AGRA Launches $550m Africa Farming Fund

Sep 18 , 2022


The Alliance for a Green Revolution in Africa (AGRA) has announced a half billion dollar catalytic fund to back efforts to improve food security on the continent over the next five years. The organisation looks to reach 28 million farmers across 15 countries to boost productivity and income. The announcement comes as the Horn of Africa faces the worst drought in four decades. Humanitarian organisations estimate that 22 million people in the region are already in the clutches of a growing food crisis. Half of Somalia's population is in dire need of emergency humanitarian assistance, with millions more affected in Ethiopia, Kenya and South Sudan.  Experts forecast that the coming months will bring the region's fifth consecutive failed rainy season, exacerbating the crisis. The war in eastern Europe has been a factor as well, as Russia and Ukraine were the source of the majority of wheat imports for most Horn of Africa nations.  UN officials warn that more than 200,000 are at risk of dying — potentially by the end of the year – if action is not taken immediately. AGRA was founded 15 years ago by the Bill & Melinda Gates and Rockefeller foundations.


Radar

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...


Radar

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...


Radar

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...