Addis Ababa August 15/2019 Ethiopian Commodity Exchange (ECX) said it has been sharing its experiences in modern trading system with officials of Mozambique Commodity Exchange and the Reserve Bank of Malawi for the past three days.
Senior management members of the ECX shared their experiences in compliance, warehouse, quality and trade operations as well as clearing and settlement and business information dissemination.
Briefing the media today, ECX Corporate Communication Manger, Netsanet Tesfaye, said “we are happy to share our best experiences with the rest of Africans. Thanks to the experiences shared by ECX, now countries like Ghana, Tanzania, Rwanda and other exchanges have been established”
This engagement paves the way for integrating the African Exchanges to engage jointly in intercontinental modern trading, according to ECX.
Mozambique Commodity Exchange Chairperson, Victória Daniel Paulo said “we in fact came here to learn from Ethiopia Commodity Exchange, because it has been referred to be one of the most active, dynamic commodity exchanges in Africa.”
The commodity exchange of Mozambique is a very young institution which was created by the decision of council of ministers in October 2012.
The Chairperson said the main objective of the government of Mozambique is to see small farmers reducing poverty, having possibilities of accessing the market and being players of a fair game in the market.
Praising ECX, Paulo said “we have learned from ECX how to reach villages and small farmers, get information about prices of commodities easily so that they cannot be cheated. This latter is one of the biggest problems we have been facing.”
According to the Ethiopian Commodity Exchange, the recent Africa Free Trade Agreement, regional economic integration and other multi-lateral economic agreements between African countries are unexploited opportunities to African exchanges.