ADDIS ABABA – Ethiopian commodity exchange (ECX) announced it has traded over 761,914 metric tons commodities valued 1.13 billion US dollars in 2019/20 Ethiopian fiscal year, which ended on July 7, 2020.
The performance augmented by 12% compared to the 2018/19 FY.
Coffee and sesame were the commodities that performed well constituting, respectively, 40.5% and 34.4 percent of the total transaction.
Soya beans, Green Match and red kidney bean took the remaining 25 percent of the commodities traded by the Exchange.
ECX’s CEO Wondimagegnehu Negera has commended the overall performance of the exchange during the year.
“Amid global price uncertainties and coronavirus pandemic fallout, this result by far is a bigger achievement,” he said.
The reform made by ECX to improve its service together with the awareness created to the public concerning the modern commodity exchange has attributed to its 99 percent achievement of its annual plan, according to the CEO.
ECX plans to trade over 784,000 metric tons of commodities in the current FY.
In order to make that possible, ECX is undertaking various activities including installing surveillance cameras, opening new trading centers, building digital scales and installing temperature regulators.
“We are also building a warehouse in Gonder, Humera that could accommodate 150,000 packs,” the CEO indicated.
Wondimagegnehu also said ECX is finishing preparation to open its academy that could serve as excellence centers for researchers and training center of coffee quality testers (cupping) and other modern commodity exchange services.
It is now conducting feasibility study to erect its 24 story headquarters building around Legaher.
Once it’s completed, the building will provide wider services including housing Ethiopia’s first Stock Exchange platform.
By Sisay Sahlu