Brief: Ethiopia Reevaluating Ban in Private Palm Oil Imports
The Ethiopian government’s Ministry of Trade is reevaluating a ban on private palm oil importing companies that has been in place since May 2011, according to Addis Fortune. The ban was originally used as a follow-up to the government’s failed attempts to regulate the edible oils market with a price cap. At that time the country was importing 3 million liters of palm oil annually. Given the country’s free market policy the Ministry of Trade is considering reversing the ban and is expected to share results from its study with the Ministry of Finance and Economic Development and the Council of Ministers before a decision is made. Despite that pulses and oilseeds are the number two and three crops in Ethiopia; the nation depends heavily on Indonesia, Malaysia and Singapore for oil imports.