Ethiopian Commodity Exchange (ECX) announced a major reform on coffee trading deemed to safeguard the rights of producers and the commodity’s originality.
Speaking at a press briefing Wednesday, ECX, Chief Executive Officer, Ermiyas Eshetu said individuals, business organizations and public associations would have ample opportunity to trade without the interference of intermediaries.
The entire objective is to modernize the coffee transaction system, Ermiyas added.
The CEO insisted that the new reform will be expected to improve the livelihood of smallholder coffee producers.
“The reform would reduce the transaction chains. It limits the role of brokers. Moreover, it could cut 40 percent of unnecessary cost which‘ll support coffee growers,’’ he added.
ECX Director General Eng. Olero Opiew, for his part, said ECX had been taking swift measures which ensure the quality of Ethiopian coffee to be competitive in the global market.
The export of value added coffee would make Ethiopia better competitive in the international market.
The Director General admitted that they may be some change resistant bodies who could create hindrance in the implementation of the new reform.
However, the system will show them proper trading process based on rules and regulations, he noted.
It was learnt that coffee makes up 26 percent of the nation’s hard currency earnings.
BY TSEGAY HAGOS