Take a moment and answer this question; “what’s the equivalent of the NewYork Stock Exchange in Uganda?” If you said; ‘Uganda Securities Exchange’, you are wrong. Not to downplay the works of USE, but it is to invite you on a journey to give the question more thought.
The Equivalent of an NYSE in Uganda would be something that deals in a sector that covers most Ugandans. And that is Agriculture. For Uganda, it must be a commodity exchange. And the commodity should be nothing less of food produce.
At Innovation Consortium, we are embarking on a journey of creating Uganda’s First Commodity Exchange codenamed ‘Akatale.’
Akatale as a concept is simple. Most farmers have no idea of the demand and supply in different markets. This causes a distortion in prices as produce is always over-supplied or under-supplied. At any one moment, prices are swinging at the extremes. And farmers suffer the effects of these price distortions due to over-supply. Akatale exists to create a balance between the demand and supply forces for agricultural produce.
To put it simply, as a farmer sets out on a journey to deliver their truck load of produce to any market in Uganda, they will have real time visibility of the stocks in every market. They will know the stocks of matooke in Nakawa, Kibuye, Owino, Busega, Kalerwe markets, to mention but a few. They will be able to see which trucks are arriving and what each of these trucks is carrying.
Farmers will then be able to direct their supply to markets where there are stock-outs. And over time with our predictive analytics from mining the data, we shall be in position to give an agricultural produce outlook for the country and for different produce. You will know for example how much tonnage of bananas that Uganda will produce in the next one year, next two years, name it all.
We shall be able to predict seasonality for produce. With geo-mapping, we shall be able to match the farmer to the market that will give them the best outcome in terms of price/revenues. In 5 years, we shall have the most efficient, most developed commodity exchange in the world. A commodity exchange customized to the locality of Uganda.
Our target in 5 years is to have a most efficient, most developed commodity exchange in the world. A commodity exchange customized to the locality of Uganda.
Are you a farmer? Are you a middle man? Or you are a buyer, reseller at the end of the value chain? We invite you to be part of this journey to creating Uganda’s first exchange? Are you an innovator, a genius wanting to play a part in impacting the world? Reach out to us and find out how you can play your role. Are u an organization trying to improve on agriculture within the country, you’re welcome to come play a part.
Reach us on: +256753434679