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The Warehouse Receipt System Council, State Department for Trade, in partnership with the International Finance Corporation (IFC) and the support of the Embassy of the Kingdom of Netherlands, hosted a groundbreaking forum in Nairobi. This event convened development partners and key stakeholders of the warehouse receipt system (WRS) to mobilize support and investment for its implementation, signaling a robust effort to structure commodity trading within the country.
The meeting was themed, “Unlocking the implementation of warehouse receipt system and strengthening institutions within the ecosystem to ensure the achievement of structured agricultural commodity trading in Kenya”
The forum served as the platform to discuss the journey of the WRS since establishment of the Warehouse Receipt System Council, its future goals, and the necessary support to achieve these aims. Participants explored opportunities to strengthen existing partnerships and forge new ones, crucial steps towards unlocking investments in the WRS ecosystem. The meeting also involved panel discussions involving farmer organization, warehouse operators, commodity buyers/off takers and financial institutions.
Kenyan farmers have long grappled with food insecurity, post -harvest losses due to poor storage, aggregation and post-harvest handling, limited access to markets, lack of effective and transparent price discovery mechanisms through a commodity trading platform, and lack of affordable credit. A strong Warehouse Receipt System has the potential to address all these challenges.
The Warehouse Receipt System is revolutionizing agriculture in Kenya by addressing longstanding challenges that have constrained the potential of agribusiness. With increased support from key stakeholders and development partners, we can extend these benefits more widely across the country, empowering farmers and traders to transition from price takers to price negotiators.
Looking forward, the WRS Council and its partners are committed to digital innovations that improve the efficiency and transparency of commodity trading. The adoption of digital systems allows real-time monitoring of transactions and commodity stocks, promising greater integrity and security within the WRS ecosystem. The Council is also committed to aligning efforts with the Sustainable Development Goals (SDGs).
WRS aligns with the Kenya Kwanza Government’s Agriculture Transformation Agenda on enhancing food security, improving access to farm inputs, promoting environmentally friendly warehousing, and fostering inclusivity of youth, women and vulnerable groups in agriculture.