Tanzania Launches First Sesame Auction Through TMX Platform, Promising Greater Transparency and Market Reforms

Date: May 9, 2024

In a groundbreaking move aimed at transforming agricultural trade in Tanzania, the first-ever sesame seed auction was conducted using the Tanzania Mercantile Exchange (TMX), a transparent trading platform that allows farmers to witness real-time bidding by buyers. The event, held in the Songwe region, saw sesame prices reach a high of TZS 4,850 and a low of TZS 4,050, with an average price per farmer settling at TZS 4,540.

Irene Mlola, the Director of COPRA, expressed her gratitude and optimism at the auction. “This journey is not easy, but God willing, we will reach our destination. I thank the farmers and traders who have embraced this journey of change and the regional government leaders of Songwe for their support,” she stated. “We expect to face many challenges, but this marks the beginning of a transformative era for market reforms and transparency,” Mlola added.

The TMX platform is part of Tanzania’s broader Agenda 1030, an initiative to enhance market efficiency and ensure fair trading practices. By allowing farmers to observe the bidding process directly, the platform not only ensures transparency but also empowers them by providing them with real-time market data.

This initiative is expected to boost the confidence of sesame growers and traders by providing a reliable and transparent mechanism for pricing and selling their produce. The government and local leaders are optimistic that this will pave the way for more comprehensive reforms in the agricultural sector, promoting sustainability and economic growth.

The successful auction is a significant step forward in the government’s commitment to agricultural reform and transparency, setting a precedent for other crops and regions in Tanzania.

🎥 – Irene Mlola, Director of COPRA