Plastic & Rubbers Association Calls for Assist

Oct 23 , 2023


Calls for partnership and assistance marked the third general assembly of the Ethiopian Plastics & Rubber Manufacturers Association. The 41 members, led by President Mintesinot Lemma, discussed the growing pressure of supply shortages, inflation of input prices and unheard calls for foreign currency that seriously undermined their production capacities. "We need to work together to enhance our bargaining power," Mintesinot told members, reflecting on a previously successful lobbying effort to remove customs duties on synthetic thermoplastic or PVC imports. Ethiopia imports over 400,000tn of raw materials annually, according to the association's report, with per capita consumption of plastics growing by 11pc annually over the past 14 years. General Manager Samson Ketema echoed similar sentiments, calling out for the other 4,000 plastic and rubber manufacturers to join their association. Mekuria Bayachew, industries sectorial association head from the Ministry of Industry said "Two hands are better than one", to bolster the point.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...