The Ethiopian Commodity Exchange (ECX) has announced the development of an online trading system that will allow for the bidding of mining and industrial products.
ECX Compliance Officer, Shimelis Habtemariam, stated that the exchange has received a legal certificate to exchange these types of products and is currently working on establishing the necessary conditions for this exchange to take place. The inclusion of these products in the online trading system is expected to support the government’s strategy of combating contraband and generating tax income.
In addition to mining products like sapphire, emerald, and opal, ECX will also be supplying industrial products such as cement through the online system. This year, the exchange will also begin supplying a range of new agricultural products, including wheat, rice, Gibto, bean, and korerima, through the online system. ECX has already had success in exchanging agricultural products electronically, with over 350 million Birr worth of products, including sesame, soy sauce, and Masho, being traded through the system. In total, ECX has supplied 308 billion Birr worth of products over the past 14 years and facilitated the exchange of seven million metric tons of agricultural products through its online system.
ECX Gondar Regional Online Trading Center Head Bayelign Zeray reported that the exchange has also been discussing ways to exchange wheat and other agricultural products with partners in Gondar town. ECX is currently researching mechanisms to supply these products in line with the legal certificate it has received. This expansion of ECX’s online trading system is expected to improve efficiency and transparency in the trading of these products and contribute to the overall development of the country’s industrial and agricultural sectors.
Source: The Ethiopian Herald