MOZAMBIQUE COMMODITY EXCHANGE NEEDS 400,000 USD TO REPAID GRAIN SILOS

MAPUTO, The Mozambique Commodity Exchange (BMM) says it needs at least 25 million meticais (about 410,000 US dollars) to correct mistakes made during the construction of grain storage silos across the country.

BMM Chief Executive Officer Antonio Grispos says several mechanical and electrical errors were detected in silos built recently throughout the country and currently under the management of the BMM. The absence of electrical power transformers and inadequate scales which failed to meet the specifications in the tender documents are some of the causes which compromise the silo’s performance.

“We have been correcting these situations, but some have exceeded our level of intervention due to our limited resources. In general, they are problems that we identified when the infrastructures (silos) started operations,” media reports quoted Grispos as saying.

As a result of these errors, the BMM needs about 25 million meticais to correct all anomalies and to build warehouses in grain producing regions where storage silos are still unavailable. This amount, besides correcting silo defects, will also be used for routine maintenance.

“When we did our calculations in 2015 the dollar cost up to 40 meticais. At the time, we needed about 10 million to 15 million meticais. However, with the appreciation of the dollar against the metical now we need 25 million meticais to do the job,” he said.

To mobilize this amount, the BMM has submitted a package of fees, including storage, intermediation and cleaning, among others, to the Ministry of Industry and Trade, which is the supervising body.

Source: NAM NEWS NETWORK