Ethiopian Commodity Exchange Finalizes Preparations for Launch of Opal, Other Minerals Trading

Addis Ababa — Preparations are finalized to integrate opal and other mineral products into the modern trading platform of the Ethiopian Commodity Exchange (ECX).

In an exclusive interview with the Ethiopian News Agency, ECX Chief Executive Officer Mergia Bayissa said this milestone marks a significant expansion of the Exchange's operational scope.

By championing transparency and modernization, he added that the ECX has continued playing a leading role in carrying out efficient trade practices in Ethiopia.

The CEO recalled that the ECX commenced operations with only two commodities: maize and wheat.

Over the years, ECX has demonstrated remarkable growth, now hosting a diverse portfolio of 28 agricultural products, including coffee, sesame, pulses, oilseeds, and various spices.

Mergia noted that the government's strategic focus has been instrumental in allowing the introduction of 15 new products into the system after the reform.

According to him, these efforts have fortified the ECX's position as a competitive and highly sought-after trading destination by significantly enhancing its overall institutional effectiveness.

The amendment of the Ethiopia Commodity Exchange Proclamation has expanded the institution's mandate to include non-agricultural commodities, specifically industrial and mineral products.

Accordingly, the ECX has worked closely with the Ministry of Mines to bring opal to the formal market.

Mergia stated that his institution has completed the design of a dedicated trading system for other minerals beyond opal.

The CEO revealed that official trading of these precious resources will commence once the remaining administrative formalities within the Ministry of Mines are finalized.

Artisanal and Jewelry Mineral Development Lead Officer, Gera Techane, said collaborative activities have been carried out with the ECX, aiming to modernize the sector and address long-standing bottlenecks in mineral trade.

He stated that joint efforts to resolve market challenges facing opal production are nearing completion, and the imminent launch of this mineral on the exchange is expected to be a transformative step.

This initiative will effectively curb illegal trade while ensuring that local producers receive fair value and benefit from their labor.

Read the original article on ENA.