The Ethiopian Commodity Exchange (ECX) is in the process of starting to facilitate the trading of wheat on its floor.
The crop will return to the Exchange’s trading floor after 15 years of break, if the decision is approved by the regulators at the Ministry of Trade & Regional Integration.
It is a proposal that has come to the surface at a time when the country is gearing up to export wheat to neighbouring countries, including Kenya, which is a net importer of the commodity.
Officials expect a surplus of wheat this year, as the grand initiative to produce the crop throughout the country is close to bearing fruit.
In June this year, Ethiopia announced plans to increase its local wheat output by up to 70% in 2022 as the country cushions itself from supply chain constraints due to the ongoing Russia-Ukraine conflict.
Data from the Ethiopia Agriculture Ministry estimates that the country will harvest some 2.4 million tonnes compared to 1.42 tonnes the prior year.
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