Cassava Futures boost Africa Stock Exchange
0 Comments
Aug. 2007 - Analysts have predicted a two point boost on the fabled Africa Stock Exchange, with the news from regional farmers that a new crop, cassava, is able to not only withstand harsh weather conditions, but even flourish during periods of drought.
The news was met warmly by brokers on the trading floor, who immediately put out proposals to their clients. Because cassava can be grown anywhere in the continent, there is a high probability that it can be exported in large quantities from any port in the twenty or more nations not currently at war.
“We are ecstatic with this news,” says James Wambugu, CFO for the ASE. “Most days, we come to the trading floor, chat amongst ourselves, take 4 hour lunches…basically do nothing. It’s good to see our boys doing some work again.”
Farmers through out the sub-region also expressed their delight. Cassava does not require pesticides or excessive watering. In fact with just a few hours spent on weeding, the crop will basically take care of itself. Abu Kane, a subsistence farmer from Senegal, could not be more pleased with the discovery.
“Now I can spend more time impregnating my wife,” he beams.
After decades of neglect, trailing behind maize and sorghum in popularity, cassava has made a triumphant comeback. Unlike cassava, these two cash crops require constant water supply and soil rich in nutrients. Most of Africa’s soil has been over planted and depleted, and crop yields have been low for the first and second quarters of this year. Because only cash crops and a few minerals are traded on the Exchange, futures have been abysmal with this year’s unyielding drought.
Although the overall mood on the trading floor was that of relief and enthusiasm, there were some that weren’t so happy with the news. Sunday Hanidu, a broker who has been trading on the ASE explains the sentiments of that group.
“Now, my clients will be expecting me to bring in funds for their portfolios. I can no longer give the excuse that there is nothing to trade!” Mr. Hanidu seems genuinely concerned. “I will now be expected to work for my pay..and that is preposterous.”
0 comments so far...
Leave a comment
Use the form below to add comments, suggestions, and the inevitable off-topic banter (please keep to a minimum). Feel free to use HTML code (optional), and be aware that we reserve the right to edit any raw language or banter that's too far off topic.
