ECX is to sell 30 membership seats and companies both offered the highest price seats at Birr 8 million. Buying a seat comes with large privileges but this is now controversial.
“Four coffee exporters were in preparation to offer between Birr 10 million and Birr 11 million. But they withdrew because coffee is currently being sold outside the ECX floor under the direct marketing introduced by the Coffee and Tea Authority. Coffee has already left the ECX floor. There is no guarantee that other major crops like sesame will stay at the floor. Plus, the current conflict and political instability has eroded the confidence of potential buyers. Why should we buy a seat, while rumors are circulating even more commodities will leave the floor and directly be traded between producers and international buyers,” remarked Anwar Ahmed from Afro-color Ethiopia business consult company.
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