Page 2 - Print Version Volume 22 - Number 1126
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Page 2                                                                                Editorial                       Fortune Agenda                          Opinion

                                Content Matters  "Against my will, I have witnessed the most terrible defeat of reason It was an interesting piece of news last week to learn that, following
     Established in May 2000.                    and the most savage triumph of brutality in the chronicle of time. talks between the military and civilian leaders, Sudan’s Prime
                                                 Never - and I say so not with pride but with shame - has a generation Minister would be reinstated. It is the result of a political deal
  Volume 22, Number 1126                         fallen from such intellectual heights as ours to such moral depths." between the different forces contending for power. This could mean
Sunday, November 28, 2021                        Stefan Zweig, The World of Yesterday. There were discoveries that one more disaster is avoided in a region that has a flood of
                                                 in the scientific or social science frontiers that have altered problems. The Horn of Africa is a peculiar part of the world. With
 Fortune is a weekly business newspaper          the course of human history. But nothing does so with as much the exception of Djibouti, every country that is a part of the region
published and distributed by Independent         finality and whiplash as war. There is a reason that human history is undergoing some sort of crisis. From civil war in Ethiopia that
 News & Media Plc. Fortune is a registered       is told in chapters of wars. It upends the way people live and their has dragged in Eritrea to state failure in Somalia, trouble is on the
                                                 relationship with authority and nation.                                           rise in this region.
   newspaper with the Ministry of Trade                                                                               PPaaggee x31x04
     and Industry under Licence Number
                                                 Sunday Markets Offer Consumers
  667/98. Independent News & Media Plc           Respite from Soaring Prices
 is registered by the Ministry of Trade and
                                                      City officials seem to be taking a break from heavy-handed policies to fight galloping
    Industry under Registration Number           inflation in Addis Abeba, organising Sunday markets where residents shop at markedly lower
              020/2/2349/97.                     prices. The initiative seems to be a success, but continuity and reliable supplies remain issues

            Managing Editor                         to address to stabilise markets, reports SAMUEL BOGALE, FORTUNE STAFF WRITER.
              Tamrat G. Giorgis                 Consumers and traders have                                                                                                                                                    Photo by: Sawrawork Tafari
                                                 congregated in designated areas of
              Editor-in-chief                    Addis Abeba for a Sunday market              The staple grain teff is among the commodities being sold at relatively lower prices during the Addis Abeba
               Samson Hailu                      that many have come to depend             Trade Bureau's Sunday markets. A kilo of white-and-brown mixed teff was going for 44 Br, around six Birr less               on for affordability. Last Sunday,
            House Number 1948                    hundreds of shoppers, around a                                                                                                                        than the retail price.
                 Wereda, 09                      dozen cooperatives, and a handful
                                                 of traders crowded the sidewalks of       have been a respite for the residents the extensive involvement of brokers tremendously, listing over 1,400
         Deputy Editor-in-chief                  Ras Abebe Aregay Street near Mexico
              Christian Tesfaye                  Square, one of five locations where       of a city where living costs have and intermediaries are among the shareholders, 117 staff, a mill house,
                                                 the market goes on every week.            become unruly. Headline inflation most visible. These are the issues the and a string of retail shops in the           A resident of Lideta area, Meseret        reached 34.2pc last month and nearly Trade Bureau tried to address when Kolfe Qeranyo District. It has supplied
                                                 Adugna, 59, brought her young             35pc the month before, reported the it rolled out the Sunday markets last goods to the open market since it was
               Copy Editor                       daughter along to shop for groceries.                                                                                      launched a month ago, each time
                Kidus Dawit                      She waited for a vendor working           Ethiopian Statistical Service (ESS),    month. Though not flawless, it has       selling an average of 20qtl of onion,
                 with Beza Cooperative to weigh the        a federal agency that measures a        primarily been seen as a success.        making the vegetable its most-traded
                                                 five kilogrammes of potato she was        consumer prices index.                                                           commodity. The first week, a kilo
            Assignment Editor                    buying. A look of satisfaction abounds                                            Onions, for example, were on sale for    went for 16.5 Br. It went up to 23 Br
                 Hawi Dadhi                      her face; Meseret was getting a good      The index calculates the cost to buy    less than 20 Br a kilo at the market     beginning last week, still significantly
                                                 deal. The potatoes were going for 10      a basket of goods to determine how      on Ras Abebe Aregay Street when          less than prices elsewhere.               Br a kilo, nearly half what she would     much inflation occurs in the broad      Meseret was visiting it. Two months
                                                 have spent at one of the shops in her     economy using data from a base year.    ago, retailers in the capital were       Muzemil Temam, a board chairperson
             Senior Reporter                     neighbourhood in the Lideta District.     Food is only one item measured in       selling a kilo for 60 Br due to supply   of Beza Cooperative, attributes the
               Samuel Bogale                     In her right hand, she held a bag         the index.                              shortages. Though these retailers        price increase to supply crunches.
