Export Promotion Council CEO Peter Biwott speaking to the press in Eldoret on September 15, 2017. [Photo/JKhisa]
Farming in the North Rift region is set to receive a major boost following an initiative meant to help farmers get value for their produce.
The Ministry of Trade on Friday unveiled a Commodity exchange pilot project in Uasin Gishu county that will enable farmers store their products and sell later when the prices are good.
According to Export Promotion Council (EPC) Chief Executive Officer Peter Biwott, under the initiative, farmers will be able to access funds using their stored products.
Speaking in Eldoret during the unveiling of the initiative, Biwott reaffirmed the government's commitment towards improving farmers livelihoods across the country.
"This idea will bring a solution to many challenges that farmers have been facing ranging from storage and pricing. In this region farmers produce maize and wheat around December but lack storage forcing them to sell at a cheaper price," noted Mr. Biwott.
"But with Commodity Exchange, spot market will be a thing of the past as farmers will take their produce to selected stores where they'll get a receipt and when prices go up they claim more money," he added.
Already the National Cereals and Produce Board (NCPB) has agreed to set aside part of its stores to be used for the initiative.
"We have over 110 depots across the country and we can set aside some of the stores for Commodity Exchange. Here in Eldoret one store has been set aside for this purpose," said NCPB boss Newton Terer.