The recent gathering by the leadership - and the rank and file - of the Prosperity Party (PP) in Adama (Nazareth) could be considered an event of a notable stitch. The setting, known for its warm ambience, played the usual and expected host to an int...
The average debt ratio in sub-Saharan Africa has almost doubled in just a decade - from 30pc of the GDP at the end of 2013 to nearly 60pc by the end of last year. Repaying this debt has also become much costlier. The region's ratio of interest payments to revenue, a key metric to assess debt servicing capacity and predict the risk of a fiscal crisis, has more than doubled since the early 2010s; it is now close to four times the ratio in advanced economies. The International Monetary Fund (IMF...
Ethiopia's contemporary political leaders and the policy wonks under their command have been in an unfortunate spotlight. Two weeks ago, Moody's, the global credit-rating agency, downgraded its foreign currency rating for Ethiopia from 'Caa2' to 'Caa...
The Ethiopian economic narrative oscillates between pockets of resilience and significant challenges. While sectors like services comprising 38pc of the economy and agriculture, nearly 40pc, demonstrated adaptability and moderate growth, underlying v...
The Ethiopian Ministry of Trade and Regional Integration announced a revision on prices for fuel, starting from August 29, 2023. The Ministry cited the global surge in fuel prices as the main reason for the fuel price increment. The fuel prices remained unchanged since June, 2023.
Predictability is the beating heart of any thriving economy, a quality that could be taken for granted in established markets. It is a scarce commodity in regions where legal volatility, political instability, and societal fragmentation reign. Wit...
The commercial banking industry finds itself ensnared in a contentious tax dispute, rooted in a recent ruling by the Federal Supreme Court in favour of the government. This has left the country's bank...
In the colourful and vibrant Quality-Aqaqi District, a peculiar incident transpired recently. The notable Sheger Bread Factory, designed to provide millions of its fresh bread to Addis Abebans, abruptly ceased operations. A seemingly trivial event, y...
In his inauguration speech in May, Nigerian President Bola Tinubu announced the end of the country's decades-old fuel subsidy. This is not the first time Nigeria has attempted to abandon the policy, which has had disastrous consequences for the economy and the climate. What is new is the quiescence of ordinary citizens. After declaring plans for a nationwide strike, the Nigeria Labour Congress backed down, and no other large protests erupted. It was an unusual response, to say the least, give...
Mamo Mihretu, Central Bank Governor, admits citizens face a rising cost of living crisis, saying "inflation has risen sharply" for essentials like fuel, food and fertilizer. Bringing down prices will be the bank's top priority.
While not opposing Ethiopia's economic reforms, PACCI Executive Director Kebour Ghenna believes the country's privatization push lacks strategic focus, implementation of economic changes has been limited, and Ethiopia lacks the productive capacity to leverage the benefits of the African Continental Free Trade Agreement.
Ethiopia's nascent stock exchange aims to launch in 2024 but faces obstacles in listing companies, and overcoming technology and policy hurdles in its struggle to transform Ethiopia's underdeveloped capital markets.
In the rugged highlands of Ethiopia, vivid discontent is underway. Long associated with poverty and famine, it is a country set to transform the agricultural sector into a modern, efficient powerhouse. It is a Herculean task: agriculture makes up a colossal 38pc of the GDP, providing livelihoods for 64pc of its workforce. Ethiopia's agricultural sector, the leviathan, is being tamed by an ambitious economic reform agenda. The federal government has slashed duties on imported agricultural mach...
I get to have the whole kitchen to myself on Saturday mornings which dictates making breakfast with coffee to the background of Jazz music. I usually make omelettes with a generous side...
A deal under which British company IrisGuard will provide Ethiopian payment gateway Arifpay with biometric recognition services shows that the Ethiopian market is becoming increasingly attractive to foreign...
Ethiopia plans to open up the country’s banking sector to foreign competition. What will this mean for companies and citizens?
Fortune: What principles and guidelines does the Paris Club follow when dealing with debt relief for long-term and debt-burdened developing countries like Ethiopia? William Roos: It is an informal group of official creditors of rich countries from OECD and...
There has been much handwringing about the retreat of democracy and the rise of authoritarianism in recent years – and for good reason. From Hungarian Prime Minister Viktor Orban to former Brazilian President Jair Bolsonaro and former US President Donald Trump, we have a growing list of authoritarians and would-be autocrats who channel a curious form of right-wing populism. Though they promise to protect ordinary citizens and preserve longstanding national values, they pursue policies that...
The Addis Abeba city authorities have ambitious plans for a sprawling new Special Economic Zone (SEZ) planned in the Gotera area of the Nifas Silk Laphto District. The project, dubbed “Addis Tomorro...
