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Kenya officially abolished the minimum price for its tea
Kenya officially abolished the minimum price for its tea
The minimum price policy, set in 2021 at US$2.34 per kilo, was originally introduced to shield farmers fromlosses.However, the regulation led to unintended consequences, including buyers avoiding Kenyan tea at theauction, causing a build-up of unsold stock.
In response, the industry has now reversed the decision, allowing the market to determine pricing.
With the abolition of the reserve price, all players in the tea value chain are urged to uphold ethicalpricing practices.
The Kenya Tea Development Agency (KTDA) announced plans to implement minimum qualitystandards for all Kenyan teas and this initiative is designed to enhance the globalappeal of Kenyan tea and increase export competitiveness.
The reintroduction of Direct Overseas Sales allows farmers to sell their produce directly from theirrespective factories, bypassing the traditional auction system.
Source: The Monitor (Extracts), Courtesy: Tea Exporters’ Association Sri Lanka
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Forbes & Walker was set up in 1881 as a partnership between James Forbes and Chapmen Walker. Although there is no actual record of the date on which it was established the very first cash book, still in the possession of the Finance Director, indicates the brokerages were earned from 1st August 1881. In Sir Thomas Villiers' book “Mercantile Lore” the date of establishment of Forbes & Walker has been put down Read More...