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Ethiopia: Commodities Exchange to be launched

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11/21/06

  02:07:20 am, by admin, 342 words  
Categories: Business, Ethiopia

Ethiopia: Commodities Exchange to be launched

Link: http://www.addisfortune.com

Ethiopia to launch fully automated Commodities Exchange
Tamrat G. Giorgis
Addis Fortune

Ethiopia’s first organized commodities market is to be housed in the left wing of the building in the picture, owned by Alsam Plc, a company whose major shares are held by Saber Argaw. The buildings, located on Smuts Street, near Mexico Square, were estimated to cost close to 50 million Br, according to sources. The ground and the first floors are already occupied by Dashen and United banks, while the Ministry of Agriculture and Rural Development has recently leased the middle two floors, with a total size of 1,000sqm, for nearly one million Birr a year. Far from the traditional coffee market that has a resemblance of organization – barely modern with its one personal computer – the Ethiopian Commodities Exchange (ECEX) will have fully automated operation, putting a large electronic billboard indexing prices on a daily basis. Coffee, sesame, haricot beans from cash crops and teff, wheat and maize from traditional grains are the first commodities that will hit the electronic billboard, thereby helping the inefficient commodities market get “order, transparency and low cost”.

Ethiopia Commodity Exchange New BuildingEthiopia Commodity Exchange Building in Merkato

Studies estimate that Ethiopian farmers produce 10 million to 12 million quintals of grain a year, but only a third of it makes it to the market. Farmers across the country are deprived of reliable and timely information on what the market offers for their products, with 40pc of the grain believed to be rerouted through the capital from surplus to deficit areas. The ECEX is designed to address this issue after electronically connecting 10 warehouses in various parts of the country, the largest being in Addis Abeba. There will also be 20 remote virtual trading sites, and 200 rural market electronic information boards that will get the same data as in the capital. Reliable sources told Fortune, the project head, Eleni G. Medhin (PhD), deliberately picked this building for its proximity to Merkato’s Ehel Berenda, the largest grain market in the country. ECEX is scheduled to be launched in September 2007.

Source: AddisFortune

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77 comments

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Comment from: abera demeksa [Visitor]
abera demeksa

Wow !

Where is all this energy and vitality coming from?

How come all the nay-saying and interminable demonstrations and all other forms of sabotage and attacks on the government haven’t distracted it?

To the contrary,it seems the more the idiots protest the more the government gets energized to pull off some of the most unbelievable feats :

A Federal form of government, which by definition empowers everybody ,Colleges evereywhere,the freeway circling Addis,highways, major roads and byways in the remotest regions of the country,cement factories,world-class airport,Trolley-bus factory,HIV/Aids pharmaceutical company, infrastructure for cellular phones and other telecommunication needs,state-of-the-art bridges spanning bodies of water and terrain that nobody ever thought of crossing before…and now, a commodities stock exchange!

I could go on and on listing the myriad accomplishments this government has achieved in a scant 15 years while it was at the same time dealing with uppity Eritrea next door, and diehard former Dergers and their appologists at home and abroad.

If the EPRDF and their able leader PM. Zenawi, are not the ultimate multitaskers I don’t know who is!
Ethiopia was crying for a rescuer, and now there is NO DOUBT the EPRDF has fully met the heroic challenge!

11/21/06 @ 04:02
Comment from: Zena [Visitor]
Zena

Dear all,

I very much hope, at least, this time round the blind CUD supporters will not panic when they read the news titled as “Ethiopia to launch fully automated Commodities Exchange”.

I said the above, as each time they i.e. (the blind CUD supporters) hear that Ethiopia has shown some progress in her development, they feel violated, personally.

I have seen wounded faces, incarcerated tongues and peppery eyes of the Diaspora when good news came.

When we get overjoyed that the good news, deemed polluted to them, are actually music to our ears, they feel betrayed.

Some neglect the fact that Ethiopia belongs to many other ethnics, including to those, who suffered a flagrant violation of their rights under the past regimes, are now basking in the sun.

I truly can’t help feeling good about the news that ““Ethiopia to launch fully automated Commodities Exchange”” for instance.

I truly can’t help feeling good about the news that “Federal Agency Plans High Tech Hub Near CMC” Addis.

I truly can’t also help feeling good a hospital has been built in my birthplace or electricity has gone beyond the urban areas and has reached impossible corners.

I also could not stop to admire the fact that various memorandum of understanding has been signed to supply electricity between Ethiopia and Kenya and Sudan etc… etc…. etc…..

I believe the a majority of poor Ethiopians including myself understand now how much we have been betrayed by the previous regimes. We certainly do.