With so many moving pieces, and under such unconventional conditions, navigating today's global economic landscape would be challenging for anyone. But even if we cannot anticipate every contingency, we can understand quite a lot by assessing the US Federal Reserve's prospects for engineering a soft economic landing in the near term. The global economy this year is full of puzzling surprises. Japan's GDP growth is surpassing that of China, and July retail sales in the United States were doubl...
The European Investment Bank (EIB) has agreed to provide €79 million for water projects in Djibouti - the largest loan ever provided by the EIB in the country's history, officials said. The 25-year loan will help double desalination capacity, expand wastewater treatment and integrate renewable energy, potentially securing access to clean water for 555,000 people. "The European Investment Bank's new support for water security represents a significant milestone in enabling Djibouti to adapt to a changing climate," Finance Minister Ilyas Moussa Dawaleh said. Thomas Östros, Vice President...
Sara Markos was one of the Ethiopian migrants who had gone to Lebanon with hopes of changing her life. She had toiled for 13 years until her palms formed a rough callous texture from washing too many dishes to the point that most digital scanners...
Ethiopia's youth finds itself caught between a rock and a hard place with rapidly narrowing prospects in the formal education route and a policy that fails to accommodate entrepreneurial ambitions. The 24-year-old Jebril Kedir is not sure what com...
Following backlash from the Office of the Prime Minister, the Ministry of Labor and Skills has launched a national assessment before deciding on a minimum wage. The assessment will take three to four months to complete. While the Labor Proclamation mandated setting a minimum wage, the government has hesitated due to the country's economic crisis. The 2019 Labor Proclamation stated that a Wage Board shall be established through the Council of Ministers regulation. The Wage Board would then periodically revise the minimum wage. But four years have...
Fortune: How has the labour movement evolved through its tumultuous half-a-century history? Kassahun Follo: The beginning of the worker's union was completely different from its current state. During the formative stages of the movement almost sixty years a...
... Ethiopian entrepreneur and investor, is at the forefront of the combat against climate change and the promotion of sustainable development in Africa. He leads a dedicated team that invests in innovative ...
The Ministry of Mines has announced that the earnings from exported minerals totaled USD 226.8 million in the 2022/23 fiscal year. The Ministry also reviewed its performance during the year, highlighting that a total of Birr 896.8 million was granted to both domestic and foreign developers engaged in mineral exploration, production, and processing.
The Ethiopian Investment Commission (EIC) announced that the country received USD 3.4 billion in foreign direct investment (FDI) by registering 269 investment projects in 2022/23. This is a significant increase from the previous year, when FDI inflows totaled USD 2.3 billion. The registered projects were in a variety of sectors, including agriculture, manufacturing, mining, and information technology.
The prolonged foreign currency retention rule the National Bank of Ethiopia (NBE) put in place a year and a half ago crippled chemical input...
Erget Tareke is one of the 4,000 residents of the Bole Bulbula condominium that penned a letter to the Addis Abeba Revenues Bureau pleading for postponement of...
Africa is the most expensive region to send money, but these companies are making it faster, cheaper, and easier.
The exponential growth of international capital flows, predominantly in the form of debt, has been one of the great development successes of the past 50 years. But while foreign lending has played a pivotal role in developing economies, loans are a two-edged sword. When used judiciously, they can generate high returns, boost GDP growth, and improve the well-being of borrower countries. But if debts accumulate and the debt-servicing burden increases without a commensurate increase in repayment...
In an audacious bid to attract investment to a country experiencing diminishing forex inflows, the National Bank of Ethiopia (NBE) allows investors to bank with a financial institution different from...
An innovative long-term loan by the UK's BII and the Netherlands' FMO will allow Dashen, a progressive Ethiopian bank, to expand lending to exporters and boost their earning...
In the tempestuous seas of global finance, the Ethiopian banking sector seems to be sailing in an unusual boat. Decisions taken by policymakers, bereft of a comprehensive ideological compass, are becoming increasingly self-defeating. A case in poi...
Ethiopia got over 100bn USD in foreign grants and loans over the last 32 years but now has practically nothing to show for it except 20 million Ethiopians in need of emergency food aid ,5 million internally displaced persons,22bn USD frittered away on wanton civil wars, nearly 29bn outstanding external debt, hyperinflation, a 60 percent …
The Addis Ababa City Administration has approved a record high 140.2 billion birr budget for the fiscal year starting July 8, 2023 - an increase of 40.2 percent from the current year's budget. "The city's budget is expanding so fast. It was not more than 30 billion birr in recent years," said Adanech Abiebie, mayor of the capital city, addressing members of the city council during a session held yesterday. In the last 11 months, the city administration collected a tax of 100 billion birr, achieving...
With the ratification of a towering 801 billion Br federal budget last week, a country once heralded as a developmental state model primarily built on extensive public infrastructure investments appea...
