Ministry Endeavours to Privatise Sugar Enterprises

May 27 , 2023


In an effort to privatise the eight sugar enterprises, interested bidders were invited to submit proposals By the Ministry of Finance and Ethiopian Investment Holdings. The enterprises up for grabs which were hitherto managed by the Holding are Omo Kuraz 1, 2, 3, 5, Kesem, Arjo Dedesa, Tanabeles, and Tendaho. Officials believe issuing a Request for Proposal (RFP) will demonstrate the government's commitment to a competitive and liberalised market structure. The RFP comprehends bid submission procedures, detailed information about the manner of assessments, the scope of privatisation, and evaluation criteria. In August 2022, the Ministry attempted to transfer state-owned enterprises to private entities, with over 20 companies expressing their interest in bidding where interested parties must sign non-disclosure agreements and pay a participation fee to participate in the bid.  


Radar

Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


Radar

CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Radar

Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...


Back
WhatsApp
Telegram
Email