And the Diaspora elements, ensconced in the comforts of the Western capitals, having half heartedly negated their affinity to the previous murderers (notice I didn’t say “disavowed”), are now wearing a different outfit, and aghast at our newfound joy.

For the first time in our histories, however, roads are coming to our villages, electricity is entering our towns, hospitals are emerging, schools are mushrooming, and our people are enjoying their freedom.

Again, the Diaspora is mad!

This, certainly, is a hard pill for most to swallow.

They don’t understand (having been brainwashed for all their lives that they are our masters) that the new Ethiopia is for all, and I have a right to her just like every other Ethiopian, and I am happy as a lark that my region, denied even a modicum of decent administration once, is now hustling and bustling, completely in charge of its destiny. Does that pain you? I understand.

Truly, the bellicose Diasopra, having lost its necromancy does look terribly foolish even to the ferenjis, where a tyro reporter is beginning to see their sham.

Ask this question: Why would an Ethiopian with sincere motives, get hysterical at the rosy news of his country’s progress?

Now remember: statistical numbers showing Ethiopia’s progress aren’t the delirious inventions of the ruling party, but bona fide statistics supported by various reputable news out lets – including IMF, World Bank and other multiple agencies as reported by Reuters.

Obviously, the Diaspora, having tried every known sorcery to discredit EPRDF has dug deep into the fears of the innocent people, making most of us jittery, with some having a problem of trust issue.

Fear has many manifestations.

Irresponsible talk by irresponsible individuals has fanned the flames of fear.

False accusations have been loosely made.

Opportunities to debate with them on our shared destiny with impunity along a wide range of issues are shattered.

Our ability to explore to the edges of a problem, together, challenging orthodoxy without reservations and run the gamut of ideas in search of solutions is now in doubt.

But one thing is true, Ethiopia will move on.

We might even disengage ourselves one day (leaving in the joint the rotten ideas of the naysayer) and create a fabulous society with all Ethiopians, united and harmonious.

Yes, Ethiopia is moving on. I know this outcome would torment you, but it’s a fact.

And I am smiling.

Best wishes, Zena

11/21/06 @ 04:11
Comment from: Afi [Visitor]
Afi

It’s mine a big thing for the country. Who knows we’ll see in the near fuhere the stock exchange market also,Keep it up guys.

11/21/06 @ 07:44
Comment from: Sodo [Visitor]
Sodo

Saber Argaw? Smuts Street? 50 million Birr? Addis Fortune? Tamrat G. Girgis? Many strange names that should be presented to the Ethiopian people.Smuts Streer? What the hell is that? If it is an ECEX,make it Ethiopian.If it is an Ethiopian market exchange,let the real farmers benefit, not woyane majirat mechis who are from Tigrai, for what we know not a single Teff or Sinde is planted.

11/21/06 @ 09:01
Comment from: Maji [Visitor]
Maji

Whether it is electronic or manual, how to purchase our needs is not our immediate problem. Thanks for the information but our urgent problem is to create the able and free society that can at least afford for their daily necessities to begin with.
Wright now, we are neither ready nor have appetite for something that doesn’t fit into our quest for freedom and justice. First thing comes first. Lets our people be free and the supremacy of the rule of law reign then we will talk about the commodities.

With respect.

11/21/06 @ 09:19
Comment from: ababu [Visitor]
ababu

While the complainers are wasting their precious time on endless political meetings, and creating and supporting this CUD and that CUDP, those with money and knowledge are using both to their advantage. The above example is such.

Those of us living outside the country, are already outperformed, and outsmarted by the forward looking and business minded Ethiopians we left behind that we thought were beneath us.

thanks,

ababu

11/21/06 @ 09:26
Comment from: JIFAAR [Visitor]
JIFAAR

hey! minor diaspora…you donot have something negative to say about this article….come on you must have…shame on you assholes..do something for your poor country instead of producing nosense articles thru the internet!!!!

11/21/06 @ 09:26
Comment from: lekim [Visitor]
lekim

For those of you who believe in investing in the stock market, this is an opportunity to buy truck loads of share of high tech companies. Be on the look out for initial public offering (IPO) from Solar Corp, a company that specializes in solar energy and yours truly can also help you load up on Flow-through private placements.
You see CUD boys; you don’t have to raid parking lot cash registers. You can make an honest buck by investing in the stock market.

11/21/06 @ 10:28
Comment from: Maji [Visitor]
Maji

“Abayen yalaye mench yadenkal”

11/21/06 @ 10:56
Comment from: Selememaster [Visitor]
Selememaster

As i said before the country is coming out of the ground slowly but surely. People just put your differences aside and help lifting Ethiopia to the next level. Regardless of the enemies, the country is rising.

Keep on rising Ethiopia!

God bless those who died for this change!

11/21/06 @ 11:07
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