Struggling Leather Industry Garners $19m from Exports

The export of leather and leather products has brought in 19 million dollars so far this fiscal year. The figure is nearly 30pc less than what was targeted by the Ethiopian Leather Industry Development Institute. A lack of container capacity and immediate access to cargo services are behind the failure to meet export targets, according to Dagnachew Shiferaw, director-general of the Institute. The leather industry has been struggling for the past couple of years, dealing with challenges ranging from the unavailability of quality hides and skins to the closure of export destinations due to COVID-19. Leather exports made up less than one percent of the country's export revenues last year. The Institute targets to ship 90 million dollars worth of leather goods abroad this year.


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...