UNDP Team Applauds ECX’s Achievements (Addis Ababa, 25 February 2015)-A team of the United Nations Development Programme (UNDP) led by Ms. Gina Casar, UNDP Associate Administrator, visited Ethiopia Commodity Exchange (ECX) today and expressed their appreciation of ECX’s achievements. After a brief presentation on ECX’s journey and achievements in terms of ensuring transparency and security in the market, number of members and clients, types and volume of commodities traded, trade value, warehousing, clearing, market data disseminations and prospects to the UNDP team from New York, Ms. Casar congratulated Ato Ermias Eshetu, Chief Executive Officer of the Exchange. Ato Ermias explained how ECX is modernizing Ethiopia’s agricultural commodity market by harnessing technology and that farmers are getting more value from the commodities as market data empowers them to bargain and the system excludes middle men. ECX is playing exemplary role in Africa and many African countries are learning from the experience of ECX when they establish their own exchanges, Ato Ermias said. The CEO also briefed them in response to their questions on traceability, types of commodities traded in ECX, and how farmers are benefiting from the Exchange. The team visited ECX trade floor and got a chance to see how market actors are trading through open outcry system and took part in cultural coffee ceremony.
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