Addis Ababa, 04 September, 2015(WIC)- A new government enterprise that is to take over the Ethiopian Commodity Exchange’s(ECX) ware house management and quality control work is established, ECX Chief Executive officer said.
Ermias Eshetu, speaking at a press conference held here at Desalegn Hotel yesterday, said in order to improve its operation the ECX, in partnership with the ECX Authority, and has studied world practice that can ensure quality and better warehouse management.
According to Ermias an enterprise is formed to handle the warehouses that are already in operation and the ones that will be built. The warehouse tasks used to take the loins share of the ECX staff and posed a great burden up on its performance and the establishment of the new enterprise is expected to ease this burden, he noted.
The new entity that will take over the past duty of the ECX is called Ethiopian Agricultural commodities Warehousing Service Enterprise. It is established with an authorized capital of 1 billion birr and a paid up capital of 250 million birr, Ermias said.
The exchange also certified 380 e-traders after completing and passing both rigorous theoretical and technical education and exams they have been given since June 2015. Apart from splitting its operation and launching new system, the exchange also awarded its employees in three different categories; best employees of the year, team of the year, and long years of loyalty and commitment.
In the past seven years of its operation, ECX has been a vital force in transforming a traditional bound agriculture commodities marketing in to a modern one. It has created a market place that can serve all market forces ranging from farmers to traders, processors, exporters, and consumes.
ECX is a commodity exchange company established in April 2008 aiming to ensure the development of an efficient modern trading system that would “protect the rights and benefits of sellers, buyers, intermediaries, and the general public.