March 15, 2007
Cereal banking increases incomes

By Jackie Nalubwama

The cereal bankers of the Nakapelimen Wazees Cereal Banking Project act just as brokers do on the stock exchange market. They buy grain when it is relatively cheap and wait for a time of scarcity so that they sell at a higher price to make profit.

This 25-man NUSAF-sponsored Project received Shs. 7 million for buying a lot of cereal, specifically sorghum and maize.
The group’s chairman, Albino Labong said, “We buy from Iriri, Katakwi, and Kangole on market days. After that we stock it and when prices increase, we get back to our stock and sell it.”

Labong explained that they do not sell in kilograms but instead use empty cans of USA cooking oil. “A ‘USA oil’ goes for Shs. 500-700. When there is no grain, the prices increase to Shs. 1,000 per can.”

Prior to NUSAF’s advent Labong said, the cereal bankers used to buy grain individually, some others [especially the elders] had nothing; while others used to crush and sell stone to construction workers.
But under Nakapelimen Wazees Cereal Banking Project, group members are now able to buy more stock so that cereal banking keeps going on.

Despite a few problems encountered such as: rains, which spoil dried cereal, and transportation when purchasing grain, there is hope that time will set these problems right.

“We are growing ‘serado’, a short sorghum that matures in 2 months, so that we stop buying from markets,” said Labong.