COVID-19 Positivity Rate Reaches Zenith as Fourth Wave Sets In


COVID-19 Positivity Rate Reaches Zenith as Fourth Wave Sets In

The Ethiopian Public Health Institute announced that the positivity rate for COVID-19 has reached up to 89pc in select areas of Addis Abeba where it conducted surveys. People have been flocking to health centres for treatment for a flu-like disease presenting symptoms such as headache, fatigue, back and joint pain, and coughing. The Institute has cautioned the public to take the illness seriously as a potential COVID-19 infection. Of the 55,562 people that went to the health centres in the capital for treatment in the past week, close to half tested positive for COVID-19. Country-wide, the positivity rate is hovering around 36pc, up from five percent two weeks ago. The Institute warns that another wave of the pandemic has come with potentially devastating consequences. Last week alone, some 41 people succumbed to the virus while 260 patients were admitted to intensive care units. Over 33,000 people tested positive over the same period.


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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...


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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...


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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...