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Fortune News

FESTIVITY MEETS FRUGALITY

For 43-year-old Alemnesh Neri, the twice-yearly trips from Addis Abeba to her hometown of Gumer was a cherished tradition, a time to reconnect with family and bring gifts from the city. This year, the...

Sep 28 , 2024

Money Market Watch

Banks Remain in a Desperate Scramble as Birr Continues to Bite the Dust

The Birr has continued spiralling downward against the U.S. Dollar over the past week, deepening the predicaments facing the country's financial system since the authorities liberalised the foreign ex...

Sep 28 , 2024

News Analysis

Reforms, Economic Stability Key to Capital Market's Future: Study Finds

The capital market is expected to see substantial growth in size and investment over the next four years, contingent on favourable macroeconomic conditions and successful policy implementations, accor...

Sep 1 , 2024


Latest Updates

Ethiopia's Digital Strides Amid UN's E-Governance Index Low Ranking

Ethiopia's journey into the digital age faces challenges as a recent UN report ranked the country 1...

Sep 28 , 2024


UN-Backed Fund Targets Overlooked Entrepreneurs, Contests Entrenched Banking System

The United Nations-backed initiative spearheaded by the IFL represents a step toward resolving the f...

Sep 29 , 2024


Lease Dispute Leads AquaAddis Water Plant Shut Down, Leaving Hundreds Jobless

AquaAddis, one of the pioneer bottled water brands, has abruptly suspended operations at its Burayu...

Sep 28 , 2024








Agenda

Inflation, Insecurity Leave the Tourism Industry Smouldering

For 43-year-old Alemnesh Neri, travels to her hometown of Gumer in central Ethiopia have long been a cherished tradition. Twice annually for the past 22 years, she would make the trip from Addis Abeba, laden with goods and gifts for family and friend...

Sep 28 , 2024


Legacy Businesses Face Succession Struggles, Market Shifts

Heleanna Georgalis never anticipated that she would become the fourth-generation proprietor of Moplaco Trading Plc, a venerable coffee trading company founded i...

Sep 22 , 2024


Holiday Market Dampened by Rising Food Prices

Atkilt Tera, located in the Haile Garment neighbourhood, has not seen its usual activity. The vibrant market stalls for vegetables now stand largely empty, and...

Sep 14 , 2024







Editorial

Not to Turn the "Land of Origins" into a Land of Uneven Promises

In the early 2010s, Ethiopian authorities found themselves at odds with the International Monetary Fund (IMF). The Fund cautioned that the country's rapid economic expansion overheated the economy, igniting inflationary pressures that could undermine...

Sep 28 , 2024


The Civil Service Gets a Pay Boost, But Inflation Laughs Last

A nurse in Addis Abeba shares a cramped one-room apartment with three colleagues. Her meagre salary barely covers food and transport. Like many employed by the public service sector, whose monthly average earning is a little over 6,000 Br, she battles the infl...

Sep 21 , 2024

Drowning in Budget Gap, Universities Chase Autonomy. Can They Afford It?

Successive regimes share a common legacy: a deep-seated commitment to education as a vehicle for economic growth and social mobility. From the reign of Emperor Menelik II to the present day, each administration could be subject to all sorts of criticism but pr...

Sep 14 , 2024







Exclusive Interview

Patience - Consistency - Respect

France's Ambassador to Ethiopia up until last week, Remi Marechaux, arrived in Addis Abeba four years ago with a dual mandate of representing his country and engaging with the African Union (AU). He dove into familiar waters from his previous role as Director General for Africa, using Ethiopia's anc...

Aug 4 , 2024


Weeding Out Debt, Seeding a Greener Economy

Jennifer Lee Morgan, inaugural state secretary of Germany and special envoy for International Climate Action, is spearheading a  shift in global financial structures to facilitate a sustainable transition towards a green economy. As a leading advocate for mee...

Jun 1 , 2024

BGI Ethiopia Stirs the Pot with Bold Moves, Sour Realities

Herve Milhade, the CEO of BGI Ethiopia, believes he is steering the company toward a more consumer-centric focus. He emphasises that his goal is not to be a leader in paying taxes but to “become the leader in the heart” of consumers. His tenure began as Et...

