The Ethiopian Commodity Exchange Authority is prepared to establish three branch offices in the regional cities of Gondar, Jimma and Harrar in the current fiscal year.

The branch offices will be in close proximity to warehouses in regional areas that are operated by the Ethiopian Commodity Exchange with the aim of assisting supervision by the management in Addis Ababa.

The plans to construct the three branches were developed in the previous financial year through a mandate given to the exchange as part of the proclamation that established the authority.

The new offices will offer support for supervision and regulatory services by conducting investigations, enforcing regulations and preventing illegal activities said Getachew Bitew.

Warehouses in Bure, Humera, Gondar and Metema will be supervised by the new branch in Gondar, while warehouses in Wolayta, Dilla and Hawassa will be supervised by the office in Hawassa and the office in Jimma will supervise warehouses in and around Gimbi, Bedele, Assosa, Nekemt and Bonga.

The ECEA is a regulatory body that was established following the set up of the commodity exchange and is intended to oversee actors on the exchange, to regulate the exchange, oversee contracts, clearing and settlement houses as well as being able to investigate and adjudicate cases.

The Authority is almost finished with the establishment process and is selecting staff with an estimated five employees expected to serve in each office as experts and administration staff according to Getachew.

Source: Addis Fortune