Ministry Suspends over 80,000 Business Licenses

September 10 , 2021

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The licenses of over 80,000 businesses have been suspended on allegations of involvement in illegal activities and price gouging, the Ministry of Trade & Industry announced. An additional 500 businesses have had their licenses revoked while 2,200 are to undergo legal proceedings. Included on the list of allegations are hoarding foreign currency, particularly the Dollar, unreasonable price increments, and allegedly providing support to the armed forces operating out of Tigray Regional State. A task force comprising members from the Federal Police Commission, National Intelligence & Security Service, Customs Commission, and other government bodies was formed under the Ministry to clamp down on these perceived illegal activities. Two weeks ago, the Addis Abeba City Administration declared that it was ready to take serious action against businesses suspected of price gouging. Additionally, the Administration has also decreed a freeze on rent across the capital for a period of 90 days. Evictions are also banned for this period. Last month's headline inflation registered at 30.4pc, a decade high, according to the Central Statistics Agency.