By Eyasu Zekarias

Siket Bank has announced that it disbursed loans totaling more than 9 billion birr during the last financial year, with business and services sectors accounting for 72% of this amount. The bank, which recently transitioned from a microfinance institution to a full-fledged banking entity, also reported that continuous manufacturing contributed 12%, construction 9%, and agriculture 6% to its loan portfolio.

In addition to its lending activities, Siket Bank revealed that total deposits for the 2023/24 financial year reached 4.9 billion birr, reflecting a remarkable 36% increase compared to the previous year. The bank’s Board of Directors reported a net profit of 1.54 billion birr, marking a significant growth of 50% from the prior fiscal year.

As of June 30, 2024, Siket Bank’s total assets amounted to 15.9 billion birr, an increase of 3.7 billion birr or 30% from the previous year. Despite facing challenges such as global socio-economic slowdowns and inflationary pressures, the bank has managed to achieve impressive results in its financial performance.

The report indicated that Siket Bank’s total expenditure for the current fiscal year was 828.5 million birr, which represents a 28% increase compared to the same period last year. This rise in costs is attributed primarily to increased interest payments linked to the growth in deposits and various expenses related to the bank’s transition process.

During the fiscal year, Siket Bank successfully implemented core banking systems that connected all branches, including its headquarters. This technological advancement marks a significant milestone in enhancing the bank’s operations and improving customer service.

By our staff reporter

The Access to Medicine Foundation has released its 2024 Access to Medicine Index, highlighting both advancements and ongoing challenges in improving access to essential healthcare products for low- and middle-income countries (LMICs). The ninth iteration of the Index finds that while some pharmaceutical companies are making strides in expanding access, significant gaps remain, particularly for the most vulnerable populations.

Despite modest progress, the report emphasizes that many essential medicines and healthcare products are still out of reach for billions living in LMICs. Jayasree K. Iyer, CEO of the Access to Medicine Foundation, noted that the pharmaceutical industry’s efforts have not kept pace with the growing healthcare needs in these regions. “Until more is done, many lifesaving treatments will remain inaccessible,” she stated.

The Index evaluates 20 leading pharmaceutical companies based on their performance across three key areas: Governance of Access, Research & Development (R&D), and Product Delivery. Notably, Novartis has emerged as the top performer for the first time, closely followed by GSK. Both companies have demonstrated strong commitments to improving access to medicines, yet the overall performance of the industry has stagnated since the previous Index.

Key findings from the report indicate that while companies are taking steps to address access issues in low-income countries, many patients remain excluded from clinical trials, limiting their access to new treatments. Furthermore, efforts to enhance local availability of medicines through voluntary licensing and technology transfers have been inadequate.

The report also highlights a concerning trend: a decrease in priority R&D projects aimed at diseases that disproportionately affect LMICs. The number of projects in the pipeline has dropped significantly, raising concerns about the industry’s commitment to addressing critical health challenges such as malaria and tuberculosis.

The Index underscores the urgent need for pharmaceutical companies to recommit to equitable access strategies. Recommendations include increasing transparency in reporting patient reach and expanding research efforts to include more diverse populations in clinical trials. The report calls for a renewed focus on scaling up global availability of key essential medicines through innovative licensing agreements and technology transfers.

As global health inequities persist, the Access to Medicine Index serves as a crucial tool for tracking progress and identifying areas where immediate action is needed. By holding pharmaceutical companies accountable for their commitments to access and affordability, stakeholders hope to foster a more equitable healthcare landscape that ensures all individuals can receive the treatments they need.

By our staff reporter

A groundbreaking report titled the Basic Index of State Commitment to the African Union (BASIC Index) has been launched, assessing the dedication of AU member states to their regional body. This inaugural edition evaluates member states across five key indicators: ratification of AU treaties, timely financial contributions to the AU’s regular budget, hosting of AU bodies, participation in AU summits, and visa openness.

Developed by Integrate Africa Advisory Services and Africa First Advisory, the BASIC Index aims to provide a transparent and data-driven assessment of each member state’s engagement with the AU. The report highlights significant variations in commitment levels among countries, with Ethiopia, Kenya, Rwanda, The Gambia, and Tanzania ranking highest due to their strong performance across multiple indicators.

In contrast, countries such as the Central African Republic, Guinea, and Somalia rank among the lowest, reflecting challenges in fulfilling their obligations. The index encourages self-assessment among member states, providing insights into areas for improvement while recognizing notable contributions.

The BASIC Index is particularly timely as the AU seeks to address pressing continental challenges. By evaluating member states’ commitments, the index aims to foster a culture of accountability and cooperation that enhances the AU’s impact on regional integration and development.

The findings from this report serve as a valuable resource for decision-makers within the AU and beyond, highlighting both achievements and gaps in commitment. As the AU continues to navigate complex issues facing the continent, the BASIC Index stands as a crucial tool for promoting deeper collaboration among member states and advancing collective goals for a united Africa.

By Eyasu Zekarias

The Millers for Nutrition Initiative has officially launched its operations in Ethiopia, partnering with the charity TechnoServe to tackle the pressing issue of malnutrition in the country. This collaboration marks a significant step forward in the ongoing fight against malnutrition, bringing together key players from both the private and public sectors to improve the health of millions of Ethiopians.

Ethiopia has been proactive in addressing malnutrition through legislative measures. On August 31, 2024, the Ministry of Industry introduced a mandatory national food fortification program, a pivotal development in the country’s nutrition policy. This program mandates the fortification of essential foods, including cooking oil, wheat flour, and salt, for both locally produced and imported products. Notably, Ethiopia has already achieved impressive results with mandatory salt iodization since 2011, reaching 97% population coverage.

The newly launched initiative aims to further reduce malnutrition by enriching wheat flour producers and edible oil factories with essential vitamins. Eyakem Amsalu, the program manager for Ethiopia at Millers for Nutrition, highlighted the organization’s accomplishments over the past year, stating that they have provided technical assistance to 140 factories and training for an additional 40 factories.

The economic implications of malnutrition are significant; Ethiopia reportedly spends approximately 16.5% of its annual GDP on addressing malnutrition-related issues. The Millers for Nutrition Initiative aims to mitigate these costs by enhancing everyday food ingredients with vital nutrients.

Millers for Nutrition operates in eight countries across Africa and Asia, including Bangladesh, India, Indonesia, Kenya, Nigeria, Pakistan, Tanzania, and now Ethiopia. This extensive network underscores the initiative’s commitment to improving nutritional standards globally.