Ministry Inaugurates Airport Duty Free Shop

The opining of the duty-free shop aims at promoting Ethiopian leather products and boosting export earnings from the sector.


Ministry Inaugurates Airport Duty Free Shop

The Ministry of Industry (Mo) officially inaugurated a duty-free store that displays leather products inside Bole International Airport terminal. In the past two months, the store sold leather products valued at 200,000 dollars. The management of Ethiopian Airlines Group availed 200sqm area at the airport’s terminal for the duty-free shop while Japan International Cooperation Agency (JICA) provided financial and technical support. The opining of the duty-free shop aims at promoting Ethiopian leather products and boosting export earnings from the sector. The leather industry has so far not managed to maximize its gains by manufacturing value-added products although the country possesses the largest livestock population on the continent with over 123 million heads of cattle, sheep, and goats. The scarcity of foreign currency gravely affected the industry's export earnings; generating close to 40 million dollars last year. The export revenue from the leather sector accounts for less than one percent of the annual export revenue. Last year, the country earned 4.1 billion dollars from the export sector, 14pc higher than the previous year’s earnings.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...