EHPEA honored with Gold Level Award for horticultural excellence

ETHIOPIA – The Ethiopian Horticulture Producer Exporters Association (EHPEA) has been honored with the Gold Level Industrial Higher Honor Award, recognizing its outstanding contributions to the country’s horticulture industry.

This accolade, presented by His Excellency Dr. Mulatu Teshome and His Excellency Dr. Girma Amente, Minister of Agriculture, highlights EHPEA’s exceptional performance in innovation, branding, and corporate social responsibility.

“Receiving this award underscores our dedication to advancing Ethiopia’s horticulture industry,” said an EHPEA representative. “We are committed to growing our sector and boosting Ethiopia’s global standing.”

The award acknowledges EHPEA’s successful efforts in elevating Ethiopia’s position in the global horticulture market.

The association’s work is making a significant impact on the national economy and demonstrating the strength of Ethiopia’s horticultural sector.

Forex market faces major reform

In a separate development, Ethiopia is set to liberalize its foreign exchange market starting July 29, 2024. This landmark policy shift will allow market forces to determine the exchange rate of the Birr for the first time in over fifty years.

The change aims to address longstanding economic issues, including foreign exchange distortions and macroeconomic imbalances.

Prime Minister Abiy Ahmed (PhD) stated, “This liberalization will enhance the competitiveness of our financial sector and create a more resilient economic environment.”

The reforms are expected to help control inflation, improve public investment efficiency, and strengthen the banking industry.

The Central Bank of Ethiopia has issued new directives to guide banks through this transition. The goal is to reduce the current disparity between the official and parallel market exchange rates, which stands at 58.6 Birr (USD 0.73) per Dollar versus over 115 (USD 1.43) Birr.

Governor Mamo Mehirtu emphasized the need for the financial sector to adapt swiftly to the new system. “We will continuously review and evaluate the impact of these reforms,” he said.

To support vulnerable groups during this period, Prime Minister Abiy has pledged to introduce social safety nets and wage subsidies for low-income public sector workers.

These measures are part of a broader strategy to ensure a smooth transition and mitigate potential short-term challenges.