ECX, US to strengthen coffee trading, marketing


Dennis Weller (left) and Anteneh Assefa
Dennis Weller (left) and Anteneh Assefa

By Dawit Taye

Addis Ababa, Ethiopia – The Ethiopia Commodities Exchange (ECX) signed a Memorandum of Understanding (MoU) with the United States government, through the United States Agency for International Development (USAID), to collaborate on increasing the quality, trace ability and marketing of coffee on Thursday .

Under this agreement, which was signed at the Ghion Hotel, USAID’s Agricultural Growth Program-Agriculture Market Development Project (AGP-AMDe) will collaborate with ECX to improve the ability of sellers and buyers to track the origin of coffee through electronic coding and marking, certify labs and coffee quality graders, increase the number of farmers’ cooperatives, and improve ECX warehouse efficiency. These joint efforts will ensure the integrity and marketability of the coffee trading system in Ethiopia.

ECX, the first modern market in Ethiopia, commenced trading operation in April 2008, with contracts traded in coffee, sesame, maize, wheat, and pea beans. ECX is a market place where buyers and sellers come together to trade based on warehouse receipts, assured quality, delivery and payments. It is a national multi-commodity exchange that provides market integrity, enhances market efficiency, ensures market transparency and allows risk management.

Read more at The Reporter