The halls of the Ethiopian Parliament echoed with spirited debate last week, a scenario seldom observed. The discourse was heavily imbued with nostalgia for the era of collective security and economic opportunities enjoyed under the Revolutionary Dem...
Excise tax tweak expected to yield extra 10 billion birr Tax authorities plan to rake in more than 30 billion birr annually from a proposed...
Nearly half of the 15 billion birr allocated to Ethiopia's Irrigation Ministry for the last fiscal year went unspent - a staggering 8.9 billion...
Ethiopia is pinning its hopes for desperately needed debt relief on a New York...
Addis Ababa is likely to require a more comprehensive package of debt restructuring if it is to avoid defaulting on its external liabilities.
On December 13 Ghana reached staff-level agreement on a $3 bn IMF credit package. In addition it is seeking to negotiate a 30 percent haircut with private creditors on tens of billions in bonds. Already in September Ghana’s 2026 eurobonds plunged to a record low of 59.30 cents on the US dollar. By the end of October yields had surged to 38.6 %, up from less than 11% at the end of 2021. Meanwhile, inflation is headed to 40 percent and the cedi is the worst performing currency not just in Africa but of all currencies in the world.
In the verdant farming region of the Northern Shewa Zone of the Amhara Regional State, a crisis is silently unfolding. Amid the lush fields of onion, wheat, and teff, the subsistence farmers are finding themselves at the mercy of a crippling fertilis...
In an audacious move to rejuvenate the agricultural sector, federal authorities are contemplating allowing the private sector to import fertiliser,(possibly through franco valuta) challenging the stat...
A recently ratified proclamation by Parliament, six years in the making, has led to regulation for contract farming, seeking to reduce past failings in production and supply chain risks. The new rule...
Dedicated to empowering rural girls through education, Homosha Girls' Boarding School first opened its doors in 2020. Situated on a 16-hectare campus in Ethiopia's...
Food security is under threat in Ethiopia as cereal yield growth slows even as...
A recent move by the Central Bank to cap loan growth has sparked an outcry from executives of the newly minted banks, as the fledgling institutions grapple with restricted avenues for lending in a vol...
It is rare to see Ethiopia's central bankers publicly vocal and outspoken on issues affecting the economy. It is unusual to have them take the stage to provide insight into developments affecting the macroeconomy and declare their policy intentions....
The National Bank of Ethiopia believes that measures to limit lending by commercial banks will help to tame inflation running at almost 30%.
The lofty ambitions of former Deputy Mayor Takele Uma to safeguard Addis Abeba's most vulnerable residents from rampant inflation are at risk of crumbling, facing an acute wheat shortage that has brou...
ByElias Tegegn The Governor of Ethiopia’s central bank pulled no punches in acknowledging citizens are struggling with an unrelenting cost of living surge, conceding “too high” inflation in the East African nation has climbed to unjustifiable highs. “We have a cost-of-living crisis,” Mamo Mihretu, governor of the National Bank of Ethiopia (NBE), said in his …
ByElias Tegegn The Governor of Ethiopia’s central bank pulled no punches in acknowledging citizens are struggling with an unrelenting cost of living surge, conceding “too high” inflation in the East African nation has climbed to unjustifiable highs. “We have a cost-of-living crisis,” Mamo Mihretu, governor of the National Bank of Ethiopia (NBE), said in his …
The Ethiopian government is looking to raise USD 12 billion in financing to implement its new three-year economic reform plan, according to Teklewold Atnafu, economic advisor to Prime Minister Abiy Ahmed (PhD). The funds would come from institutions like the International Monetary Fund (IMF) and World Bank, as well as from restructuring Ethiopia's debts, Teklewold told the Amharic news publication Reporter. Ethiopia's improving relations with Western countries like the U.S. and France could help it secure debt relief and financing, the advisor said. However, he...
Alarming levels of food insecurity in Ethiopia expose an untenable situation. A report the United Nations (UN) released last week is a disquieting reminder of the pervasive issue of hunger where appro...
The National Bank of Ethiopia (NBE) introduced reforms to its monetary policy in order to address the issue of inflation. The bank plans to reduce inflation to 20 percent by the end of the 2023/2024 fiscal year, and 10 percent by the end of the next fiscal year.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 27 July 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 25 July 2023.
The Ministry of Mines has announced its intention to provide specialized support and monitoring to gold producing companies. During a meeting between the Minister of Mines, Habtamu Tegegn, and representatives of gold producing companies to discuss the production plan for the 2023/2024 fiscal year, Habtamu Tegegn affirmed that the companies would receive necessary support and monitoring to improve their products and increase their income.
People of both countries largely recognize Eritrea-Ethiopia friendship and cooperation as constructive. Breaking this basic understanding will not…
Amidst the frosty and foggy crack of dawn, Habtam Kassaun made her way to the Lamberet Bus Terminal located on the outskirts of Addis Abeba. With a jerrycan of soap and a giant backpack, the 21-year-old arrived at the northeastern terminal hoping...
