Gadaa Bank Joins Forces with Commodity Exchange

Mar 16 , 2024

Gadaa Bank joins the Ethiopian Commodity Exchange (ECX) payment system as the 23rd member. The president of Gadaa Bank, Wolde Bulto, and Mergia Bayisa, the deputy CEO of ECX, solidified the partnership last week by signing an agreement. The agreement allows traders to receive money as soon as they sell their products on the ECX floor through the banks. Gadaa Bank's entry into this network comes on the heels of its establishment in 2021, boasting a paid-up capital of 600 million Br. With 25 branches and six electronic exchange floors, Exchange has emerged as a pivotal player in commodity trading. The collaboration between Commodity Exchange and financial institutions dates back 16 years, with the Commercial Bank of Ethiopia (CBE) and Dashen Bank being the pioneering partners. Over the years, ECX has facilitated a total of 384 billion Br transactions, executed through its network of 22 commercial banks.


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...