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Ethiopian Commodity Exchange Chief resigns
Eleni Gabre-Medhin, the founder and Chief Executive of Ethiopian Commodity Exchange, has announced she will step down on September 30 after serving as CEO for the past four years. According to Addis Ababa based Reporter newspaper, her replacement is Anteneh Assefa, the current Vice President of Operations at Bank of Abyissinia. Asked why she is resigning now by The Reporter, she simply responded "why not now".
Many African Commodity Exchanges have been soliciting assistance from ECX. There was a rumor that she might join Nigeria Commodity Exchange but she denied the claims. She stated that she has no specific plans about her future. “At the moment, it is too early to talk about my future plan. I just want to focus on the smooth transition of leadership,” she told The Reporter.
Eleni expressed hope that the new CEO can carry on the Exchange citing his vast experience in the financial sector. Anteneh told The Reporter that he is ready to face the challenges in ECX. “Ever since it started operations ECX is a well established institution. It is going to be a big responsibility which has a serious challenge. But I am ready to change the challenge in to opportunities,” he said.
Six months ago, Anteneh was proposed by Zemen Bank’s Board of Directors to be the bank’s president. But the regulatory National Bank of Ethiopia (NBE) rejected the proposal claiming that he did not have adequate experience.
“I am not going to change the existing team, since the team can be a model for othe African countries. My first task in the new office will be to acquaint myself with the system and take lessons from the outgoing CEO,” Anteneh added.
Eleni and the outgoing team of international officers will remain in advisory roles to ensure a seamless transfer of duties and the successful completion of ongoing initiatives. “ECX will always be in my blood and I remain committed to seeing ECX achieve new heights as it grows and evolves in the years ahead,” Eleni said.
Eleni, has a Ph.D. in Applied Economics from Stanford University, and Bachelors and Masters Degrees in Economics from Cornell University and Michigan State University respectively. She has several years of experience working on agricultural markets - particularly in Sub-Saharan Africa – and has held senior positions in the World Bank, the International Food Policy Research Institute (Washington), and United Nations (Geneva). Eleni has participated in major international meetings and conferences including the recent G8 Summit at Camp David. She was the recipient of the African Banker Icon Award last month.
“Live, Love, and Leave a legacy”
This is what is called “ERT". Establish, Run and Transfer.
I wish our politicians could learn some lesson from this.
What a wonderful personality!
she is eritrean trojan horse like bandaw meles
Dr. Eleni is the Greatest Ethiopian of the century.
I would love to hear what this stupid Ethiopian diasporas have to say about this.
Well,well, at last this shabia troja hore after looted the poor Ethiopians to Skelton run to join other international maffias. Well. Served you stinky kimmalam bimbi. We well hunt you to death. No more hiding behind weanne army.
Dr. Eleni thank you for your exemplary work you did in helping establish the exchange and run it for 4 years, with considerable success!
Just know that I shared your story at least a couple of times with some Ethiopian teenage school girls here in the US. I am sure they are being inspired by the possibilities if one dares to act to force change back in Ethiopia on many fields. Thank you for showing what can be done!
God bless you! I wish you all the best in your future endeavors.
Her original vision was to collect all grains from abundantly grown areas of the north-west, south and western Ethiopia and transport it to the north (Tigray and Eritrea) by buying at higher prices (at face value). On the surface, this seems to reward the farmer as “prices” rise. In detail, the EPRDF controls almost half of the country’s resources and , on top of that, prints money in unprecedented amount to pay whatever is requested by the producer. The end result is that both the farmer and those consumer living in the vicinity of production areas are starving, while those inhabitants in northern regions are not. In addition, all raw materials for agro-processing, including coffee, are solely traded by EPRDF businesses to benefit the few and manipulate trade. This is Dr. Eleni’s legacy. The production per hectare of all produces did not grow significantly over the years and there is no way that the farmer is benefiting from the high number of worthless birr he is stashing in his pocket. I was an agricultural researcher and expert to attest to this. On the contrary, the farmer is paying for highly inflated consumer products (cloth, oil, school materials, etc) needed for his/her family which has shown inflation rate of 100-1000 times over 20 years time.
Now, the fool and greedy Amhara is poised to take the heat for Dr. Eleni who will definitely leave the country with her ill gotten riches to the west. Who knows, she might have insider information about the end of her master, Meles, and prompted to act fast.
The question is,Madame Eleni’s comming out from whatever impass she was in, is it just in time (JIT)?
Why quit now,when Zinawi departs?
