Central bank governor appointed to chair ECX board
After his appointment to govern the National Bank of Ethiopia (NBE) in June 2018 by Prime Minister Abiy Ahmed (PhD), Yinager Dessie (PhD), has been appointed as the new chairman of the Ethiopia Commodity Exchange (ECX) as it gets a new 11-member Board of Directors.
This is not the first time for Yinager to chair the state-owned, multi-commodity exchange in Ethiopia which brings buyers and sellers of agricultural commodities together.
It is to be recalled that he served as Chairman of the state-owned Commercial Bank of Ethiopia (CBE).
In this latest composition, the new Board of Directors are said to be comprised of six of the 11 members being from the government’s side, while the remaining five individuals are directly picked by the ECX.
Hence, besides Yinager the picks include: Getahun Mekuria [Minister of Science and Innovation], Abdissa Yadeta [Director General of the Federal Transport Authority], Abebe Abebayehu [from the Office of the Prime Minister] and Haileyesus Bekele [President of the Development Bank of Ethiopia] make-up those elected from the government’s side.
Meanwhile, the remaining five, constituting of business people includes: Abdella Abubakr Bagersh, Alula Gebremichael, Bulbula Tule, Abebaw Andarge and Umer Wabi.
Designed as a public-private partnership enterprise and a unique institution in Ethiopia; ECX was established in 2008. The driving force behind the development of ECX was the renowned economist Eleni Gabre-madhin (PhD) who was also its first CEO.
It was organized as a private company, but the ownership consisted of market actors, exchange members and the Ethiopian government.
It also offers the sale of Membership seats, which are privately owned, permanently and freely transferable rights adding to the stream of earnings from trading on the Exchange.
ECX works with 11 settlement local banks such as Commercial Bank of Ethiopia (CBE), Dashen Bank, Awash International Bank, United Bank, NIB International Bank, Wegagen Bank, Bank of Abyssinia, Oromia International Bank, Lion International Bank, Construction & Business Bank as well as Cooperative Bank of Oromia S.Cs.