At this point in time, the Ethiopian Commodity Exchange (ECX) is widening its scope with the intention of encouraging farmers, broadening the horizon of market opportunities and linking producers with buyers, learnt the Ethiopian Herald. Edgetu Alebachew is pulse marketing expert at FDRE Ministry of Trade and Industry (MoTI).
Relating to the matter he said, “Ethiopia has been flexing its wings with a view to increasing the product of Soybean, Mung bean, Chickpea, pulses, among others. This past week, the commodities had been integrated in Ethiopian Commodity Exchange modern trading system.
In the near future, Lentil, Corn, millet, Sorghum, Legume, pea, coating crops, just to mention a few, will be on board after identifying producing areas and based on research findings. He continued: “Incorporating a widearray of cereals helps boost different benefits farmers and agricultural product stakeholders secure out of their products.
According to the Ethiopian commodity exchange proclamation, all agricultural products should join modern market system. Though the ECX and MoTI made an effort to harmonize the availability of the product with the existing situation of market price, lack of infrastructure, store rooms, pulse and other related problems have delayed the process.
This in turn, triggers off the producing power of farmers, local retailers and wholesalers to produce surplus products which is above the consumption level of crops like Soybean, Chickpea, Corn, Lentil, Corn, millet, Sorghum, Legume, pea, and millet.”
He noted that the economic system related to the market, warehouse delivery centers, product grade certification, clearing banks, mediation court, market information system linking rural sites, remote electronic trading centers and a secure data center to manage membership and market information are made available to the stockholders.
Furthermore, an over-arching legal framework and a government regulatory agency help farmers and wholesalers have access to different products without difficulty. He further noted that this integration enables Ethiopia where none of the individual components may exist as standalone institutions to support mutually and reinforce the ECX market objectives.
Moreover, it makes all agricultural market stakeholders and industry professionals to get membership of the modern market system and involve in trading. “Mesoud Ahmed is an exporter. He said incorporating the aforementioned yields help increase market alternatives. Working hand in glove with the MoTI and ECX enables increase market efficiency and minimize potential risks.
Besides, including the different crops in the modern market system of ECX helps us lead the direction of the market on the right track apart from helping the country earn foreign currency with no trouble. It as well broadens the different ways of earning foreign currency,” he concluded.
The Ethiopian Herald, December 30/2018
BY MUSSA MUHAMMED
