Confusion Mars New Coffee Trading Rules
From: standardmedia.co.ke
Coffee farmers want the new regulations governing the sector suspended, claiming they could lead to major trading disruptions and in turn, affect their earnings.
The Kenya Coffee Producers Association (KCPA) said the confusion surrounding the implementation of the new rules has already halted the coffee auction meant to take place earlier this week.
The regulations bring the industry under the oversight of the Capital Markets Authority (CMA). “The auction was expected to open on July 7, after a one-month recess yet it did not take off. We have existing contracts with marketing agents and we have released our coffee to them for sale,” said KCPA chairman Peter Gikonyo
The new regulations, gazetted in April, require the Nairobi Coffee Exchange (NCE) and brokers to be licensed by CMA.
