ELENI GABRE-MADHIN The bell rings for sesame.

NARRATION

WITH 200 TONS NOW IN THE ECX WAREHOUSES, THERE IS ENOUGH VOLUME FOR ETHIOPIAN SESAME TO BE TRADED IN A TRANSPARENT, REGULATED SYSTEM FOR THE FIRST TIME.

FLOOR MANAGER (SUBTITLES – AMHARIC) Today’s sesame being sold comes in two kinds.

FLOOR MANAGER (SUBTITLES – AMHARIC) Humera Grade 1 and Grade 2.

ELENI GABRE-MADHIN My gosh, the crowd is just getting bigger and bigger. Are you ready to rock and roll? Yes, yes, yes!

NARRATION

HERE’S THE REALITY- ALL THE COMPUTER TERMINALS AND WAREHOUSES AND BUZZ ON THE FLOOR ARE JUST THE ARTIFACTS OF A BUSINESS, NO MORE THAN THAT. UNTIL A BUYER OFFERS A PRICE A SELLER AGREES TO, THERE IS NO BUSINESS, THERE IS NO EXCHANGE.

ELENI GABRE-MADHIN (SUBTITLES – AMHARIC) Good morning, welcome. Today is the first day for the selling of sesame seeds. It is great to finally see this day. As a nation, as a company we will grow together. The future is bright. Thank you.

BEN ASCHENAKI (SUBTITLES – ENGLISH) Ready to go.

ELENI GABRE-MADHIN (SUBTITLES – AMHARIC) Hurry up. The suspense is killing me.

TRADER (SUBTITLES – AMHARIC) 50…55…60…Sold!

BEN ASCHENAKI (SUBTITLES – ENGLISH) We have a trade. And it was the guys at Humera. They were the first depositors and it looks like they were the first sellers as well. I’m very happy about that.

ELENI GABRE-MADHIN Ato Astatke. Thank you, thank you my friend.

ATO ASTATKE It happened anyway.

ELENI GABRE-MADHIN It happened! I know. Can you believe it?

ATO ASTATKE Ya, hahaha…

ELENI GABRE-MADHIN Alright!

ELENI GABRE-MADHIN The first sesame sold ever in our exchange. It’s a huge step. You know, we were starting to feel like a coffee exchange. So today, for me, personally, it’s just being able to go back to our original thinking and dream and vision and say we’re not just a coffee exchange, we’re really a commodity exchange.

BEN ASCHENAKI I’m just so happy right now, I just don’t believe it. I just feel so vindicated. We promised them ECX, we promised them a good system, and we delivered, man, we, we delivered today. Oh, that clap! Ahhhhh….! Nice! Nice!

ELENI GABRE-MADHIN Enough coffee, enough!

BEN ASCHENAKI When I got to Gondar I got like 5 or 6 texts, and ah…

NARRATION

AS ELENI AND HER STAFF CELEBRATE IN ADDIS, THE MOOD IS FAR MORE SOMBER IN BURE. THE RAINS THAT MEKONEN AND HIS FAMILY DEPEND ON ARE WEEKS LATE. THE FIELDS LIE EMPTY.

MEKONEN MOTBAYNOR (SUBTITLE – AMHARIC) By this time, the crops should have reached 50 centimeters. It’s very scary, very scary. Back in 1984, there was a drought like this. Everyone is gathered together and praying to God. We’re all very worried. This problem affects the whole country, all of Ethiopia.

AARON BROWN What’s the next task, do you think?

MELES ZENAWI The next task is to refine the capabilities of the system. And to include more and more agricultural commodities.

AARON BROWN How long does that take do you think? Do you have it in your mind a timetable?

MELES ZENAWI In five years time, we should have a commodity exchange that affects every village.

AARON BROWN Are you going to spring another one on her like you did with the coffee? And go, „No, we’re going to start doing that now.“

MELES ZENAWI No, she is moving faster than I can cope with.

AARON BROWN For you to actually say, “I’ve done what I set out to do,” you have to do this.

ELENI GABRE-MADHIN I have to get this. This is my challenge. This is the market that, you know, I started with..

ELENI GABRE-MADHIN (subtitle) And it’s still exactly the same as it was, even with ECX being around.

AARON BROWN Thanks for the visit.

I want to ask you just one more question. 5 years from now…

ELENI GABRE-MADHIN Yes…

AARON BROWN You and I stand in this spot.

ELENI GABRE-MADHIN Yes…

AARON BROWN Is your work done?

ELENI GABRE-MADHIN Five years from now, what I hope will be that we’ll be seeing a lot less trucks and donkeys. My idea is that by next year we will have actually a center here which will have a big ECX logo on it, ECX prices displayed, and people will be sitting at computers, linking into our system. And maybe this will be a warehouse where we’re going to be keeping the grain on behalf of the people…that’s what I want.

AARON BROWN I swear, God willing, five years from now we stand here together.

ELENI GABRE-MADHIN Thank you.

AARON BROWN I’m so with you.

AARON BROWN (STAND-UP) It’s far too early to proclaim the program a success. The exchange has only been running for a year and, believe me, there are countless problems still to be solved, challenges overcome. Just consider that there are millions and millions of small farmers in this country... That is the nature of agriculture here. Two acres or less. Largely uneducated. All who need to be convinced of a pretty sophisticated idea. They’re the people around me here, the middlemen, the traders, who are essential to the program's success and many deeply skeptical that somehow they’ll get cut out in the bargain. So there’s a lot of work to do. But if you can’t say success just yet, neither should you throw up hands up in despair. Because each month the exchange gets bigger, each month these markets become more efficient. All because one woman, a child of privilege really, came home with a really big idea and a stubborn belief that in this day and age, there is no reason for the people of her country to be hungry. That’s our Wide Angle. I’m Aaron Brown in the markets of Ethiopia. Thanks for joining us.

Print Transcript