A bell rings and the floor of Ethiopia’s Commodities Exchange is flooded with traders dressed in coloured coats, waving hands and shouting bids for coffee, sesame seeds or haricot beans.
Following a feverish shouting match, prices are agreed upon and the deal is sealed with a high five between buyer and seller.
Established in 2008, the ground-breaking ECX has boosted exports in Ethiopia, improved conditions for producers and is now inspiring other countries in resource-rich Africa to set up their own exchanges to ensure they are the main beneficiaries of commodity exports.
It has allowed “price discovery” for farmers, ECX chief executive officer Anteneh Assefa said, explaining that previously producers had little knowledge of international market prices and could only rely on middlemen who pocketed hefty profits by selling on heavily marked up goods.