Haven’t Elelni wined and dinned with Zinawi and the men surrounding her and enjoyed the gathering? No single individidual ever had suggested her the wringkle cure or the diet pill;rather,it was humbly suggested to her to think a little bit before she jumped into the flying machine and landed in Zinawi’s hands.Nobody told her what to do;of course,just a genuine and mere suggestion it was;nothing else;however,Dr.Eleni ignored all the warning and the suggestions and went to the owner of the regime,Zinawi and stuck with him for a while,messed up the life of farmers and their families and returned back to where she departed from with gisgrace.She was into corruption and fraud.
Why did not Dr.eleni make clear to the public and the farmers she played game on their live as to why she was out of Zinawi’s zone?
According words from her mouth,when she was on the stage and made known herself to the observers that she would establish a non-profit organization for farmers and their families and help them sell coffee and grains to make them rich on a fast pace so that they would manage sending their kids beyond school and playgrounds for a trip.That was empty promise and a lie;what actually happened was nothing but corruption and name calling.Now,what happened is Dr.Eleni quitting and coming back to the realization that she,indeed made a decision impulsivly and left Zinawi’s regime in greater humilation.
Dear Professor Yaw Nyarko,
I watched on you tube this morning the discussion your department at NYU hosted this month with Dr. Eleni. In fact I sent email to the African students who advertised the program on websites early this month. Unfortunately, no responded to my email. The question I raised to the students was direct and simple. Dr. Eleni’s Commodity Exchange is a program run by unelected dictatorial and human right abusing regime of Meles Zenawi. The money made on this mafia type business is under a monopoly called Endowment Fund For Rehabilitation of Tigray (EFFORT). EFFORT is controlling most if not all business in Ethiopia.
Ethiopia under Meles Zenawi according to independent study done recently lost 11.5 billion US dollar on the last decade alone, money illegally sent out of Ethiopia to be stashed in foreign banks. Meles Zenawi regime is working hard to convert all resources of Ethiopia to foreign currency to benefit its tribal loyalists. This minority regime is exploiting Ethiopian farmers under ECX run by Eleni. They are the enemies of coffee producers of Ethiopia. They are fattening their wallets while the coffee producers are living hand to mouth.
Today Ethiopians can not afford to drink their traditional coffee. They can not afford to make a stew from chickpea. Each coffee bean and chickpea is money for Eleni and her collaborators. ECX is a money making machine for Meles Zenawi and his cronies.
The story of missing tons of coffee from warehouses built by Dr. Eleni is no longer a secret. Meles Zenawi in his rubber stump parliament admitted the theft orchestrated by his people. What was his solution ? To forget about the missing thousands tons of coffee. Let me ask Eleni if she can answer who stole the coffee from the warehouses she built. I hope she has better answer than to forget about it. Any way can she discloses how much money she made on the last three years of ECX ? Surely thousands times a small coffee farmer in Ethiopia makes. Good for her but not for small farmers.
Economic justices can not be tackled without free media in Ethiopia. Dr. Eleni is free to speak hear in USA but Ethiopians are not allowed to speak what they think of Eleni back home. There is no independent and free media at all. She and her likes are talking freely about their “achievements” while our people are not allowed to challenge them. Hear I am free to say what is in my mind. Dr. Eleni is not at all working to improve the lives of our small farmers in Ethiopia. There is an Ethiopian saying, “Gib Bemayawekute Agere Hedo Kurbete Antefeu Yelal” meaning a Hyena coming as a guest in unknown area asking for a bed made of cow hide. We all know the possible outcome. Dr. Eleni can not fool anyone except herself.
I have immense respect and admiration for Dr Elleni G Medhin. She is intellectual of the highest caliber, top Ethiopian, regardless of who she served, she is NOT to be denied of at MOST respect. The only problem I had with the whole concept of “Ethiopian commodity exchange” is, in a very undemocratic country such as Ethiopia where lack of accountability, transparency is RIFE and where publicly elected, accountable leaders/entities or representatives of these farmers are simply nonexistent, the exchange is bound to be open for all sorts of corruption, abuses as oppose to benefiting the poor farmer just like it is intended.
That is precisely what we are currently experiencing in the country. Since its formation, ECX trimmed all the middle men, traders, small time brokers etc squeezed them outta business. This was all fine, if the ECX was of beneficial to the average farmer. That never materialized, in fact, most farmers are as broke, as destitute as ever, unable to send their children to school and have no disposable income that ECX was suppose help them earn. All the phantom millionaire farmers are nowhere to be seen, all those middle traders, brokers etc squeezed outta business so that GUNA, EFFORT and the likes can muscle in and control the market.
