The 17-year-old, Ethiopian Commodity Exchange (ECX) has reformed itself through rebranding, digitisation and the initiation of a new headquarters. The Exchange announced plans to construct a new 24-story headquarters near its current rented location. The estimated cost of the project is two billion Birr, and construction is expected to be completed within two years. The new building will house trading operations and a research centre. The total landholding for the project is 3,600 sqm, strategically located in the heart of the financial district near Mexico roundabout. The ECX has also introduced a digital trading platform along with a new logo. The platform will enable buyers, exporters and producers to present offers, bid their commodities online and make payments through the system without a physical presence on the trading floor. The launching ceremony was attended by Kassahun Goffe (PhD), minister of Trade & Regional Integration and board chairman of the Exchange. He lauded the big steps taken in recent times as Ethiopia has opened its retail, wholesaling and export market for foreign investment. ECX has served over 4.5 million farmers across the country, operating in seven cities with 24 branches. In the past 17 years, it has facilitated the trade of 26 commodities, achieving a transaction value exceeding 406 billion Birr. Wondimagegn Negera, CEO of ECX, pointed out plans to expand to industrial products in the coming months, with cotton, hides, leather products, and mining commodities including emerald to make it to the exchange.
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