Export Revenues Top $2.8b

May 23 , 2021

Earnings from the export of goods over the first 10 months of the current fiscal year have exceeded 2.8 billion dollars, around 85pc of what was initially targeted, the Ministry of Trade & Industry disclosed last week. Less than 2.5 billion dollars was earned over the same period last fiscal year. The Coffee & Tea Authority announced recently that export records for coffee were broken two months in a row, with 107 million dollars and 114 million dollars earned in March and April, respectively. Likewise, the Ministry of Mines & Petroleum has also publicised that revenue from gold export, which has overtaken coffee for the number one spot, has topped half a billion dollars so far this fiscal year.


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...