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BANKS BRISTLE AT GOVERNOR MAMO'S GRAND PLAN


The banking industry is experiencing a transformative period under the oversight of National Bank of Ethiopia (NBE) Governor Mamo Mihretu. Last month, the central bank introduced five new directives that sought to enhance corporate governance and ass...

Jul 13 , 2024


Fortune News

Electric Vehicle Push Leaves Investors in the Lurch

Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and farming have their vehicles stranded at the Djibouti ports, following a policy shift by the fede...

Jul 13 , 2024

Fortune News

Ministry Unveils E-governance Strategy

The Ministry of Innovation & Technology launched a five-year e-governance plan requiring a 40 million dollar investment. The finance focuses on digital literacy, skills development, and legal fram...

Jul 13 , 2024

News Analysis

Banks Rush to Meet Credit Exposure Regulations Ahead of Deadline

Banks are scrambling to comply with new credit exposure regulations as the National Bank of Ethiopia's (NBE) 90- day action plan submission deadline approaches. Among the five directives approved by t...

Jul 7 , 2024


Latest Updates

Study Reveals Higher Education Quality Crisis, Calls for Reform

The cracks in Ethiopia's higher education system were laid bare during a synthesis report presented...

Jul 13 , 2024


Authority Bets on Price Adjustment Manual to Tackle Construction Delays

Construction authorities have unveiled a price adjustment implementation manual for state-owned cons...

Jul 13 , 2024








Agenda

Finance Sector Poised for Ambitious Transformation Under Governor Mamo Mihretu

Ethiopia's financial industry is undergoing substantial transformation under the stewardship of Governor Mamo Mihretu, the 10th governor of the National Bank of Ethiopia (NBE). The series of reforms introduced over the past year signify a shift to ad...

Jul 13 , 2024


Addis Abeba Residents Caught Between Promises and Reality

Last week, the corridors of the Addis Abeba Housing Bureau were filled with residents whose faces reflected a mix of fear and distress. Among them was Tigist Ad...

Jul 7 , 2024


Booming Lights, Burdened Businesses

The modern-day social hub, Bole Road, has seen yet another transformation with multiple landmarks demolished— Olympia is no more. A grey hue has taken over, a...

Jun 29 , 2024







Editorial

Political Uncertainty, Economic Volatility Manufacturers Battle on Two Fronts

Policymakers are walking a tightrope, struggling to generate growth and create millions of jobs while tackling budget deficits, trade imbalances, debt servicing, and runaway inflation. These are problems compounded by the economy's ongoing structural...

Jul 13 , 2024


Bulging Budget Obscures Deepening Fiscal Battle for Value

The federal budget has crossed a symbolic threshold, approaching the one trillion Birr mark at 971.2 billion Br, equivalent to 16.7 billion dollars at last week's official exchange rate. The exponential growth of the budget since the early 2000s, when it langu...

Jul 7 , 2024

Autonomy in Action: Will Mamo Mihretu Redefine the Central Bank?

In a spirited bid for autonomy, the National Bank of Ethiopia (NBE), under its youngest Governor yet, Mamo Mihretu, aspires to redefine its relationship with the government, the public, international partners, and the industry it regulates. The liberal notion...

Jun 29 , 2024







Exclusive Interview

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 meeting the loss and damage demands of emer...

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

Cloudy Horizons in the Digital Ecosystem

With a background in cybersecurity, CEO Charly Bahaous is from Israel and relocated to South Africa in 2006. Under his watch,  Touchnet has grown to encompass over 300 employees across various sub-sectors. The Company's portfolio includes a fibre management a...

Jan 27 , 2024







Viewpoint

Ending the Protectionist Scourge Would Benefit All

The World Trade Organization (WTO) is among the greatest success stories of the post-World War II era. By establishing rules based on principles like nondiscrimination among trading partners and equal treatment of foreign and domestic goods, the WTO enabled international trade to flourish, with far-reaching benefits for economic growth and poverty reduction. In this sense, the WTO is like oxygen:...

Jun 30 , 2024


Recasting Policy Favouring Interest Rates Helps to Tame Inflation, Spur Growth

The National Bank of Ethiopia (NBE) is making a notable shift in its monetary policy framework, moving from a traditional approach centred on money supply control and exchange rate stability to an interest-based system. The transition hopes to address persiste...

Jul 13 , 2024

Africa's Youth Perilous Path to "Paradise"

Irregular migration from Africa has been a growing concern since the mid-2000s and continues to dominate news headlines. According to the International Organization for Migration (IOM), 40,868 migrants attempted the dangerous journey from West Africa to the Ca...

Jul 7 , 2024


My Opinion

Confronting the Global Neglect of High Blood Pressure

Some of the world's big challenges get a lot of attention. Climate change, war and immigration are constantly in the news and receive large funding from states and private philanthropies. Other problems like tuberculosis and nutrition receive less airtime and awareness, but count among major global priorities, with funding allocated. Even the aptly named Neglected Tropical Diseases like rabies, r...

Jun 29 , 2024


When Inflation Targets Clash with Climate Goals

At the end of April, in a speech at the Sorbonne, French President Emmanuel Macron suggested that European leaders should consider broadening the European Central Bank's (ECB) mandate to include decarbonisation targets. His proposal has mostly been ignored; fo...

Jul 7 , 2024

Confronting the Global Neglect of High Blood Pressure

Some of the world's big challenges get a lot of attention. Climate change, war and immigration are constantly in the news and receive large funding from states and private philanthropies. Other problems like tuberculosis and nutrition receive less airtime and...

