2merkato

The Ethiopian Ministry of trade banned 16 coffee exporters from trading on the Ethiopian Commodity Exchange (ECX) this month. The exporters were banned for failing to have their stock audited by the ministry.  

The banned traders are said to include some known for high volumes of trade on the exchange according to MOT officials.

The Ministry of Trade sent a letter to the Ethiopian Commodity Exchange Authority prohibiting the traders from selling or buying on the trading floor for an unlimited length of time. The ban only prohibits trading in coffee and has no limits on other commodities. 

Ethiopia launched a green economic growth strategy estimated at 150 billion US dollars over 20 years. The program aims to develop Ethiopia into a middle income economy by 2025 without an increase in greenhouse gas emissions.

The strategy is the first of its kind to be implemented in Africa but could be duplicated in other countries said Dr. Ababa Haile-Gabriel, Director of the African Union, Rural Economy and Agriculture Department.

The city administration of Addis Ababa is going ahead with plans to build new water dams to meet the increasing water demands of the Ethiopian capital. The dams are expected to cost an estimated 8 billion birr.

The water reservoirs are expected to incorporate water treatment plants and supply 688,500 cubic meters of water a day increasing the water supply to Addis Ababa substantially.

Ethiopia signed a trade and economic cooperation agreement with China on Wednesday. The agreement was signed at the Ministry of Finance and Economic Development.

China will grant a 100 million US dollar loan and provide 65 automobiles and 25 buses to Ethiopia as part of the agreement.

The loan is expected to finance the Addis Ababa deep well water supply projects and the vehicles will be used as transportation for state guests said the MoFED.