Ethiopian Business Review

The number of people currently under detention by court order since the Federal Ethics and Anti Corruption Commission began arresting senior government officials and private sector tycoons on May 10, 2013. The number had been 61 until two detainees were released on bail in the last week of June. Among these detainees is Melaku Fanta, former director general of the Ethiopian Revenue and Customs Authority, whose office has been taken over by Beker Shalle, the former mayor of Adama town. Melaku, who is believed to be behind the increasing tax revenues the nation was able to achieve in the last few years, is reported to have been sick after his detainment and has been under a series of medical treatments. The Authority’s other senior official under detainment is Gebrewahid Woldergiorgis, Melaku’s deputy and the head of the Authority’s intelligence arm. The list of detainees includes the Authority’s regional officials and other business people in the private sector. The hearing, which has almost taken 2 months before any verdict, is ongoing with more investigations going on in Addis Ababa and other regions.

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Africa’s economy remained strong to register a 5.0 pct growth in 2012. The region’s economic growth was reported to be promising as it came amidst slowing world economy. Africa’s economic growth has benefited from the improving political unrest in the northern region of the continent, elections were hold and normal business activities have begun to return in Egypt and Libya.

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Number of people who will be living in extreme poverty in Sub Saharan Africa by 2015, which will be 42.3 percent of the region’s total population. The number was 289.7 million in 1990, 56.5 pct of the population of the time, according to a Global Monitoring Report 2013, jointly produced by the World Bank and the International Monitory Fund. The East Asia and Pacific region has seen significant change in the last quarter of a century. More than 926.4 million of people lived in extreme poverty in 1990, 56.2 pct of the population of the region, where as there will only be 114.5 million people living in extreme poverty in 2015, 5.5% of the population, according to the report. This report, which is an annual report card on the world’s progress toward the Millennium Development Goals (MDGs), is the 10th edition and was presented at AAU on May 7, 2013.

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