Coffee farmers net Sh292 million from weekly sale at city auction
Business
By
Boniface Gikandi
| Nov 17, 2023
Coffee farmers made Sh292.4 million ($1,922,480.26) from the sale of 534,808kg of coffee through the Nairobi Coffee Exchange (NCE) on Wednesday.
In the sale where 429 cooperatives and estates delivered 8,676 bags of coffee, New Kenya Planters Co-operative Union (NKPCU) and Alliance Berries Limited delivered 5,359 bags from 215 cooperatives and estates.
Only seven brokerage firms, out of the licensed 15 by the Capital Markets Authority, participated in the weekly auction that attracted international coffee buyers who included C Dorman, Sasini, Taylor Winch, Ibero, Sondhi, Mumbi Louis Drey Fus.
Other brokers that participated are Kinya, Kipkelion, Meru County, Mt Elgon and United Eastern.
A bag of coffee traded an average of Sh27,338 ($179.74) in the auction.
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Chairman of the Kenya Coffee Producers Association Peter Gikonyo said the presence of NKPCU and privately owned Alliance Berries Limited had assisted in activating the NCE auction platform.
"We have more cooperative societies delivering their produce through the two, and I urge all to deliver their coffee and enjoy the payment," said Mr Gikonyo.
Mobilisation call
Kigumo MP Joseph Munyoro said there was need for mobilisation to ensure all the coffee in still in stores is delivered for milling.
Murang'a societies that delivered their produce are Iyego, Gitura, Gatuya, Karuhiu, Muruka and Ruchu-Gacharage.
Brokers that failed to participate in the market are Kiambu Coffee, Murang'a County, Embu Coffee, Baringo Kawa, Meru South, Bungoma Union and Kirinyaga Slopes.