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 11 October 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 10 October 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 09 October 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 05 October 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 26 September 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 25 September 2023.
The Ethiopian Commodity Exchange (ECX) executives were taken aback by an unexpected decision from the State Minister for Trade & Regional Integration, Kassahun Goffe, who placed a hold on the four...
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 05 September 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 04 September 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 31 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 30 August 2023.
Ethiopian Shipping and Logistics (ESL) has started exporting live animals from a new quarantine facility in Mille, Afar Region. The company has transported the first 7,000 sheep from Mille Quarantine Center to Djibouti Port using 28 trucks.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 28 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 25 August 2023.
Coffee exporters are grappling with a sharp decline in the international price as the world's largest producer ramps up its supply. A 43pc plunge in prices last week to 1.48 dollars for a pound prompt...
At the crack of dawn when the forex surrender criteria was altered by the central bank, selected exporters from livestock, khat, pulse and oilseed sections were joined by authorities to discuss the ended year's export performance that registered a 1...
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 23 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 21 August 2023.
A surging soybean market is stirring tensions between domestic oil processors and exporters as prices sharply rose to almost 1,000 Br for a quintal in two weeks. Domestic processors, grappling with...
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 18 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 17 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 16 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 15 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 7 August 2023.
Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 3 August 2023.
The Ethiopian government is taking steps to strengthen security measures related to imported information technology products through a new draft proclamation approved by the Council of Ministers today.
Finance experts from across the world converged in the capital to discuss prospects and pitfalls as Ethiopia births capital markets where lively discussions and lectures ensued on the different types...
Federal officials are eyeing fresh port alternatives, with recent missions to Somaliland and Kenya, as landlocked Ethiopia's trade hinges on the ports of Djibouti. High-ranking officials of the Min...
Officials of the Ministry of Trade & Regional Integration (MoTRI) have proposed legislation designed to stimulate cross-border trade with South Sudan and Djibouti, following over a year of economi...
While using the U.S dollar currently offers more transactional certainty, its scarcity in many African countries dampens their…
Some web designers use ChatGPT to code and create basic designs, while salaries for web designers in South Africa have dropped.
As Safaricom introduces M-Pesa in Ethiopia, aiming to replicate its immense success in Kenya, a battle with the existing market leader is imminent.
Financial transactions conducted through Commercial Bank of Ethiopia's (CBE) digital channels have surpassed those via tellers, accounting for 64 percent of the total as...
Brook Taye (PhD) was selected to lead the newly established Ethiopian Capital Market Authority (ECMA) at the end of last year, and since then,...
Prime Minister Abiy Ahmed made a big bet on its telecomms market playing a key role in opening up its economy but then made a $500 million misstep.
The Ethio Engineering Group (EEG) has set an ambitious target of generating more than Birr 14.6 billion in revenue from its operations during the current fiscal year, marking a substantial increase compared to the Birr 490 million it earned last year.
As policymakers around the world embrace industrial policy in pursuit of a wide variety of objectives – supply-chain resilience, green technologies, geopolitical advantage, good jobs – the debate over its effectiveness is reaching a fever pitch. Typically, this debate is portrayed as one where sound economics is squarely on the sceptics' side. "There is a strong case against industrial policy in economics," intoned one recent commentary, and embracing it "just wastes money and distorts th...
The Ministry of Trade and Regional Integration (MoTRI) announced on the evening of Friday, September 29, 2023, that it has made the first retail price adjustment of the new Ethiopian year.
On the Ethiopian New Year holiday, I woke up to the sound of damsels singing "Abebayehosh" at the top of their lungs backed by a traditional drum made of animal hides stretched over a wooden...
The gloomy weather on the last Friday of the year barely bothered Alemshet Mulgeta, who had been frantically moving from one vendor to the next for three hours in search of a "fairly priced" chicken. The limited 1,000 Br budget forced her to haggl...
The rhythmic hum of trucks unloading grains and labourers hauling their weighty bounties has been a defining feature of the Ehel Berenda section around Autobis Tera of Mercato for decades. The hub, vi...
The resurgence of a phenomenon that has grabbed the...
The Global Solidarity Fund is partnering with Catholic organisations to back a deal to help vulnerable people in Ethiopia to access capital.
Lines of credit will be extended to internally displaced and vulnerable people under a scheme backed by two local banks.
The nascent Islamic banking sector is facing a steep uphill climb as its newest entrants grapple with substantial first-year operating losses. Among these, Hijra Bank, one of the country's first fully...
When Amanuel Hinsta (MD), 28, joined the Gonder University Medical School a decade ago, he was as hopeful as a young man with good grades can be. He envisioned...