Sparks of a Revolution in the Trade in African Farm Products now Visible in Ethiopia
ADDIS ABABA, 14th February, 2011: World Bank Managing Director Ngozi Okonjo-Iweala rang the opening bell at the Ethiopian Commodity Exchange (råvarebørs) on a visit to a World Bank-supported project during her recent trip to Ethiopia for the African Union summit.
Okonjo-Iweala adds to a fast-growing list of celebrities, including rock star Bob Geldof and World Bank President Robert Zoellick, who have opened trading here and who have been told some of the many amazing success stories that are now part of this exchange.
A billboard (skilt) outside the main entrance to trading floor of the exchange situated in the heart of downtown Addis Ababa summaries the story. Its message: “1.000 days, 1 billion USD, 0 default” – please read: “One thousand days of trading, one billion US dollars in trade deals, zero default on payments.”
SUCCES FOR BØNDER OG BØRSHANDLERE
Hidden behind that slogan are the actual success stories of many farmers and traders, some of whom met with Okonjo-Iweala during her visit, including Gadisa Abera of Jemo General Trading.
– The exchange promotes and sells our products to a worldwide market, he told the World Bank Managing Director.
– It has markedly improved my bottom line. Two and half years ago when we first started trading here, we sold our coffee for 380 Ethiopian Birr. Last year, we sold the same quantity and quality of coffee for 1.000 Birr, he explained.
Abeba Asmare was an unemployed young lady only a few years ago. The exchange unleashed her entrepreneurial genius. She founded Akrabi Company and now employs 80 people, buying and selling food from her native Humera.
Siraj Kedir of Cabey General Trading has been exporting coffee for 12 years, trading tiny volumes – no more than 3.000 tons at his peak four years ago – sold exclusively to bigger exporters based in Addis Ababa.
– The exchange has taught me how to trade in a modern way, he told Okonjo-Iweala, adding:
– Last year, I exported 9.000 tons of coffee to the USA, Asia, and Saudi Arabia to buyers who have more confidence in the value of our products because they are certified by (får garantistempel fra) the exchange.
DEN STØRSTE FISK I DAMMEN
The CEO (direktør) of the exchange, Eleni Gabre-Madhin, told the one story she believes most remarkably portrays resistance to the innovative approach the exchange represents, and points to the enormous potential it holds in spreading prosperity to both farmers and traders.
She approached the fourth largest exporter of coffee from Ethiopia soon after the exchange launched and invited him to buy membership, then priced at a mere 50.000 Birr. The exporter’s response was a polite “No, thank you,” every time Gabre-Madhin contacted him.
But she was persistent in offering him membership and after a year it finally paid off.
A year after joining and having risen to Ethiopia’s top coffee exporter with sales of 30 million US dollar that year, the unnamed trader “had tears in his eyes,” according to Gabre-Madhin, when he confessed he would have willingly paid 10 million Birr to buy into membership of the exchange.
The same exporter who had declined membership at 50.000 Birr paid 3,3 million Birr at an auction to gain membership.
FREMAD MED STORMSKRIDT
Founded as a not-for-profit public-private partnership on a demutualized (adskilt) system – ensuring separation of ownership, membership and management – the exchanges initial capital of 9,2 million dollar was contributed by the World Bank, the United States Agency for International Development (USAID), the Canadian International Development Agency (CIDA) , and the World Food Program (WFP) as well as a grant co-financing of 10 percent contributed by the Government of Ethiopia.
– We launched with 100 founding members and 60 seats, only 12 of which were willing to trade at the start, Gabre-Madhin recalls. Trading members now number 250 – with thousands knocking on the door – and the exchange’s full paid-in capital injection is a robust 29 million dollar.
Thanks to the exchange, farmers across Ethiopia receive information in real time on commodity prices. The price of coffee or maize stroke at the exchange in Addis is communicated to farmers within two minutes of a deal being made.
The market data feeds directly to farmers via electronic display boards in 31 centers spread across Ethiopia as well as on the exchange’s website.
In addition, information on pricing is accessible via automatic telephone messaging. On average, 20.000 calls are made daily via a toll free number established by the exchange to provide market data in four languages.
BEDRE END I KENYA
Gabre-Madhin says the number of calls is four times higher than the average 5.000 made daily to the much older Kenyan exchange established eight years ago. Market data is provided via text messaging to interested mobile phone users, ultimately helping farmers avoid unscrupulous (skrupelløse) traders out to rip them off.
Thanks to the exchange, coffee or any other product is sold as delivered in the farmer’s home town – resolving the issues of transport for all farmers who can reach 60 delivery sites operated by the exchange across the huge country.
Payment to farmers, even for those in the most remote parts of Ethiopia, happens within 24 hours of sale – at 3 p.m. (kl. 15) the next day – or 10 a.m. the next day, for farmers located in peri-urban areas served by the seven “corresponding commercial banks” with which the exchange now works.
Warehouse receipts (regninger) provided by the exchange now make trade financing easily available to traders thanks to funding from the International Finance Corporation, the World Bank’s private sector arm.
Læs videre på
http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22832680~pagePK:34370~piPK:34424~theSitePK:4607,00.html
Begynd fra: “With success explained in words so sweet…”
Kilde: Verdensbanken
