https://en.sputniknews.africa/20250101/macroeconomic-reforms-in-ethiopia-affect-significantly-on-reducing-illicit-trade-ministry-says-1069987628.html
Macroeconomic Reforms in Ethiopia Affect Significantly on Reducing Illicit Trade, Ministry Says
Macroeconomic Reforms in Ethiopia Affect Significantly on Reducing Illicit Trade, Ministry Says
Sputnik Africa
Illicit trade in Ethiopia is an acute problem for the country, costing the government revenue and undermining legal industries. It affects activity in sectors... 01.01.2025, Sputnik Africa
2025-01-01T16:36+0100
2025-01-01T16:36+0100
2025-01-01T16:36+0100
sub-saharan africa
economy
trade
ethiopia
east africa
minister
development
illegal activity
addis ababa
reforms
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The comprehensive macroeconomic reforms implemented by the Ethiopian government since July have significantly reduced illegal trade, Trade Minister Kasahun Gofe stated at the third National Anti-Illicit Trade Summit, currently underway in Addis Ababa.The minister emphasized the harmful effects of illicit trade on the economy and highlighted that tax evasion, hoarding, and other illegal activities have undermined Ethiopia’s trade system.Contraband trade drains public resources, the minister noted. However, Kasahun Gofe stressed that government policies have reduced illegal trade, leading to action against over 108,000 traders.Within five months of reforms, food inflation dropped from 29.2% to below 20%, and livestock exports rose from $18 million to $20 million. The minister also noted 15.5 billion birr worth of contraband was seized in 2016.
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economy, trade, ethiopia, east africa, minister, development, illegal activity, addis ababa, reforms
economy, trade, ethiopia, east africa, minister, development, illegal activity, addis ababa, reforms
Macroeconomic Reforms in Ethiopia Affect Significantly on Reducing Illicit Trade, Ministry Says
Ekaterina Shilova
Writer / Editor
Illicit trade in Ethiopia is an acute problem for the country, costing the government revenue and undermining legal industries. It affects activity in sectors such as livestock, textiles, and pharmaceuticals.
The comprehensive macroeconomic reforms implemented by the
Ethiopian government since July have significantly reduced illegal trade, Trade Minister Kasahun Gofe stated at the third National Anti-Illicit Trade Summit, currently underway in Addis Ababa.
The minister emphasized the harmful effects of illicit trade on the economy and highlighted that tax evasion, hoarding, and other illegal activities have undermined Ethiopia’s trade system.
Contraband
trade drains public resources, the minister noted. However, Kasahun Gofe stressed that government policies have reduced illegal trade, leading to action against over 108,000 traders.
Within five months of
reforms, food inflation dropped from 29.2% to below 20%, and livestock exports rose from $18 million to $20 million. The minister also noted 15.5 billion birr worth of contraband was seized in 2016.
