Organic vanilla produced by farmers countrywide will have a guaranteed market for the next three years, a senior official has said.

Firmenich, an international privately owned flavour and fragrance enterprise, and UVAN Limited, a local vanilla exporting company, have signed an agreement to ensure continued export of good quality and traceable Ugandan vanilla at fair prices.

The deal will provide a reliable market for vanilla as well as the long term future of the crop.

Addressing farmers during celebrations of the National Vanilla Day recently in Ngogwe Sub-County, Mukono District, Firmenich Coordinator Dr. Stuart Gregory said; "If we can continue to improve product traceability and quality, certify some of the crop to organic or rainforest alliance standards, this should also improve green been prices."

About four years ago, there was a boom in the price of vanilla, which came after Madagascar the world's leading producer was hit by a storm.

In Uganda, a kilogramme of green vanilla was buying at Shs100, 000. This attracted so many people to plant the crop.

But because of the colossal income involved, farmers started harvesting immature beans thus distorting the quality, which saw some exporters losing market share.

It was also around this time when Madagascar recuperated and went back into massive production, which saw prices fall drastically to a about Shs2, 000.

Currently, a kilogramme of vanilla costs Shs3,500-Shs4,000 and with ready market from international buyers like Firmenich.

Those farmers who stayed and maintained their crops to the required standards are steadily reaping again.

Uvan Limited Managing Director Aga Ssekalala said the agreement raises hope in the sector but the depreciation of the dollar against the shilling is likely to make a devastating effect on the peasant farmer.

Mr Ssekalala warned that many exporters are running out of business as a result of heavy losses they are incurring due to the rapid depreciation of the United States dollar against the shilling.

"Exporters who buy and add value to crops like maize, cocoa, vanilla and coffee cannot have their ends meet due to the fluctuation. The peasant farmers are likely to lose out because some exporters shall have no option but to abandon the business or go in trading instead," Mr Ssekalala, also the leader of vanilla farmers in the country, said.