Fifteen cement companies and seven steel businesses illegally raised prices on construction materials and have been shut down in Ethiopia. The 24,328 companies that authorities closed are now negotiating contracts, and the restrictions have been lifted.
The Ministry of Trade and Continuity of Ethiopia announced the shut down of 885 businesses for inappropriate price increases. They suspended the licenses of four institutions and revoked the licenses of another four. Additionally, authorities closed 26 businesses for hoarding products.
Earlier this week, the Ethiopian Ministry of Trade closed down 217 businesses for raising prices excessively, especially on building materials. They completely revoked the operating license of one business and shut down eight others for storing products, which led to three of those businesses losing their licenses.
Trade Minister Kasahun Gofe (Dr) shared that the 24,328 closed businesses are currently making contracts. Furthermore, 225 business owners who faced imprisonment for similar violations have been released after agreeing to comply with regulations. The monitoring efforts led to the closure of the 15 cement and seven steel companies that engaged in illegal price hikes.
Due to ongoing oversight, customs officials are now allowing vehicles that were previously held to enter Teqalew. The minister also stated that monitoring of essential products such as teff, wheat, rice, pasta, and macaroni will continue.
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Ethiopian GOV. must take serious measure on BOOKERS . They are the one who monitore prices of goods and service’s in Ethiopia.