Why are African commodity exchanges languishing? A case study of the Zambian Agricultural Commodity Exchange

► Agricultural commodity exchanges should enhance the performance of grain markets in Africa. ► However, virtually all attempts to institute commodity exchange have thus far failed. ► Five constraints related to missing institutions and regulations constrain commodity exchange development. ► These are exacerbated by uncertainty over government interventions in staple food markets. ► Commodity exchanges development requires institutional and policy reforms to address these constraints.