-CI is WAEMU’s first Agricultural Commodities Exchange and will serve as the model for setting up the WAEMU Regional Agricultural Commodities Exchange, integrating all eight countries of the sub-region. 

An update on the BMPA-CI’s progress will be delivered during an agricultural commodities exchange workshop at the BRVM Investment Days forum in Johannesburg in early May. Côte d’Ivoire’s Minister of Agriculture, Rural Development and Food Production, Kobenan Kouassi Adjoumani and BRVM CEO Dr Amenounve will be there to provide insights into mechanisms for financing agriculture through commodities exchanges and capital markets and Côte d’Ivoire’s strategy for expanding the economic impact of agriculture in the country. Joining them in those and other discussions are the JSE Commodities team and various South African agricultural commodities trading experts.