                                                 with packs of spaghetti, which cost                                               now sell a kilo for around 30 Br,              20pc less at the Sunday market than       Food inflation, registered at 40.7pc    Meseret and consumers prefer to          “We saw a large volume of onion
                                                 elsewhere in the city.                    in October this year, was the highest   do their shopping on Sunday Market       transported a little over a month
                 Reporter                        "It's delightful even to see all these    in over a decade, painting a bleak      managed by cooperatives like Beza,       ago from Meqi (in Oromia Regional
              Bersabeh Gebre                     commodities here," she said.              picture for low- and fixed-income       paying a lot less.                       State) after a visit by the Prime
                                                 Organised by the Addis Abeba              families like Meseret, who is a                                                  Minister,” said Muzemil. “But that              Trade Bureau, with the Addis Abeba        housewife supported by her two          Beza Cooperative was established         hasn't continued.”
                                                 Cooperative Agency, the Sunday            children. A multitude of factors drive  eight years ago by 250 shareholders
              Photographer                       market is dominated mainly by
              Sawrawork Tafari                   consumer cooperatives.                    food prices, but a lack of market who each contributed 180 Br in Another commodity that was flying                Beza is one of 23 cooperatives in the
                                                 Kolfe Qeraniyo District overseen by       information, inconsistent supply, and equity. The cooperative has grown off the shelves so quick was teff, a
                 Columnist                       a union. There are 148 cooperatives
                 Eden Sahle                      in the capital, each organised under a                  union. The 10 districts in the city, bar
                Cartoonist                       the recently-established Lemi Kura
              Henok Demessie                     District, has their union overseeing                  the cooperatives like Beza.
                                                 The City Administration has disbursed
            Creative Director                    half a billion Birr in loans to these
              Ashenafi Chekol                    unions to facilitate the Sunday
                                                 markets. The unions supply consumer             cooperatives with commodities to sell
                                                 at discount rates. The weekly markets
            Graphic Designer
              Yeabkal Zerihun                    The Independent News &                 Finance                       Insurance                    VIEWPOINT                          View from arada
                                                 Media Plc has hired an in-house                                      The executives of Bunna In the aftermath of                Ombudsperson, a.k.a Public           Financial institutions          Insurance S.C. are basking World War II, the victors         A ground breaking
                                                 Editor. The responsibilities of the  are scrambling to get a         in the instant success of established a set of               practice in its early
        Exclusive Advertising Agent              Public Editor is to ensure that      hold of account holders'                                     institutions that have          days, ”tooth jumping”
                                                 editorial staff members of Fortune   personal information in         a life policy as the firm    underpinned the world           was once a common
    Commercial Information Agency Plc            comply, always, with the highest     the wake of a directive                                      order ever since. While         toothache remedy. It was                 standards of fairness, accuracy,     from the National               recorded 8.5 million Br      those institutions have often   the extraction of a tooth
                    and objectivity in our coverage.     Bank of Ethiopia (NBE)          in gross premiums in the     been contested, they have       by holding a chisel at
           Tel: 251-11-416-3020                  All journalists working for Fortune  requiring them to               two months since it began    proved to be highly resilient.  an angle against it and
                0930012385                       and Addis Fortune must follow our    compile data before the         offering the insurance       But this does not mean they     striking it with a hammer
                                                 Code of Ethics, while serving you,   deadline comes to pass          product. The figure is       are invulnerable. On the        for the tooth to jump
   Fax: 251-11-416-3039 PO Box: 259,             our readers and virtual community,   in February next year.          nearly three times what the  contrary, their effectiveness   out. In contrast, entirely
                 Code 1110                       to stay informed and engaged.        The directive, issued           company's management                                         without meaning, first
                                                 Your insights, thoughts and          last August, commits                                                                         mentioned centuries ago
 Addis Abeba, Ethiopia Sierra Leone Street       feedbacks as well as complaints      commercial banks,               had forecast for the entire may be gradually eroded          and intended to suggest
  (Debre Zeit Road) Next to Global Hotel,        are indispensable to hold us to the  microfinance institutions.      fiscal year and far outstrips – especially when they are     infinity.
  Kirkos District, Kebele 03 House No. 542       promise we made in being ethical.                                    previous industry records. used as geopolitical pawns.
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