Fed Allocates $60m to Agrochemical Procurements

Aug 13 , 2022

Officials at the Ministry of Agriculture have set aside 60 million dollars to be used for the procurement of agrochemicals, including fertilisers, for this year's harvest season.  The sum is a fraction of what the federal government spent buying fertiliser from international suppliers last year. The state-owned Ethiopian Agricultural Businesses Corporation paid 650 dollars a tonne for 780,000tn of fertiliser supplied by the Morocco-based OCP Group. FertiGlobe, an Abu Dhabi-based firm, supplied half a million tonnes for close to 1,000 dollars each.  Fertiliser prices in the global market have been soaring since 2020, but Russia's war in Ukraine pushed them to new highs. Smallholder farmers in Ethiopia faced retail prices of up to 4,900 Br a quintal last year, nearly triple what they paid the year before. Over eight million smallholder farmers are affected by soaring fertiliser costs. Ministry officials say 96pc of the fertiliser procured last financial year has been distributed. Farmers in the Tigray Regional State are not among the recipients. The Ministry will soon begin collecting needs assessment from regional administrations to launch the next round of procurement procedures.


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...