Commission Lauds Averting Near Billion Birr Worth Corruption Cases

Dec 2 , 2023


[ssba-buttons]

Officials at the Federal Ethics & Anti-corruption Commission laud preventing a staggering 812 million Br possible losses, during the first quarter report to parliament last week. Commissioner Samuel Urkato revealed that nearly 1.9 million square metres of land was seized as it made its way into passing ownership through a chain of corruption. Despite the purported success of the Commission, low salary scales had resulted in around a quarter of its employees fleeing to better alternatives. Members of the Legal Justice & Democracy Affairs Standing Committee chaired by Ewnetu Alene enquired about the lack of cooperation schemes with other institutions like the Human Rights Commission and the Ombudsman Office. The Commission has a budget of 66 million Br for the year. Senior officials pointed to the lack of a sufficient budget for proper training and capacity-building programs. The report indicates that 25 million Br of the budget is earmarked for salary payments, with the rest of the budget dispersed for all other services by the Commission.


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...


Radar

Export Recovery Gains Ground, Industry Still Lags Potential

The Ministry of Industry (MoI) has reported a modest rebound in Ethiopia's manufacturing exports, with revenues climbing eight percent in the 2025 fiscal year to reach 318 million dollars. Minister Melaku Alebel attributed the growth to a gradual sectoral recovery but acknowledged the figures remain well below the country's industrial potential. Speaking at a forum held with 60 top-performing manufacturers, Melaku said the ministry is working to unlock bottlenecks and improve coordination. Th...