Ethiopian Business Portal

Ethiopian Miners Sell $109.5 Million Worth of Gold to National Bank

Artisan miners sold 109.5 million US dollars worth of gold to the National bank. The 2,064 Kg of gold sold by the miners was 52% more than the 1,357 kg the central bank expected to collect the first quarter.

Artisan miners increased production because of increases in the international market and the National Bank’s offer of 5% on the price, according to Tamrat Mojo, head of traditional mines, manufacturing & transactions department at the MoM.

Ethiopian Ministries Requests Major Businesses to Use Desired Mode of Transport

The Ethiopian Ministries of Industry and Transport requested that the Ethiopian Shipping and Logistics Enterprise and the National Bank allow 164 businesses to use desired mode of transport following challenges faced in the newly established multimodal transportation system according to sources.

The Ministry of Transport requested the National Bank of Ethiopia to exempt significant industries from the application of the multimodal system and to allow them to choose their own alternative transport according to a letter sent to the bank by Diriba Kuma, Minister of Transport.

The ministry of industry sent a similar correspondence to the CEO of the ELSE, Ahmed Tusa requesting 13 manufacturing industries to be exempt from the system.

Ethiopian Ministry Assesses Water Sanitation and Hygiene

The Ethiopian Ministry of Water and Energy concluded a 2.4 million birr project to assess the Water Sanitation and Hygiene of Addis Ababa on the 1st of December as part of a national effort.

It is expected that the information gathered will play a crucial role in helping Ethiopia provide 100% water supply coverage.

The assessment included water supply for households, sanitary facilities, and the financial ability of households to pay the water rates. The inventory was carried out by data collectors trained from each area.

Ethiopian Ministry Bans 16 Coffee Exporters

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.