That is probably why Dr Eleni resigned, before her hands are all smudged with more crimes. She came up with the most brilliant idea, which is also used in some other African countries such as Nigeria, Kenya, South Africa etc. She had worked so damn hard to put the whole concept into reality, structured, and developed & made it function (dysfunction for now). What this great intellectual lady can NOT do however, is turn the country democratic or make GOE’s mafias responsible, accountable, transparent, get rid of all the corrupt TPLF mafias hoovering around the exchange. I am pretty sure that is precisely why Dr G/Medhin left as early as she did. No intellectual of her stature would tolerate such nonsense longer than necessary.
Dr Elleni G Medhin, you left the country with priceless ASSET. Commodity Exchanges in Africa are future gems of the Continent. As a person whose post grand measures; Economics & IR myself, DR Elleni is my role model. I intend to resume my studies soon and reach her level God willing, only few years to go. YES we can Ethiopian ladies … We are not just Arab maids/prostitutes as some idiotic, plastic TPLFs say here. We have countless Ethiopia ladies like Dr Elleni inside & outside of Ethiopia. I had top statistician Ethiopian professor in my university, she was also member of many topnotch professional bodies, she made me so proud. There are countless professional Ethiopian females across the globe who are role models to us all. Whatever Mrs G.Medhin decides to do, all the best to her, may God give her long life & health to enjoy her hard earned credentials. There is only so much she can do after all.
Believe it or not, you are not gonna hear anything good about your beloved Eleni from the “stupid Ethiopian diaspora". One may hear all the flowery stuff from extraterrestrial people like you.
A piece of advice hear: Never insult people or a country just like your PMZ does. Sooner or later you will realize how dead wrong that is or you are.
Time for you to be realistic, remain in touch with people and be an open minded and not a blind supporter of the majority dislike.
Please respond/react responsibly and avoid verbal abuse.
Elleni did the right thing, finally! A few weeks ago, at the heel of the financial corruption charge labeled at the ECX both by the World Bank and a private individual from Seatle, USA, I called on Elleni to do the right thing and resign. She heeded the call of her original supporters, and now moves on to other lucrative assignments and endeavors made possible by her experience at the ECX and the contacts she managed to assemble while there. My call for her resignation was not based upon jealousy, envy, or political opposition to her affiliation with EPRDF–though that would have been justified as well. But my call for her resignation was based upon the consideration that the most important asset an Exchange has is its credibility and the “white-and- pure-as-snow” integrity that its leaders must maintain. Now that cloud has been removed, for the time being at least, we shall see what transpires with the new CEO who appears to have absolutely no clue what an Exchange does and how it functions. But he has an opportunity, and let us see what he does with it! Mengedun bewerk yetelegome cherk yargilish, Elleni!
@ Tedla Asfaw
That was great email you sent out dear. Everybody needed to hear, ECX despite good intentions to help the poor farmers, it was doing quite the opposite. It is practically impossible to run competent, strategically solid, viable exchange in such rotten, contaminated tyranny full of mafia like bogus charitable organization such as EFFORT. EFFORT apparently is under “Chatitable Enrity", which makes it excempt from Tax. Yet trades in all sorts of areas & makes money. This is the most dangerous monopoly and path that Zenawi & Co have taken. Tigray NEED not be rehabilitated as special case state. Every Ethiopian region in all corners of the country needed & still need rehabilitation. The crumbling of this rotten regime with their very ill looking leader is clearly visible & fat approaching. The beginning of the end.
@ Muammar al-Gaddafi and ABDU KAMAR
I truly enjoy your posts, quite random but very interesting, really smart, funny at times. It is very similar to the Brainy Gedion Nashville Tenseness’s. Keep ‘em coming.
Since the demise of fascist Meles Zenawi is approaching, the collaborators are leaving one by one. May be she has conflict with the prime looter - Azeb Mesfin
Dr. Eleni is a well educated,well accomplished, proud Ethiopian and I have no doubt that she started ECX with the best intention of giving many Ethiopian farmers a chance to earn more money for their products instead of enriching greedy merchants as they have been for centuries. She does she doesn’t deserve the many disgusting name calling that is being thrown at here on this website. What bothers me the most about some of this comments is that
since when when we started calling each other Ni**s??? This is a disgrace and it is insulting not only for us, Ethiopians but also for all black people in general.We are all grown ups here, lets act like it.
Typical of modern day Ethiopians, part of us may sing for her while part of us may sing against here.
But even to start with the reality on the ground is that she has been picked up by the frightened manipulative tyrant knowing that she holds the magic phd and wanted to user for hypnotizing and freezing the minds of some of the educated guys and gals to gain temporary peace of mind. Has he not been doing that kind of tricks practically to all opposition groups and their learship after whcic time he throws them away like disposable kitchen utensils. If you don’t know please ask from Gidada and a lot of other ex-used personalities.
“Better a witty fool than a foolish wit. ~William Shakespeare
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