Civil Society Organisations Set Sights on Financial Reporting Regulation


Civil Society Organisations Set Sights on Financial Reporting Regulation

Civil society organisations (CSOs) are compelled to report their source of revenues higher than 20,000 Br during annual audits, according to a new directive that came to light two weeks ago. Legal experts at the Authority for Civil Society Organizations stress the directive will prevent financial mismanagements covered under auditors selected by the organisations serving as a benchmark by setting criteria for submitted documents. According to Fasikaw Molla, deputy head of the Authority, the absence of defined requirements proved to be time-consuming and resulted in a difference in the auditing process. He indicated that although payments are determined by audit reports, the procedures should be similar. The directive entails that CSOs are obliged to include incomes and shares from donors, funds raised from public gatherings and financial statements in accordance with accounting principles and guidelines issued by the Authority. But organisations with annual transactions below 200,000 Br can submit a statement mentioning income expense, assets and liability. The Authority oversees 4,400 organisations where 570 are international that mostly participated during the draft stage, according to Fasikaw. Last week Jima Dilbo who headed the Authority for over four years handed over the baton to Samson Biratu. Jima indicated that he was fortunate to build a strong institution and relationship between civil society organisations while the newly appointed Director General pledged to continue the reform works in the management.


Radar

With New Tariffs, Trump Upends Decades-Old Ethiopia Trade Preferences

The Trump Administration has unexpectedly included Ethiopia in the list of countries subjected to new trade measures, imposing a 10pc levy on Ethiopian imports into the United States while granting a reciprocal 10pc tariff on American goods headed to Ethiopia. The move marks an unanticipated shift in Washington's approach to Addis Abeba, which for years benefited from duty-free access under the African Growth & Opportunity Act (AGOA). The tariff-free provisions had propelled apparel expor...


Radar

Unilever Ethiopia Eyes Triple Sales Under New Executive

Unilever Ethiopia plans to triple its annual sales within the next five years, aiming to reach 200 million euros. The growth push is led by 42-year-old Nesibu Temesgen, who took the top job this month, as the first Ethiopian national to claim the top executive position in the company. Unilever, a multinational company operating in more than 190 countries, established its Ethiopian presence in 2014. From its base in the Eastern Industrial Zone near the town of Modjo, the firm produces recognis...


Radar

EU Grants Ethiopia a 240 Euro to Support Key Sectors

Financial Assistance Targeted at Agribusiness, Digital Expansion, and Democratic Institutions The European Union (EU) has agreed to provide Ethiopia with a grant of €240 million to support development initiatives across key sectors. This financial assistance will primarily bolster projects in agribusiness, enhance digital competencies, and strengthen democratic institutions. Furthermore, the agreement will support public administration and facilitate efforts to promote stability and reco...