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Addis to Host SheTrades Global Forum

Nov 2 , 2019

Ethiopia will host the SheTrades Global Forum of 2019. The event, which will be organised in conjunction with the World Export Development Forum, will be held on November 19 and 2019. SheTrades Global is the international trade event that focuses on women and the economy. The Forum will feature talks by high-level officials of the African Union Commission and the Government of Ethiopia, as well as conversations with trade ministers, first ladies and private sector partners. Themes that will be discussed include how free trade agreements can catalyze a more inclusive trade environment for women, spotlighting the African Continental Free Trade Area (AfCFTA). The event will be preceded by two days of workshops where discussions will be held. Previous editions of SheTrades Global were held in the United Kingdom, Turkey, Brazil, Rwanda, Mexico and China.

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...

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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...

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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...

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