The Ethiopia Commodity Exchange (ECX) is a new initiative for Ethiopia and the first of its kind in Africa. The vision of ECX is to revolutionize Ethiopia’s tradition bound agriculture through creating a new marketplace that serves all market actors. The ECX is a unique partnership of market actors, the Members of the Exchange, and its main promoter, the Government of Ethiopia. ECX represents the future of Ethiopia, bringing integrity, security, and efficiency to the market. ECX assures all commodity market players the security they need in the market through providing a secure and reliable End-to-End system for handling, grading, and storing commodities, matching offers and bids for commodity transactions, and a risk-free payment and goods delivery system to settle transactions, while serving all fairly and efficiently. ECX creates trust and transparency through aggressive market data dissemination to all market actors, through clearly defined rules of trading, warehousing, payments and delivery and business conduct, and through an internal dispute settlement mechanism. ECX provides market integrity at three important levels: the integrity of the product itself, the integrity of the transaction, and the integrity of the market actors. ECX commenced trading operations in April 2008. With only one third of output reaching the market, commodity buyers and sellers tended to trade only with those they knew, to avoid the risk of being cheated or default. Trade is done on the basis of visual inspection because there was no assurance of product quality or quantity, this drove up market costs, leading to high consumer prices. For their part, small-scale farmers, who produce 95 percent of Ethiopia’s output, came to market with little information and are at the mercy of merchants in the nearest and only market they know, unable to negotiate better prices or reduce their market risk.
View Top Employees from Ethiopia Commodity ExchangeWebsite | http://www.ecx.com.et |
Revenue | $157.4 million |
Employees | 352 (205 on RocketReach) |
Founded | 2008 |
Address | Al-sam Tower 2 Fl 3 Lideta, Addis Ababa, Addis Ababa, ET |
Phone | +251 11 554 7001 |
Technologies |
JavaScript,
HTML,
PHP
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Industry | Financial Services, Software General, Software, Stock Exchanges, Lending and Investments |
Web Rank | 4 Million |
Keywords | Commodity Derivatives, Agricultural Marketplace |
SIC | SIC Code 62 Companies, SIC Code 621 Companies |
NAICS | NAICS Code 523 Companies, NAICS Code 5231 Companies, NAICS Code 523110 Companies, NAICS Code 52 Companies, NAICS Code 52311 Companies |
Looking for a particular Ethiopia Commodity Exchange employee's phone or email?
The Ethiopia Commodity Exchange annual revenue was $157.4 million in 2024.
Kumssa Cherenet is the CIO of Ethiopia Commodity Exchange.
205 people are employed at Ethiopia Commodity Exchange.
Ethiopia Commodity Exchange is based in Addis Ababa, Addis Ababa.
The NAICS codes for Ethiopia Commodity Exchange are [523, 5231, 523110, 52, 52311].
The SIC codes for Ethiopia Commodity Exchange are [62, 621].