NAIROBI, June 19 (Xinhua) -- Kenya's commodity exchange will be operational in early 2020, a senior government official said on Wednesday.
Peter Munya, cabinet secretary in the Ministry of Industry, Trade and Cooperatives told journalists in Nairobi that the regulations for the commodity exchange have already been developed to guide the operations of the platform.
"Our target is for the first agricultural produce to begin trading at the Commodity Exchange in the next nine months," Munya said.
"Thereafter we hope to incorporate all major cash crops as well as minerals in the commodity exchange," he added.
The government official said that the funds to implement the commodity exchange will be put in the national budget of the next financial year that begins in July.
Munya said that Kenya is prioritizing the exchange because of the positive impact it will have on the agricultural sector.
"It will allow farmers to receive fair returns on their crops by enabling a transparent mechanism for price discovery," he said.
