Ethiopian Commodity Exchange (ECX) announced it is going to launch commodity traceability and online trading projects during the current fiscal year.

According to Shimelis Habtewold, the interim Chief Executive Officer of ECX, the traceability project is to be carried in collaboration with USAID at a cost of U.S $ 1.3 Million. The online trading project on the other hand is going to be implemented in collaboration with the Investment Climate for Africa (ICA), at a total outlay of U.S $ 3.8 Million.

The traceability project is intended to provide buyers origin and processing information on commodities traded. In addition to this it will also create market access to members and clients of the ECX.

Shimelis commenting on this said, “when the project begins service, it will enable market actors to participate directly in trading from remote online trading centers established in different parts of the country, including Humerra, Gondar, Adama, Hawassa and Jimma.”

On the other hand the online trading project is expected to increase access to the EXC and its service. It will also create the capacity of various stakeholders groups and increase efficiency.

Source: Ethiopian News Agency