2merkato

Experts from the Commodity Exchange in Ethiopia are to train stakeholders and personnel of the Ghanaian Commodity Exchange according to Ms. Hanna Tetteh Ghanaian Minister of Trade and Industry.

The training is to begin in the first quarter of 2012 she said.

The Ethiopia Commodity Exchange signed a settlement agreement with Oromia Cooperative Bank, Ethiopia last Tuesday.

The agreement was signed by Wondimagegn Negera President of Oromia Cooperative Bank and Ahadu Wubshet, Chief Operations Officer at the ECX. 

Note: the veracity of this story has been disputed by the Institute if Bio-Diversity Conservation. Their correction/comment is found in the comments section.

A Netherlands company, Soil and Crop, has allegedly defaulted on an agreement with Ethiopia’s Institute of Bio-Diversity Conservation. Soil and Crop and the Institute of Bio-Diversity Conservation, Ethiopia reached an arrangement on marketing teff products in 2005.

The agreement reached between the two bodies requires Soil and Crop to acknowledge the Ethiopian origins of teff, collaborate on research programs, pay for license renewal and share profits with the Ethiopian governmental institute.

The Ethiopian Commodity Exchange sold 92 seats, with full membership privileges, last week. The seats were sold at competitive bid held at the Wabi Shebelle Hotel. The exchange will earn 123,370,708.81 birr from the sale.

50 of the 92 full membership seats on offer were allocated to limited members and suppliers previously engaged in limited trading on the exchange. 66 bids were received for the 50 seats with the highest bid received from Ato Teklay Gebre-Mariam Gebre-Medhin for 2,000,150 birr. The lowest winning bid was 459,950 birr. The commodities exchange is expected to earn more than 42 million birr from the sale of the fifty seats.