Stakeholders are calling for the establishment of new regulatory requirements aimed at encouraging the use of structured markets when exporting commodities.
The players argue that Malawi would be in a better position to absorb shocks impacting the economy following dwindling revenues from tobacco if the country is to set up special export mandates, where all exportation of commodities and other produce would go through the structured market.
AHL Commodities Exchange (AHCX) Communications Manager, Thom Khanje, said the sability of the commodities market would only come about after government formulates the export regulations.
Khanje said the country needs to draw a blueprint that would safe guard the market.
“The government has to step in so that as tobacco is dwindling, maybe Malawi can start earning foreign exchange through commodities which we already produce,” said Khanje.
Khanje then called on the government to take commodities as a strategic export area by putting in place export mandates where all exporters would be required to go through a structured market to export their crops.
He said the country has already lost valuable revenue through foreign currency externalization due to lack of proper structured regulations.
In a separate interview, Nasfam Head of Policy and Communication, Betrice Makwenda, said the future of the commodities market appears promising but it would take aggressiveness from stakeholders for Malawi to reap benefits.
“There is already a conducive environment to ensure that our production base is enhanced but we should look at how best we can improve on our economic performance as a country and reduce imports by increasing exports,” she said.
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