9 July 2014

Ethiopia: ECX to Introduce Online Trading Project

The Ethiopia Commodity Exchange (ECX) said it would implement commodity traceability and online trading projects this Ethiopian fiscal year.

ECX Interim Chief Executive Officer, Shimelis Habtewold, told a press conference on Tuesday that the traceability project will be realized in collaboration with USAID with an outlay of 1.3 million USD.

The traceability project is expected to provide buyers with origin and processing information on commodities traded, in addition to creating market access to ECX members and clients.

Similarly, the online trading project will be implemented in collaboration with Investment Climate for Africa (ICA) with an outlay of 3.8 million USD.

According to the CEO, "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 Humera, Gondar, Adama, Hawassa and Jimma."

Online trading is envisaged to increase access to ECX and its service. In addition, it will build the capacity of various stakeholders and increase efficiency, it was pointed out.

Meanwhile, the total value of the traded commodities in the just-ended fiscal year reached 26.2 billion Birr from the sale of sesame, coffee and white pea beans during the last budget year, it was learned. The amount exceeded that of the previous year by 7.3 billion Birr or 38 percent.

The number of ECX members which was 100 upon its establishment has now reached into 346, and 14,725 clients as well as 10 percent farmer cooperative unions reaching out to 2.7 million small farmers.

Source: Ethiopian News Agency

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