Process for the conversion of carbon oxide(s) and hydrogen-containing feedstocks to C2-oxygenates in the presence of a particulate catalyst, by reacting carbon oxide(s) and hydrogen in the presence of a particulate rhodium-based catalyst in a conversion reactor to form C2-oxygenates. A saturated monocarboxylic acid having from 1 to 3 carbon atoms and/or an ester of a saturated monocarboxylic acid having from 1 to 3 carbon atoms with a monohydiic aliphatic paraffinic alcohol having from 1 to 4 carbon atoms are separated from the ethanol and acetaldehyde produced in the conversion reactor and is/are sent back to the conversion reactor.