Trade Ministry Shuts Businesses Down

Apr 25 , 2020


[ssba-buttons]

The Ministry of Trade & Industry has taken action against 25,068 businesses that have been allegedly selling goods and services at inflated prices during the Novel Coronavirus (COVID-19) pandemic. With the action, the Ministry closed 13,350 businesses and suspended and revoked the licenses of 404 and 890 business, respectively. The Ministry has also issued warnings to 10,000 businesses and has arrested 424 individuals. The Ministry is also working on availing different sanitary products like ethanol, sanitiser and soap and increasing the manufacturing capacity of the 43 soap and detergent factories in the country. To support the manufacturing sector, the Ministry is facilitating the provision of forex to select industries and is currently working to provide 100 million dollars to firms producing soap and detergent. The Ministry has been supplying 650,000ql of wheat, 615,000ql of sugar, 40 million litres of oil, and 399 million litres of fuel a month to combat shortages in the country.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...