Ethiopia Commodity Exchange Visited by World Economic Forum Participants

The Ethiopia Commodity Exchange was visited by business people taking part in the 22nd World Economic Forum on Africa, last Friday. The business people visited the various facilities of the Exchange including the trading floor and the price display boards.

The group was briefed on the evolution of the Exchange by Ahadu Woubshet, Chief Operation Officer with the ECX.  

The Exchange has seen a growth in its trading from 138,000 tons when it was launched operation in 2008 to 222,000 tons in the second year and 508,000 tons in its 3rd year said Ahadu.

The value of ECX traders has increased to 1.1 billion US dollars in the last financial year while its storage capacities have grown to 55 warehouses with the capacity to store 250,000 tons he noted.

The ECX was able to grade, weigh, store handle and deliver 4.7 million bags in the last budget year without any delays claimed Ahadu.     

The Exchange has 450 members with 11200 customers who trade through the members as well as a series of co-operative unions representing an estimated 2.4 million small farmers he explained.    

The ECX also provides its price date in real time with a lapse of less than 2 seconds to farmers via the outdoor electronic ticker boards it has installed in 32 rural sites added Ahadu.

The participants were appreciative of the efforts of the ECX to allow farmers earn the appropriate prices for their products and to enhance the integrity of the market and to ensure efficiency.    

Source: Walta Info