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ACKNOWLEDGEMENT This report was prepared by UNCTAD international expert, Jonathan Coulter, who based his analysis on the results of his field work and knowledge of the warehouse receipt system, gained over 30 years with the UK Natural Resources Institute (since 1996 part of the University of Greenwich). He now works freelance. The author wishes to thank the people who commented on the draft report, notably Frédéric Devé, Frida Youssef of UNCTAD, Yan Zhang of UNCTAD, Gideon Onumah, Sarah Longford and colleagues at WFP, Nick Budd, Federica Angelucci and colleagues at FAO, Michael Marx, Samuel Eremie, Julius Kallambo, William Creighton, Rob Munro and Mike Webber. He is likewise particularly appreciative of the help of Pieter Esterhuiyzen of SENWES in his help with a meeting which was organised South African players in Pretoria. iii
GLOSSARY OF ABBREVIATIONS Collateral manager Company that ensures the integrity of warehouses and the quality of commodities held therein, so that these can be offered as loan Commingled (grain in a WRS) collateral Where commodity of the same type, variety (if appropriate)and grade deposited by two or more depositors are held together in storage so that any part of the common deposit may be issued in delivery against a warehouse receipt, irrespective of the original depositor (opposite of identity-preserved) Grain elevator (Originally, in America) a multi-storey building, used for storage of grain in bulk Elevator company American term for a grain company running a grain storage operation Field warehousing A warehousing service provided in the clients’ premises, normally to enable the client to obtain financing against stock held there. The service provider leases the premises for a nominal fee and is responsible for control of the commodities Identity preserved (commodities) Negotiable (warehouse receipt) used as collateral Where specific commodities are held in storage so that they remain attributable to that depositor – the commodities may or may not be of a recognizable grade but must meet storage criteria (opposite of commingled) A warehouse receipt that is not only transferable but confers upon the transferee a direct interest in the underlying property free of any outstanding claims not noted on the receipt (e.g. outstanding storage charges) Private warehouse a warehouse not accepting deposits from whosoever wishes to deposit Public warehouse a warehouse accepting deposits from whosoever wishes to deposit GLOSSARY OF ABBREVIATIONS AAACP All ACP Agricultural Commodities Programme ADMARC Agricultural Development and Marketing Corporation of Malawi AFD French Development Agency AMSDP Agricultural Marketing Systems Development Programme ACE Audit, Control & Expertise (inspection, collateral management agency and credit support agency) CBOT Chicago Board of Trade CCC Commodity Credit Corporation CECAM Caisse d’Epargne et de Crédit Agricole Mutuel = Mutual Agricultural iv
Page 1 and 2: Review of Warehouse Receipt System
Page 3: CHAPTER 5: ALTERNATIVE APPROACHES F
Page 7 and 8: SUMMARY Introduction The report is
Page 9 and 10: Category 3: Farmer-focused approach
Page 11 and 12: involvement in EAGC, its regional f
Page 13 and 14: Purpose and activities CHAPTER 1: I
Page 15 and 16: and ungraded, due to a chicken-and-
Page 17 and 18: CHAPTER 2: REVIEW OF INTERNATIONAL
Page 19 and 20: oversight system is funded by user
Page 21 and 22: Where implementation has failed or
Page 23 and 24: to the silo operator; or investors.
Page 25 and 26: CHAPTER 3: COLLATERAL MANAGEMENT AN
Page 27 and 28: CHAPTER 4: EASTERN & SOUTHERN AFRIC
Page 29 and 30: Malawi The main food crop is maize,
Page 31 and 32: Although the CECAM network has rece
Page 33 and 34: companies), who hold the processed
Page 35 and 36: curing companies), and the requirem
Page 37 and 38: Kenya is in some ways suited to fol
Page 39 and 40: to see it through its current initi
Page 41 and 42: decade 25 . The WRS Regulations of
Page 43 and 44: these are purely private initiative
Page 45 and 46: officials never accepted moving the
Page 47 and 48: eceipts, unreceipted third party st
Page 49 and 50: The networked MF system has certain
Page 51 and 52: TABLE 1: ALTERNATIVE APPROACHES FOR
Page 53 and 54: 3c. Technological improvements in r
Page 55 and 56:
It is even more important to streng
Page 57 and 58:
distrust of the unknown and interes
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FIGURE 2: CAUSE AND EFFECT IN THE D
Page 61 and 62:
Of particular, but not exclusive, r
Page 63 and 64:
BIBLIOGRAPHY Beaurre d’Augères,
Page 65 and 66:
ANNEX 1: LIST OF PEOPLE INTERVIEWED
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South Africa - half-day meeting at
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ANNEX 2: ZAMBIA CASE STUDY Backgrou
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with other parties. USAID provided
Page 73 and 74:
trading in the same, along South Af
Page 75 and 76:
ANNEX 3: MALAWI CASE STUDY Backgrou
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uyers. The mere availability of mor
Page 79 and 80:
operators who can offer a ‘one-st
Page 81 and 82:
With this in mind the author has pu
Page 83:
The CECAM (Caisses d'Epargne et de
Page 86 and 87:
TABLE 4.1: RATE OF PEPAYMENT BY CEC
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duration of the loan; (b) by a tech
Page 90 and 91:
committee and carries out a classic
Page 92 and 93:
ANNEX 5: TANZANIA CASE STUDY Note:
Page 94 and 95:
While the Warehouse Licensing Board
Page 96 and 97:
which farmers in different district
Page 98 and 99:
TABLE 5.3: MAIZE & PADDY STORED, BY
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Expenses directly related to storag
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TABLE 5.5: FINANCIAL ANALYSIS OF ST
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WFP’s involvement with ‘new mar
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Work by David Tschirley (2009), of
Page 108 and 109:
ANNEX 7: QUESTIONS AND ANSWERS 1. W
Page 110 and 111:
and arbitrary basis, in order to me
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