Jun 29 , 2024






Featured

Blooming Against the Odds

Horticultural spaces unfold a few kilometres away from the capital into eastern Shoa, Oromia Regional State. Agroecology, with its long sunny days, plays a pivotal role in the flower industry, providing an ideal growth opportunity for 120 export companies in the country. Approximately 96Km away lies Koka town, nestled between the Mojo-Awassa highway and the Awash River. Its location and humid climate have made it a haven for floral growers. The Dutch-ventured Red Fox Flower Farms enjoyed 13 y...

Jun 22 , 2024


Commentaries

A Heated Solution to Industrial Emissions, Energy Woes

Committed to international climate change initiatives, Ethiopia faces problems in reducing energy consumption and emissions. Its leaders' ambitious goals, articulated through the Clean & Resilient Green Economy (CRGE) initiative and nationally determined contributions (NDCs) to the Paris Agreement, demand a concerted effort across various sectors, especially industry. The CRGE and NDCs are designed to build a carbon-neutral and clean economy by 2030, requiring substantial reductions in green...

Jul 13 , 2024


News Analysis

Banks Rush to Meet Credit Exposure Regulations Ahead of Deadline

Banks are scrambling to comply with new credit exposure regulations as the National Bank of Ethiopia's (NBE) 90- day action plan submission deadline approaches. Among the five directives approved by the central bank in midJune, the prudential provisions governing large exposures to counterparts or groups of connected counterparties aim to mitigate credit concentration risks. Banks must ensure that the total aggregate sum of their on-balance sheet items, including loans and advances, and off-b...

Jul 7 , 2024


Delicate Number

716,000,000,000

The planned federal government revenue in Birr for the 2024/25 fiscal year. It shows a moderate increase of three per cent from the previous year, compared to 27pc and 22pc growth recorded between the 2021 and 2023 fiscal years.

Jul 13 , 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

"Security problems impeded fertilisers distributions."

Girma Amente (PhD), minister of Agriculture, told a parliamentary hearing last week. Members of parliament heard public consultation results gathered from tens of thousands of weredas across the country.



View From Arada

Whip Up Guac While Rethinking Household Chores

An early arrival home with perfectly ripe avocados sparked a culinary whim. It had been a while since I ventured into the kitchen. While no professional, I gleaned some skills during a West...

Jun 29 , 2024




Fortune Video




Sunday With Eden

Faithful Journey Through Grief Amidst Social Media Bullying

Recently, the well-known celebrity Zeritu Kebede has been the target of social media trolling. As she mourns the passing of her firstborn, people have had opinions on how she conducted herself during the burial ceremony and verbally attacked her. When the overwhelming waves of grief hit her, Zeritu chose to shield herself with her faith. Her emotional maturity and belief in a higher power have...

Jun 29 , 2024


Hidden Hypocrisy: Who We Are in Private Speaks Volumes

A few weeks ago, I reconnected with a lawyer who is a strong advocate for human rights, particularly women's rights. Over the years, I have observed her incredible work in creating awareness both in person and at conferences. This time, we spoke mostly abou...

Jul 7 , 2024

Faithful Journey Through Grief Amidst Social Media Bullying

Recently, the well-known celebrity Zeritu Kebede has been the target of social media trolling. As she mourns the passing of her firstborn, people have had opinions on how she conducted herself during the burial ceremony and verbally attacked her. When the o...

Jun 29 , 2024


Life Matters

Autonomy in Decision-Making

The frustration simmered as I squeezed onto the overcrowded bus, a desperate escape from the city's unreliable transportation system. The journey stretched on, a slow crawl through congested streets choked by construction. My discomfort morphed into claustrophobia, and I could not help but think back to my past ridicule of those who opted for the seemingly slower taxi queue. I made a mental vow: n...

Jun 29 , 2024


Redefining Age-Gap Relationships

I watched 'The Idea of You', a romantic comedy adapted from Robinne Lee's novel, featuring Anne Hathaway alongside Nicholas Galitzine as an international pop star. The movie explores societal double standards of age and gender in relationships. It contrasts th...

Autonomy in Decision-Making

The frustration simmered as I squeezed onto the overcrowded bus, a desperate escape from the city's unreliable transportation system. The journey stretched on, a slow crawl through congested streets choked by construction. My discomfort morphed into claustroph...

Jun 29 , 2024





Radar

Ethio Tel Kicks Off Smart Campus Project

Ethio Telecom signed a strategic partnership agreement with Addis Abeba University for a project that allows digital grading, reporting, and smart learning capabilities at the Sidist Kilo Campus on Mekude Bentylrgu St. The smart campus project kicked off last week also incorporates digitization of outpatient, laboratory testing and appointments  at the Tikur Anbessa Specialised Hospital. Frehi...

Jun 30 , 2024


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new m...

Jul 13 , 2024

In Picture

POLYMER ISLANDS

A reservoir in a horticulture farm in Koka Town, Oromia Regional State, is filled with black rectangular plastic shades to decrease the amount of sunlight that reaches the water. The shades help decrease evaporation, limit the ignition of chemical reactions from the sunlight, and reduce algae sprouts. Modern flower farms utilize a combination of contemporary innovations to outmanoeuvre the pressur...

Jun 22 , 2024


WINTER RESORTS

Summer camp is bustling in a condominium housing project around the Gofa area as children take over a soccer field on a cloudy afternoon. Amid the proliferation of electronic gadgets and social media over the past decade, it has become rare to witness children playing outdoors. Despite the benefits of access to information, the rising use of technology is resulting in higher instances of depressio...

Jul 13 , 2024




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