Before 2008, in Ethiopia
commodity exchange was something that never been heard of. Nobody could imagine
a central market where traders could do business in commodity options. But in
April of that year, the Ethiopian Commodity Exchange opened its doors and
became the first place of its kind on the African continent, where commodity
brokers could deal in futures trading.
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Ethiopian Commodity Exchange (ECX) Addis Ababa, Ethiopia |
The Ethiopian Commodity Exchange
(ECX) was a project that was led, and eventually made into becoming a reality, by
Dr. Eleni Gebremedhin, a PhD in Economics, who also has an extensive working
experience and even more impressive curriculum vitae. Among her achievements are
over 15 years of experience in the African agricultural markets and various
high-level posts in United Nations and the International Food Policy Research Institute
in Washington D.C.
Another key player in this
project was another Dr. Bahart Kulkarni, also a PhD in Economics. The Indian
national first started in the project to bring the Ethiopia commodity exchange
market into being by taking on a role of advisor to the Ethiopian government.
He then moved on to actually setting up the commodity futures trading and is
presently working on research activities and finding ways to implement the
same project in other African countries.
Currently the ECX commodity
options for coffee, sesame, haricot beans, wheat and maize. The exchange made
it possible for all major players in to commodities life cycle to get a fair
and by far, a better deal with the help commodity brokers. Everyone from the
farmer through the commodity brokers and on to the final consumer of these
commodities get their deserved share of the final selling price. This is in
contrast to the time when brokers were able to cheat the poor farmers by
telling them that the price of their products had dropped drastically in the
cities and they had to sell at a very cheap price. The main reason here being
of course that the farmer couldn’t afford to transport his
Now with the ECX having
electronic displays in public places and across cities all over the country and
coupled with mobile phone technology the poor farmers might stand a chance at
earning their well deserved incomes. And this would in turn enable to create
wealth down in the lowest farmers’ case, as was her intent when Dr. Eleni made
her presentation at TedTalks in 2007.
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