May 12 , 2024
The Ethiopian Commodity Exchange (ECX) is considering adding salt to its list as the 24th tradable commodity. Executives are currently conducting feasibility studies and preparing sales contracts. Last week, Ali Muhammed, deputy administrator of the Afar Regional State, and Ali Behani, Head of the Regional Mining Bureau, visited the ECX headquarters in the Mexico area. They said regional salt miners and processors are not adequately compensated for their production, with hopes that the ECX will serve as a guarantee for better returns for producers. The move comes against the backdrop of reports from the Ministry of Industry, indicating a lack of salt supply for manufacturers despite the region's massive salt deposits of 36 million quintals. Behailu Nigussie, the deputy CEO, presented the draft sales contract for salt as a tradable commodity to the visitors. Upcoming meetings with salt producers and participants to discuss are underway to finalise feasibility studies.
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