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Oromo region of Ethiopia shuts down Ethiopian Commodity Exchanges Branches 


Ethiopia Stock Exchange office ( Photo : UN )

Updated on May 9, 18:40 hours Toronto Time

Ethiopia Commodity Exchange Branch Offices in the Oromo region of a shut down and about 58 workers from six branch office locations were arrested this week. 

According to the VOA Amharic report, on Friday, seven branches ( there are 25 branches across the country) were shut down as of April 28. 

Netsanet Tesfaye, Corporate Communications Director of Ethiopian Commodity Exchange,  told VOA Amharic that they were not informed, either by Federal or Oromia region authorities, why their branch offices were shut down and workers arrested. 

What he said is that the regional authorities in the Oromo region of Ethiopia deployed police forces, sealed warehouses, and arrested workers. 

The branches were located in Jimma, Nekemte, Bedele, Metu, Ghimbi, Adama, and Bule Hora. Except for workers in the Bule Hora branch, all workers in other branches were arrested, and they did not appear in Court at the time the report was published, on Friday. 

The workers are not informed as to why they are arrested too. 

Netsanet Tesfaye also told VOA Amharic that items in the warehouses are perishable and that it will have a negative economic impact on many. 

The Ethiopian government is yet to remark on the development. 

Ethiopian Commodity Exchange has been in operation for over 14 years now. Eleni Gabre-Madhin, currently working for the United Nations, was the founder and executive director of it. 

Editor’s note : Please note that Ethiopia Commodity Exchange was earlier represented as Ethiopia Stock Exchange in this article. A reader brought the error to our attention. It should read as Ethiopia Commodity Exchange.

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