The Ethiopian Ministry of Trade is actively addressing the issues of businesses overcharging and storing goods. Dr. Kasahun Gofe, the Minister of Trade and Continuous Relations, reported that many businesses have faced consequences for their unethical actions.
Today, 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.
On a positive note, many businesses that had been closed for breaking the law are now back in operation. A total of 27,078 businesses have reopened. The minister also mentioned that 122 out of the 430 businessmen who were arrested have been released after accepting and a desire to correct their mistakes.
Overall, the government’s efforts to monitor and enforce regulations have helped stabilize prices for essential items like cooking oil, flour, and sugar. Dr. Gofe assured the public that these initiatives will continue to protect consumers from unfair practices and ensure a well-functioning market.
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Over 990 Businesses in Ethiopia Penalized for Raising Prices
It’s good
Please needs continuous market follow up on basic construction inputs such as Cement, Iron bar, electric Cables, and etc. Government should take serious measures on those carrying unethical business practices.
The government it self is hiking price on its service, but trying to disrupt the private market.
“Double standards”
There is no reason for businesses to raise prices. Gov should continue monitoring and taking appropriate action
You or “EMOT” should lock them the business owners who hike up the commodity by abusing consumers for awhile even the Addis Ababa policy administration should go aggressively by going door to door should to arrest the business owners who play with the Ethiopian economy by going after left and right who neglecting consumers or send the business owners who hiked the price to hard labor prison or locked them up for life that is the only way to cool off the Ethiopian’s financial institution or the economy.
Dear Minister, It’s a promising measure that at least curb the price inflation of basic and necessity imported items. Your fundamental and strategic aim should focus on importers imported good and the distribution of the items as per the importation documents tracing up to end users including their warehouses inventory. This mechanism helps the government to collect tax revenues on its actual bases.