Coffee Export Generates $104m in April

May 16 , 2020


The export of coffee generated 104 million dollars in April, surpassing the value of the previous month, according to a report from the Ethiopian Coffee & Tea Development Authority. The revenue has increased despite the global outbreak of Novel Coronavirus (COVID-19), which has resulted in lockdowns in many countries, according to Shafi Umer, deputy director-general of the Authority, which exceeded its goal of having coffee generate 96 million dollars. The value is seven million dollars greater than the previous month's haul. "The recently introduced coffee policy has resulted in the increase," Shafi said. The reform, which allows coffee farmers, growers and cooperative unions to export their product directly to the international market without intermediaries, has contributed to the increase in revenue, according to him.


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...