ECX Introduces Coffee Sample Display

Aug 29 , 2020


The Ethiopian Commodity Exchange (ECX) has set up a sample display section, which will display export standard coffee, at its warehouse starting from August 29, 2020. It is hoped that the coffee sample display will boost the country's earnings from the export of coffee. The sample display section, set up upon the request of customers, is directed at satisfying the needs of customers and increasing the transparency between coffee sellers and buyers, according to a statement from the ECX. "It's also expected to increase trust among market players and reduce complaints," reads the statement. In the past year, the ECX had been showcasing coffee for the local market at its Saris Branch Office. The country, the fifth largest producer and exporter in the world, generated 854 million dollars from coffee exports in the last fiscal year, a 12pc increase over the year before. Coffee supports 5.6 million farmers and covers 650,000ha of land in the country.


Radar

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...


Radar

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...


Radar

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...