After a three-year run that generated more than US$3 million in income for coffee farmers, the Ethiopia Cup of Excellence (CoE) program has been suspended for 2023.
CoE sibling nonprofit the Alliance for Coffee Excellence (ACE) announced the program suspension, saying the group hopes to bring back the green coffee competition and auction program in the 2024 calendar year.
The Ethiopia Cup of Excellence program was initially made possible through a partnership between United States-based ACE and the Ethiopian Coffee and Tea Authority, with support from the United States government’s Feed the Future’s Value Chain Activity (FTFVCA), in concert with USAID.
According to ACE, the FTFVCA ended its scope of work with ACE/CoE in 2021, and the nonprofit began working directly with the Coffee and Tea Authority. ACE said the Coffee and Tea Authority ultimately made the decision to suspend operation of the event this year, due to, in ACE’s words, “numerous issues within Ethiopia to properly conduct all of our rigorous activities which are required for our program.”
“It is with great regret that we temporarily suspend 2023 CoE Ethiopia and re-assert our efforts towards a 2024 program,” ACE said, adding, “ACE and CoE have made every attempt to continue with the 2023 edition, but the situation in Ethiopia has forced us to suspend our operation.”
In its relatively short run, the Ethiopia Cup of Excellence program has resulted in some of the highest prices ever paid for green coffees at any global auction while garnering interest from high-end coffee buyers all over the world.
According to ACE’s own statistics, the Ethiopia event generated more than 5,000 coffee samples over the past three years, with numerous winners each year eclipsing the prestigious 90+ mark, according to scoring from ACE’s international juries.
Average per-pound prices in the Ethiopia CoE auction started exceptionally high in 2020 ($28.44 per pound), and continued to get higher in each subsequent year: $32.12 in 2021, and $37.51 in 2022. The top-scoring coffee at last year’s Ethiopia competition broke an all-time CoE price record at $400.50 per pound.

The biggest port operator in Djibouti, Doraleh Multipurpose Port (DMP) expanded its port activity with additional USD 7 million investments that will allow the port to hand additional vessels with huge cargo.
DMP, the modern port facility in the region stated that it has acquired adtional port equipment that would give additional power for its operation that it handles inside the port facility.
According to the information that Capital obtained from DMP, the purchase of these new materials is part of an ongoing investment program that aims to improve the performance in unloading and delivery.
This significant investment of more than 7 million USD will allow DMP to reach the level of requirements of its customers.
5 forklifts of 16 tonnage, 7 loaders, 2 excavators, 2 reach stacker, 6 tractors and trailers, and 2 Vigan type bagging machine with extension of fertilizer terminal conveyor are the equipment that the operator possess on its latest investment.
“Already accredited with good performance by Ethiopian Shipping and Logistics (ELS), which is the major customer, in 2022, DMP wanted to upgrade services in order to maintain its reputation and increase the esteem of its customers. For this, we thank the sustained effort of our teams on the ground that ensured their tasks despite the difficulties of the job,” DMP said on the statement it sent to Capital.
Roba Megersa, CEO of ESL, and other senior leaders of the Ethiopian logistics enterprise witnessed the arrival of new equipment during a ceremony held on February 23.
“DMP’s productivity is getting better every time, we are happy with the performance. We are coordinating everything from planning to execution of operations. We are proud that this Port is the hub of East Africa. You will not find anywhere else a more efficient and productive port like DMP,” Roba said.
“Today, we see that DMP is a hub for transshipment, and also for grain, fertilizer, general cargo and now containers. Each time, the added value increases and now with the purchase of this new equipment, we hope that customer satisfaction will be raised to an even higher level. We work hand in hand with DMP teams who are very cooperative,” the ESL CEO said whilst giving his recognition to the port and its leaders.
He promised that together, both are working hard for the development of the two sister countries and this effort will not only increase the productivity of the Port but also create jobs, which is very important for the respective governments.
Djama Ibrahim Darar, General Manager of PDSA/DMP, says, “As a multipurpose port and given the diversification of our activities, DMP is focused on reducing the waiting time of ships at the quay and at anchorage with the help of its new equipment.”
Ibrahim Darar said that with the addition of upcoming 2 more lines to the grain silo combined with the acquisition of 2 mobile Vigan type bagging machines and the extension of the conveyor system of the fertilizer silo, DMP will increase the bagging and delivery rate from the storage silos, “Our rate will be strengthened and will even allow us to handle 2 vessels simultaneously.”
“Given the increased regional competition, DMP must position itself as a regional leader and aim to capture an international clientele,” the General Manager said.
“This investment was made to align with the will and the global vision of development of the President of Djibouti, Ismael Omar Guelleh and to enable us to compete at the international level. This effort which is materializing today is the first step towards our launch to maintain a logistic hub,” he added.

Siinqee Bank, which not so long ago evolved to a financial firm from an established microfinance institution, attains massive success in its few months of operations as a bank.
The bank’s loan customer base is now at the summit of all private banks.
Siinqee which secured its banking license in April last year has been in operation for a little under three months in the 2021/22 financial year that closed June 30, 2022.
Nonetheless, in the stated short period, the bank, previously known as Oromia Credit and Saving SC, has registered significant successes.
As Neway Megersa, President of Siinqee cited, one of the key performance indicators of the success was the rise in the number of depositors which now is at over three million in the short timeframe of its evolution.

According to the annual report of Siinqee, the deposit mobilization of the bank has spiked by 68.5 percent to reach almost 10.3 billion birr. Similarly the loan and advances rose to 17.8 billion birr which is a boost of 28.7 percent.
In the reporter year, of the total deposit, the demand deposit shot up by 684.4 percent to reach 1.7 billion birr and similarly the saving deposit reached 8.4 billion birr with a 43.2 percent increment.
He reminded that the number of borrowers stood at over 748 thousand which remains unmatched by any of the private banks, “The rise of our bank’s ability to lend a huge amount of money to individuals as compared to the usual group based loan offer has launched our bank to the summit.”
From the total of over 17 billion birr in loans and advances, the agricultural sector has taken almost half that is unusual for the banking sector and was followed by trade which took over 29 percent.
During the reported financial year, the bank earned 2.78 billion birr which showed a 20 percent increase, while the interest income from loan and financing took the lion’s share to take 86 percent.
Similarly as a newly formed bank, the financial institution’s expense has surged by over 37 percent to stand at 2.4 billion birr.
Regarding asset, the bank has expanded to 20.5 billion birr with 28 percent growth while the paid up capital stood at 7.45 billion birr which was a 6.3 percent increase in the three month period of its evolution.
In the reported period, the bank has secured 371.6 million birr profit after tax which shows a reduction of 34 percent.
“The decline in profit was witnessed due to the huge investment the bank deployed to installing core banking technologies, undertaking rebranding, promotion and renovation, as well as restructuring the bank with salary increase and rise in total employment resulting in a total expense of 2.4 billion birr, which rose up by 37 percent,” the annual report explained.

Citing the annual report, Neway said that as a critical step for successful transition, reforming the bank’s institutional structure, organizing departments in a working algorithm, hiring professionals with banking experience, providing large scale staff trainings, expanding branches, installing networking technologies as well as rebranding the bank were the understandings that consumed much of the focus and commitment.
He added that the bank has finalized the testing and implementation process of Oracle FLEXCUBE version 14.5, a modern core banking system well known in the global banking industry.
Renamed Siinqee Bank after the cultural institution of Oromo women the bank was formed with a subscribed capital of 15 billion birr and seven billion birr in the fourth quarter of last financial year.
As of June 30 Siinqee has 404 branches, of that, 134 provide banking service while the rest are microfinance service outlets.