ECX Introduces Digital Trade System

Jan 28 , 2023


Exporters are to trade digitally with overseas buyers through an online Integrated Commodity Exchange Trading System. The electronics exchange centre is currently found in the capital, Sidama, Amhara, Oromia and Southern Nations regional states. According to Netsanet Tesfaye, corporate communications manager at ECX, exporters have thus far been trading by coming to the Ethiopian Commodity Exchange office or logging into regional electronics trading sites. They can now trade online from their digital accessories from anywhere. The new system will have access to membership, warehouse operation and payment. Ethiopian Commodity Exchange began operation 15 years ago with an Open Outcry Trading forum, but through the years has cooperated with software companies to upgrade itself and has been making way through online trading since 2015. For the past five months, 1.5 billion dollars in revenue had been generated from the export sector. Oil seeds account for 72 million dollars, while crops and khat earned 74.6 million dollars and 116.5 million dollars, respectively. Last week, the CEO of Ethiopian Commodity Exchange (ECX), Wendmagegnehu Negerana, and Ethiopian Artificial Intelligence Insitute director, Worku Gachena, signed a project charter to build the online trading system to be completed in the next six months.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...