May 11 , 2024







Viewpoint

Making the Pact for the Future a Pact for Peace

Peace is a common good. But, it often eludes us, partly because of our actions and omissions. However, it is indisputable that peace has never been so coveted as it is today. While presenting ‘Our Common Agenda', United Nations Secretary-General Antonio Guterres characterised our era as the “biggest shared test since the Second World War, where humanity faces a stark and urgent choice: a br...

Sep 29 , 2024


A Summit Caught Between Past, Future

International cooperation tends to be hardest when it is needed most. Last week, world leaders convened in New York for the United Nations "Summit of the Future," which member states called for in 2020, on the UN's 75th anniversary. The meeting's agenda was as...

Sep 28 , 2024

The Gilded Facade Behind Emerging Award Culture

A recent televised conversation Addis Walta TV had with Endalew Mekonnen, state minister for Trade & Regional Integration (MoTRI), should provoke public debate over the Ethiopian Quality Award (EQA) and its credibility. The State Minister touted the EQA as...

Sep 21 , 2024


My Opinion

Lofty Ambitions Meet Unflattering Realities in Education Reform

Investing in education at the national and individual levels is crucial for sustaining the human capital needed across various sectors. In advanced economies, students often pay tuition fees by taking out loans, considering their potential wages upon employment to offset this debt. Studies have shown that each additional year of education can boost an individual's earning potential, reinforcing so...

Sep 28 , 2024


A Broken Job Market, Failing Education System Betray a Generation

Policymakers are confronted with a formidable crises in creating employment opportunities for a rapidly growing youth population. The issue is not confined to those without college degrees; even graduates from higher education institutions struggle to find wor...

Sep 21 , 2024

Will Liberalisation Spark Growth, Expose Vulnerabilities?

After years of a state-led model, policymakers' decision to open up the economy could begin attracting various players across different sectors. The policy shift, which follows in the footsteps of many of Ethiopia's neighbours that opened their economies earli...

Sep 14 , 2024






Featured

EV Market Shifting Terrain

Getachew Dinku, a university professor, was surprised by the significant increase in import taxes and duties when he recently imported an electric vehicle. The devaluation of the Birr and new VAT regulations caused duties and tax costs to skyrocket from an estimated 470,000 Br to over two million Br. "It was unexpectedly high,' he said, claiming that VAT alone had doubled his tax requirements to 935,000 Br. He also criticized customs officials for overvaluing imported goods to prevent under-i...

Sep 29 , 2024


Commentaries

Adolescents Face a Mental Health Crisis as Stigma, Neglect Prevail

Adolescence is a defining phase in human development, marked by profound physical, emotional, and social changes that lay the groundwork for an individual's future. Yet for millions of young people in Ethiopia, this transformative stage is overshadowed by a mental health crisis that threatens not only their well-being but also the country's prospects for growth. Take the story of Amina, a 16-year-old girl from a rural village near Addis Abeba. Struggling with anxiety and depression, she st...

Oct 3 , 2024


News Analysis

Reforms, Economic Stability Key to Capital Market's Future: Study Finds

The capital market is expected to see substantial growth in size and investment over the next four years, contingent on favourable macroeconomic conditions and successful policy implementations, according to a market size estimation study published by the Ethiopian Capital Market Authority (ECMA). The study, titled "Potential Market Size Estimation & Projection for the Developing Ethiopian Capital Market," was prepared by economists Tewodros Mekonnen Gebrewolde (PhD) and Getachew Ahmed Abega...

Sep 1 , 2024


Delicate Number

2

The external debt (in dollars) of the transport and communication sector in 2023/24, which registered a drop of 30.3pc from 2019/20. This decline is anomalous given the sector's infrastructure needs, especially with major railway and road projects. The drop could reflect debt restructuring or slowdowns in sectoral investment.  

Sep 28 , 2024


Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the media, showcasing what polling stations will look like during the upcoming national elections; and they took the...

