Ethiopian Commodity Exchange trades over USD1bn in year to July

According to an Ethiopian Government press release, Traders on the Ethiopian Commodity Exchange ( transacted some Birr 20 billion ($1.05 bn) worth of commodities on the trading floor during the 2012/13 Ethiopian state budget year, which is until 7 July 2013.
Anteneh Assefa, Chief Executive Officer of the ECX, said that a total of 552,000 metric tons of traded commodities, which included coffee, sesame and haricot white beans, were involved. Coffee made up 45% of the total volume of trade, sesame 40% and haricot white beans 15%. The Exchange’s revenue from its services, including warehousing, was reported to have reached Birr 193 million The ECX has 358 members and 12,000 customers. Since starting in 2008 the value of trade has risen from Birr 2.7 bn.

2 Responses to “Ethiopian Commodity Exchange trades over USD1bn in year to July”

  1. Rachel Kasumba

    Tom, great news! What a promising future for farmers and agriculture development. Other African countries need to take note and replicate the model so that the continent can reap benefits from its vast arable land by investing heavily in agriculture not only to feed her billion population but also for export to other countries.

    This is a contentious issue especially regarding land tenures for commercial agriculture at the moment and it will be interesting to note the direction taken, once more countries wise up to the idea of a commodity exchange market, agriculture regulations (land ownership, farmer subsidies, etc).

  2. Tom Minney

    What is interesting when I talked to Eleni, who founded the ECX, is that she sees a commodity exchange as not just the trading system but the whole agricultural marketing chain. You have to trade physical commodities, which means quality control, warehouses, trucks, for a giant country. In this case, a commodity exchange is truly a revolution throughout the country and has major benefits for the small farmers as well as the big. Land rights is another question, and it is sad to hear when people are chased off their lands. Thanks for the comment, great to hear from you.