Hundreds of Khat Exporters See Licenses Revoked

May 28 , 2022


[ssba-buttons]

Officials at the Ministry of Trade & Regional Integration have revoked the licenses of 830 khat exporters. They claim they took the measure following an assessment that uncovered illicit trading activity. Khat cultivation and distribution have increased rapidly despite official reluctance to promote marketing and consumption. Over the past decade, annual harvests increased three-fold, registering a little more than three million quintals last year. The cash crop has been one of the top-five revenue-generating export commodities since the early 2000s. Earnings from khat exports accounted for 11pc (402.5 million dollars) of the total 3.6 billion dollars generated last year, representing 24pc higher than khat export revenues recorded in the previous year Close to a quarter of khat produced last year was exported to major markets such as Djibouti and Somalia. Consumers in these countries bought 710,000qtl of khat last year, close to 80pc going to the latter. Last month, officials at the Trade Ministry doubled the price threshold for khat exports to Somalia to 10 dollars for a kilo.


Radar

EthSwitch Sees Record Profit, Expands Digital Payment Reach

EthSwitch, the national switch operator, reported a record 1.4 billion Br gross profit for the fiscal year ending June 2025, a 34pc increase from last year's 1.06 billion Br. The performance was driven by a sharp rise in interoperable transactions, reflecting the country's growing embrace of digital payments. Person-to-person (P2P) transfers led revenue generation with 902.6 million Br, nearly half of total income, followed by ATM transactions contributing 825.1 million Br. Overall revenue cl...


Radar

Lion Bank Delivers Robust Results, Rewarding Shareholders

Lion International Bank S.C. posted a profit before tax of 1.8 billion Br for the last fiscal year, marking a 94pc surge from the previous year. The announcement was made during the bank's General Assembly held last week at the Sheraton Addis Hotel. After provisions and taxes, the bank registered a net profit exceeding 900 million Br, with shareholders earning 27pc per share. Deposits climbed by 23pc to 44 billion Br, up from 35.6 billion Br, while total loans and advances reached 36.2 billio...


Radar

Berhan Bank Lifts Earnings as Reforms Ease Forex Strain

Berhan Bank reported a 28.1pc growth in its latest fiscal year, buoyed by economic reforms and relaxed forex directives. The Bank's total deposits climbed to 44.5 billion Br by June 30, 2025, up 7.6 billion Br from the previous year. Net profit distributed to shareholders rose by 36pc, while total income reached 10.3 billion Br, marking a 61.4pc increase. Interest income accounted for nearly 59pc of total earnings, driven largely by the repeal of the National Bank's 70pc forex surrender rule...