Video: Starting Ethiopia's Commodities Exchange
Former World Bank economist Eleni Gabre-Madhin has long said that the lack of agricultural market information in Africa is one of the reasons people there remain poor. In this TED talk from 2007, Gabre-Madhin proposes starting a commodites exchange in Ethiopia.
Africa's markets are weak not only because of weak infrastructure in terms of roads and telecommunications, but also because of the virtual absence of necessary market institutions such as market information, grades and standards, and reliable ways to connect buyers and sellers. Because of this, commodity buyers and sellers typically transact in small circles, in narrow networks of people they know and trust.
Since giving this talk, Gabre-Madhin's vision has been realized. She's now the CEO of the Ethiopia Commodity Exchange, which traded more than $1 billion in commodities in its first 1,000 days.
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