2merkato

The Southern Regional State of Ethiopia (SNNP) has launched concerted efforts to develop the apiculture sector. The region has set target production for the budget year at 21 thousand tons of honey and 6 tons of wax.

The environment in the Southern region is favorable to apiculture due to the abundance of tree, flower and water resources as well as the climate note Ergete Weldesemayat, Expert of Animal Husbandry.

The regional state is supplying modern beehives manufactured in rural technological centers and by scale manufacturing enterprises to help attain the desired levels of production explained Ergete.

The Ethiopian economy is expected to sustain an 11% growth in the current fiscal year according to Prime Minister Hailemariam Desalegn speaking to the Parliament yesterday.

The economy has grown at an average rate of 11% in the last few years and the government expects to maintain the growth rate in the current financial year said Hailemariam.

It is to be remembered that the International Monetary Fund revised its forecast of the growth rate of the Ethiopian economy from 5.5% to 7% last June. The IMF raised its growth forecast due to the slowing rates of inflation.

The inflation rate in Ethiopia has declined from 40% to 19% as a result of measures taken by the government to stabilize the market said Prime Minister Hailemariam addressing the House of Representatives yesterday.

The government has subsidized the export of staple food products such as wheat and food oil and has overseen the equitable distribution to stabilize the inflationary pressures.

The government will continue to take steps to stabilize the inflation rates even further to reach single digits by the end of the financial year said Hailemariam. The anticipated bumper agricultural harvest project this fiscal year will also contribute towards overcoming price hikes he added.

UK consultants, Adam Smith International Ltd is to study Ethiopia’s potential to raise revenue from tax under contract to the Ethiopian Revenues and Custom’s Authority. The Consultant will conduct the study for 10.7 million birr according to the contract signed between the two parties last week.

ERCA’s interest to engage a company to evaluate the potential tax revenue in the current economy initially attracted 16 companies. The  final shortlist consisted of six companies: included McKinsey & Co, KPMG of Netherlands, DFC &VNG partners, the local office of Ernst & Young, the India office of Deloitte Touche Tohmatsu Ltd as well as Adam Smith.

Three companies, Deloite, Mckinsey and Adam Smith passed the technical evaluations and Adam Smith was awarded the contract because its 10.7 million birr proposal was significantly lower than the 26.5 million birr offered by Deloite and the 38 million birr offered by Mckinsey.