The Ethiopian Commodity Exchange recorded its highest-ever trading volume in the last fiscal year, with transactions reaching Birr 50.27 billion, CEO Mergia Baisa announced.

Mergia said 214,000 tons of agricultural and non-agricultural products were marketed and traded during the fiscal year, making it the strongest performance in the Exchange’s history.

He noted that the latest result surpassed the previous record of Birr 40.6 billion registered in the 2011 fiscal year.

According to the CEO, the Exchange also largely met its annual targets. Among its achievements, Birr 1.8 billion was transferred to farmers, cooperative unions and processors through warehouse receipt loans.

The loan scheme helped farmers meet short term financial needs without selling their produce immediately or providing additional collateral.

Mergia also said the Exchange trained 795 people in coffee tasting and quality testing of cereals and oilseeds through its academy, while 46 others received training in the new area of export facilitation.

During the fiscal year, the Exchange fully shifted transactions that were previously conducted in person to an online system, allowing buyers and sellers to trade remotely.

The Exchange has also completed and launched a contractual framework for trading around 28 agricultural and non-agricultural products.

Through the Wheat Initiative, farmers and associations have started storing their products in warehouses and accessing credit, enabling them to market their produce without facing cash shortages.

Mergia said the system has strengthened market linkages by supporting producers with finance.

Source: Ethiopian News Agency