The Ethiopian Commodity Exchange (ECX) has launched a new online trading system, marking a significant step in the modernization of Ethiopia’s trading sector. The system was officially introduced by the Minister of Trade and Regional Integration, Kassahun Gofe (PhD), who described it as a transformative initiative designed to enhance efficiency and fairness in the trade system.
In a statement, the Minister said:
“We announced key trade reforms that will lay the foundation for a modern trading system. We have launched an online trading system developed by the Ethiopian Commodity Exchange today that will fundamentally change the trading system of our country. The new trading system will make the business sector take its due share in our country’s economy. This online trading system ensures fairness and is a great resource for diversifying our export trade. It connects producers and traders directly from anywhere. Modernizing our marketing system will help farmers benefit from an inclusive financial system. It will also help achieve a fast and inclusive economy.
On the same platform, we announced the new logo of the Ethiopian Commodity Exchange, which is introduced based on the concept of digital marketing. In another event, we laid the foundation stone for the construction of the Ethiopian Commodity Exchange, a 24-story building that will be built in our capital, Addis Ababa, Mexico area. The construction of the building is part of an overall transformation package that creates a conducive working environment. It will also be a great resource for our digital trading system.”
Key Features of the Online Trading System
The newly launched system aims to:
- Ensure Transparency and Fairness: The platform seeks to address concerns about equity in trading, providing equal opportunities for all participants.
- Connect Producers and Traders Directly: By eliminating intermediaries, the system aims to streamline transactions and reduce costs.
- Diversify Exports: The system is expected to support Ethiopia’s export sector by offering a more efficient and accessible trading platform.
- Promote Economic Inclusion: Farmers and small-scale producers will have access to an inclusive financial system, enabling broader participation in the trade sector.
Modernization of ECX
As part of the modernization efforts, the ECX unveiled a new logo, which reflects its move toward digital trading. The logo was introduced as a symbol of the exchange’s shift to technology-driven operations.
Additionally, the foundation stone was laid for a 24-story ECX building in Addis Ababa’s Mexico area. According to the Minister, the facility is intended to provide a conducive working environment and support the digital transformation of the country’s trade sector.
The government has framed the launch of the online trading system as part of a wider effort to modernize Ethiopia’s trade infrastructure, foster export growth, and ensure the sector plays a more significant role in the national economy. The initiative is also expected to contribute to the country’s broader goal of achieving a fast and inclusive economy.