Oct 3 , 2020


Verbatim

"Whatever they want with no accountability."

UN Secretary-General Antonio Guterres told heads of state gathered in New York last week that "more and more" countries act with impunity. He called for respect of international laws, compliance with international court rulings, and commitment to human rights.



View From Arada

Pollution Amidst Greening Moves

My brother and I visited the Bole Arabsa neighborhood after a funeral, where my brother noted the significantly better air quality compared to downtown Addis. He described the fresh air as ...

Sep 28 , 2024




Fortune Video




Sunday With Eden

Phone Addiction, A Silent Epidemic

In today's social media-focused culture, many individuals prioritize their online presence over real-life interactions—with a surprising influence among mature adults rather than just the younger generations. My observations during various gatherings, including mourning visitations and celebrations, reveal that people, regardless of age, are often distracted by their phones, seeking notification...

Sep 28 , 2024


Natural Birth, Ultimate Test of Womanhood?

Women face intense scrutiny regarding their birth choices, particularly those who have had cesareans. My personal experience of criticism for opting for a lifesaving surgery is that it undermined my womanhood. The stigma surrounding surgical births, influen...

Sep 21 , 2024

It's 30 for a Reason... Or Is It?

I recently witnessed a candid exchange between parents and their adult daughter, now in her early 30s. Their advice was direct—she needed to focus on her career and make decisive choices about her future. They felt her potential was being wasted, pointing t...

Sep 14 , 2024


Life Matters

ATM Etiquete

The Automated Teller Machine (ATM) has become an essential part of daily life, offering easy access to financial services. Many people visit ATMs on weekends, especially since banks are closed on Sundays, which often leads to cash shortages and long lines at the ATMs. However, it's important for users to maintain a certain decorum to ensure a smooth and pleasant experience for everyone. While w...

Sep 28 , 2024


Entrepreneurship for Unemployed Graduates

This year is a significant milestone as my son begins school, bringing me excitement and anticipation. While delivering school supplies, I spoke with one of his teachers, who was dedicated to registration and often worked late. During our conversation, the...

Sep 21 , 2024

Cultivating Reason Amidst Weeds of Emotion

I am not one to engage in New Year's resolutions. However, I do believe in acknowledging the aspects of ourselves we wish to change. This pursuit should come without the pressure of arbitrary deadlines. What truly matters is the process of self-improvement, a...

Sep 14 , 2024





Radar

Ministry Upgrades Public Transport Terminal

Ministry of Transport and Logistics is undertaking an upgrade to the public transport terminal at the Asco Public Transport Terminal, one of the terminals in Addis Abeba city. The works include paving 6,000 square meters of concrete asphalt, temporary accommodation sheds and chairs for passengers, as well as guard house and office space renovation. The work will enable a 24-hour service upon compl...

Sep 29 , 2024


Premier Inaugurates Lemi National Cement Factory

Prime Minister Abiy Ahmed (PhD) inaugurated the slated-to-be largest cement factory in the nation, Lemi National Cement, marking a significant milestone in the industry. With a daily production capacity of 150,000 quintals upon full capacity, it is slated to massively grow national production. At the inauguration ceremony held Saturday, September 29, Prime Minister Abiy Ahmed (PhD) applauded th...

Sep 29 , 2024

In Picture

STANDING FOR PEACE

The Peace Monument stands tall in the Wello Sefer area. The obelisk-like structure is topped by a statue of a dove and has ‘Peace for Ethiopia' inscribed in Amharic on one side, while other sides feature the saying in various other languages. The Ethiopian flag is flying proudly on one of two flagpoles beside the monument. The statue was installed by the Ministry of Peace which has its headquart...

Sep 29 , 2024


DELAYED DEVELOPMENT

A would-be road construction in the Gofa vicinity is seemingly forgotten with pedestrians forced to use parts of the previously paved asphalt or brave the dug-up parts in the absence of motorized travel options. The area is situated south of the city center, near Qera, is known for its spare parts shops and military housing. Though Addis Abeba has witnessed significant growth in road construction...

Sep 29 , 2024




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