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Business

Tej thrives in the Ethiopian local market

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Would you be comfortable drinking local alcohol?
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tej bet
Mulumebet Gebeyehu was an accountant in a government office for 26 years, before eventually quitting to brew tej, honey meade, as a business, in a belated decision following a family party.

The party was to celebrate the graduation of her daughter, last August. She prepared and served various traditional foods and tej to her guests, some of whom were very excited about her brewing ability.

“You are wasting your potential and the opportunity that is waiting for you out there. You should change it in to money,” one of her guests had advised her.

She has made tej for home consumption for years; the business side of it hadn’t even crossed her mind until then. Apparently though, the time was right, and she was coaxed into it when she got an advance payment to supply for a wedding party.

“Things happened faster than I could imagine,” she said

Tej is brewed in traditional ways from honey and hop sticks (gesho), both for home consumption and commercial purposes. With alcohol content of six to 11pc, according to various studies, this honey brew accounts for the lion’s share of domestic honey consumption in Ethiopia.

Ethiopia produced 50,000tns of honey in 2011/12, according to the Central Statistical Agency (CSA), only 10.7pc of their 450,000tn potential. Additionally, exports, according to a recent study by USAID, were a minuscule 121tns and 531tns, to Norway and Sudan, respectively, in 2011. Norway started with just 40tns in 2009, reaching a new high of 200tns between January and July 2012.

World

Who is the richest person in Africa?

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Do you want to be excessively rich like Bill Gates?
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aliko dangote richest man in Africa
[Source: Wikipedia] Alhaji Aliko Dangote, MFR, GCON (born 10 April 1957, Kano, Nigeria) is a Nigerian self-made business magnate, with an estimated net worth of $16.1 billion USD as of March 2013. Based in Nigeria, he is the owner of the Dangote Group, which has interests in commodities with operations in his homeland and several other countries in Africa, including Benin, Cameroon, Ghana, South Africa and Zambia.
Dangote is ranked by Forbes Magazine as the 43rd richest person in the world and the richest man in Africa.
Watch his interview here
Economics

Over 110 bln birr project under implementation

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Is Ethiopia doing enough to attract investors?
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investment
Addis Ababa, May 16 (WIC) –Investors with over 110 billion birr combined capitals have begun implementing 260 projects in the first nine months of this Ethiopian budget year, according to the Ethiopian Investment Agency.

Agency Corporate Communication Directorate Director, Getahun Negash, told WIC recently that all the projects were licensed prior to this Ethiopian budget year.

The projects that are currently at construction, implementation and pre-implementation stages have so far created permanent and casual job opportunities for about 92,216 compatriots.

Though the number of projects that began implementation is less than that of the same period last budget year, the amount of capital increased by 87 billion birr, he said.

Similarly, some 166 projects with a registered capital of 5.2 billion birr have begun production between July 2012 and March 13, 2013, according to Getahun.

The investment projects have created permanent jobs for 5,139 citizens, he said.

The Ethiopian Investment Agency issued licenses to 611 investment projects worth 40.7 billion birr in the reported period. The projects are expected to create job opportunities for over 47,000 compatriots.
Source: Walta Information Center

Culture

AU’s 50th Anniversary to Promote New Ethiopian Image

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Would AU's 50th anniversary promote the new image of Ethiopia?
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OAU Summit
The 50th AU Anniversary is a great opportunity to sell new images of Ethiopia to guests and dignitaries who come to Addis Ababa to partake in the celebrations of the continental body. This occasion is a further opportunity to convince the guests to give visits to Ethiopia’s tourism attractions.This came at a press conference the Addis Ababa Private Travel and Tourism Associationheld on Thursday 9 may 2013.

The Association has made preparations to promote Ethiopian tourism attractions to lure guests to go to tourism destinations here. The tourism destinations are identified with presentations tailored for this purpose.

Ethiopia so far receives yearly around 500,000 thousand tourists from around the world. Now the intention is to increase the number of foreign tourists to over a million maximizing Addis Ababa’s unique position as the diplomatic center of the continent and the occasion for the 50th Anniversary of AU.

Source: ERTA

Business

Ayalew founder and CEO of Ayat Village gets 12 years for legal violations

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Does Ethiopia have competent lawyers to prevent legal violations related to business?
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Ayat
The Eighth Criminal Bench of the Federal High Court, Lideta Division, on May 22, passed a 12-year sentence against Ayalew Tessema founder and CEO of Ayat S.C. and a 90-million birr fine against the company.

Apart from that, construction machinery worth some 86 million birr was ordered to be confiscated.

It can be recalled that prosecutors of the Ethiopian Revenues and Customs Authority (ERCA) requested court to hand down a 3-billion-birr fine against Ayat S.C. and a 79-year jail term and a 2.7-million-birr fine Ayalew, who were found guilty of multiple counts of crime by the court on March 11.

According to the federal court’s decision, the share company has been fined 90,091,270 birr while Ayalew will pay 3,235,543.50 birr in fine.

In a submission on sentencing dated April 17, the prosecutors asked the court that the share company pay over 3 billion birr in fine for violating a raft of banking and monetary legislations, the Value Added Tax, Income Tax and Customs proclamations as well as the Criminal Code. Ayat was found guilty on 8 counts.

Source: Diretube.com

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