Corporation Bags 38.4m Br in Revenue

Nov 30 , 2019

The Ethiopian Trading Businesses Corporation obtained 38.4 million Br in revenue from the goods it distributed in the first quarter of this fiscal year. The performance exceeded the forecast of the Corporation, which operates under the Minister of Trade & Industry, by 344pc. In the reported period, the Corporation targeted to procure 1.3 million quintals of products worth 1.5 billion Br, however, it procured two million quintals of crops, coffee and fruits with 2.3 billion Br. It also planned to sell 1.5 billion Br worth of products but ended up selling 1.8 billion Br worth. To stabilise the market, the Corporation imports products like wheat, edible oil and sugar from the local and international markets and supplies the commodities to local businesses.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...