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The Ethiopian Ministry of Finance and Development denied rumors about wheat scarcity on the local market. The Ministry said that it had distributed 8 million quintals contributing to the decline in the inflation of food items for the month of December.

Rumors that a shortage of wheat could translate into a scarcity of bread on the market in the next 2 weeks are unfounded said the Ministry.

There is currently 2 million quintals of wheat in stock and the government intends to supply a total of 4 million quintals to the market within  the first week of the coming February said Haji Mohammed, Head of Public Relations with MoFED. Add a comment Add a comment

The cereals market in Ethiopia has shown a degree of stabilization with a slight decline in the price of produce.

The price of cereals declined or remained constant due to a mehar harvest expected to be bumper in spite of an irregular rainy season. The harvest is expected to increase the supply of staple grains on the market with and lead to a further decline in prices later on this year according to a report issued by the United Nations Office for Co-ordination of Humanitarian Affairs. Add a comment Add a comment

The Ethiopian Metal and Engineering Corporation announced a profit of 181 million birr for the past financial year. The corporation registered a profit for the first time having recorded a loss of more than 381 million birr in its first year of operation.

METEC was able to register profit by addressing problems with the majority of the nine companies under its umbrella that had failed to perform in the previous financial year according to Kinfe Dagnew, General Manager of the corporation delivering an annual performance report to the House of Peoples Representatives.

The corporation’s revenue has shown a significant increase to 16.7 billion birr from a little over half a billion birr the previous budget year he noted. It plans to enhance its revenues to 28.4 billion birr in the current fiscal year although it has only managed to collect 4.5 billion birr as gross revenue in the first six months.

Total, Ethiopia, is to move its headquarter offices to a four storey building around the African Union Commission as its current location is in the way of the Addis Ababa City Light Railway under construction.

The railway project will demolish more than one half of the company’s headquarters close to the Gotera Interchange necessitating the move to building it had just rented said Jonathan Molapo, Chairman of Total Ethiopia.

The company is happy to pay this small sacrifice to support the increasing pace of development in the country as evidenced by the significant infrastructural development project including the railway said Molapo. Add a comment Add a comment