The Ethiopian Commodity Exchange (ECX) has introduced an advanced online trading platform, marking a significant step toward modernizing Ethiopia’s trading systems in line with the country’s Digital Ethiopia 2030 strategy.
Since its inception 17 years ago, the ECX has facilitated the trade of over 8 million tons of commodities, generating a revenue of Birr 401.3 billion. Currently, the platform integrates 26 agricultural products, directly benefiting over 4.5 million farmers and positively impacting the livelihoods of more than 25 million Ethiopians.
At the launch event, ECX CEO Wondimagegnehu Negera highlighted the platform’s transformative potential. By enabling traders to conduct transactions remotely, the system enhances participation, accessibility, transparency, and competitiveness in the marketplace. It also reduces time and costs, making the trading process more efficient.
Dr. Kasahun Gofe, Minister of Trade and Regional Integration, addressed the importance of coordinated efforts to tackle disruptions caused by illegal trading practices. He stressed the need for collaboration between the government and businesses to streamline the supply chain. The minister also emphasized the critical role of exports in driving Ethiopia’s economic growth, adding that the new online trading platform will bolster the country’s competitiveness in international markets while improving overall trade efficiency and transparency.
Source: 2merkato via The Ethiopian Herald
