Agriculture Ministry Receives 250 Handheld Sprayers

Oct 24 , 2020


The Ethiopian Agricultural Business Corporation has provided 250 handheld sprayers to the Ministry of Agriculture to buttress the fight against the desert locust infestation plaguing the country. The Ministry receives the support in its fight against the locust swarms, which are destroying crops and heavily impacting the livelihoods of the community in different parts of the country, according to Minister Oumer Hussien. "The donation from the Corporation will be instrumental in reinforcing measures against the infestation," said Oumer. The Chinese government has also donated different pesticides, personal protective gear, and sprayers to help the government of Ethiopia in its campaign against the desert locust invasion. Assessment from the Ministry of Agriculture shows that close to 281,000ha of land have been infested by locusts, with severe implications for crop harvests and livelihoods. A little over half of this land has been treated with pesticides since July.


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...