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Ethiopia’s Commodity Exchange: Brewing a win-win solution Mail and Gurdian
Wednesday, July 09, 2014
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Wednesday, July 09, 2014
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Thursday, February 13, 2014
Ethiopia: Mung Beans Become Sixth Commodity On Ethiopia’s Exchange Floor httpaddisfortunenetarticlesmung-beans-become-sixth-commodity-on-ethiopias-exchange-floor
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Ethiopian First ECX CEO Passing the Torch CapitalEthiopia
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We have grown-up with ECX

We have grown-up with ECX

Wodera farmers’ cooperative union from North Shoa zone is one of ECX intermediary members.  The union has been trading pea beans and coffee in ECX. Recently, it has brought green mung beans into ECX trade floor and is trading once in a week, which increases the ECX’s commodities number to six.

Ato Yirdaw Alemu, who is the general manager of the union, expressed that the farmers’ cooperative union was established in 1996 E.C in Debre Birhan city. In the beginning, it incorporated 18 farmer associations from 12 Woredas in North Shoa zone. The union’s initial capital was 724,000 birr with registered 11,000 small holder farmer members benefiting from it. 

 “We have achieved remarkable successes in all sectors,” says Ato Yirdaw. And he goes on to say, “The number of farmers’ associations has grown from 18 to 74. The small holder farmers’ number has also increased to 65,000.  The union’s capital reached 39 million birr. Besides, we have built G+3 multi-purpose business building to use as head office. We are generating additional income by letting it. We have also constructed our own huge warehouse which is capable of storing 50,000 quintals.  In addition, we have established agro processing plant including flour factory. We have also bought two lorry and field vehicles.”  

Acording to Ato Yirdaw the union is working in four major areas such as supplying agricultural inputs, delivering industrial products to the farmers by purchasing from different industries, supplying food items to hospitals and universities. In the sector of agro-processing, they are supplying flour as well as dairy products to the market and farmers are highly benefiting from this animal fattening.

“Before joining ECX as intermediary member, we used to trade agricultural products such as pea beans and mung beans purchasing from the farmers.  After becoming ECX member, we have been trading pea beans using the Exchange’s facilities.  Since January 2014, with the support of the Exchange we are trading mung bean as a sixth commodity in ECX trade floor.

“Our participation in ECX is benefiting not only the members of the union but all the small holder farmers as well.  Previously, the farmers’ were selling their produce at low price to individual traders.  Now our union is buying their products with better offer.

“We have exported limited amount of chick peas to Pakistan, India, Russia and UEA. I have also traveled to Dubai to participate in DUBAI international trade fair and expo; I had a chance to meet and discus with our business partners in person. We learnt from our discussion that quality plays crucial role in international market. So, we are making preparations to export the type of chick peas they recommended.  In addition to this, we are to export mung beans to southern Asia and Latin American countries.

“We should be thankful about ECX. It has transformed the Ethiopian traditional trading system in to modern marketing system with technological advancement and transparency. It has also created reliability among business community members who engaged in the agricultural commodity trade. 

“I can say that the clearing and settlement systems are really wonderful,” said the manager. As he remembered that, previously, payment was one of greatest risk areas for sellers. Now they trade their commodities today and they find their money in their account next day. He also appreciated the Exchange’s endeavors in raising the awareness of new clients about the system.  

 As Ato Yirdaw suggested, ECX should build capacities of market actors particularly the cooperative unions so that small holder farmers who grow the crops produce better quality and further benefit from the modern trade.

 Wodera union is in a big ambition to enter the export sector extensively. “We will also strengthen the importing of various agricultural inputs and the distribution of them to the farmers in reasonable price,’” Ato Yirdaw concludes.