Addis Ababa, October 27, 2022 (FBC) – The Ethiopian Commodity Exchange (ECX) has announced that it is ready to supply the domestic wheat grain to the local market in the current fiscal year through a modern marketing system.
ECX’s Corporate Communication Manager, Netsanet Tesfaye, stated that they are ready to supply the domestic wheat grain to the local market through a contemporary marketing system.
Since arrangements have been made to manage the local wheat production through a modern marketing system, marketing will begin in the current year, said the Communication Manager.
She indicated that ECX has prepared a draft contract that allows wheat to be traded in a modern market system. Hence, it will start supplying the market this year upon the approval of the draft contract.
Since most of the 25 branches of ECX are located in high wheat growing areas, it will be easy to the farmers and the suppliers to deliver the local wheat product.
In addition, she explained that the warehouse receipt credit service system has been developed to enable the farmers and suppliers to get short-term loans after being inspected and graded when bringing their products to the market.
Furthermore, it is said that ECX will start supplying incense, korerima, rice and related products to the market this year.