Coffee Authority On Track to Meet $1b Export Target

Jan 7 , 2022


The Ethiopian Coffee & Tea Authority is on track to meet its target of exporting a little over one billion dollars worth of coffee this year. The cash crop brought in over 515 million dollars in export revenues over the first five months of the fiscal year. The export of tea and spices, also under the Authority's supervision, generated another 10 million dollars over the same period. Coffee generated over 50 million dollars in November alone, as 17,100tn was shipped abroad. The top three export destinations were Germany, Saudi Arabia and Belgium. Officials at the Authority had announced they target to export 280,000tn of coffee and revenues of a little over one billion dollars this year. The cash crop generated over 900 million dollars in export revenues last year, with the country shipping 248,000tn, mainly to the United States, Europe and the Middle East.


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...