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COFFEE EXPORTERS ROAST CURRENCY RULES


A new directive by the Central Bank requiring coffee exporters to convert half of their foreign exchange earnings into local currency within 30 days is causing upheaval in the crucial coffee industry. Exporters argue that the tight deadline is unreal...

Oct 13 , 2024


Fortune News

Regulatory Storm Looms Over Microfinance as Auditing Flops Spark Crackdown

The National Bank of Ethiopia (NBE) is heightening its regulatory oversight of microfinance institutions, fortifying a sector that has proliferated but faces mounting risks due to inadequate financial...

Oct 13 , 2024

Money Market Watch

Brewed Buck on the Ropes as Banks Play Hardball in the Forex Frenzy

The Brewed Buck continued its steep decline against the U.S. Dollar last week, a slide that has accelerated since the National Bank of Ethiopia (NBE) liberalised the exchange market in late July. Desp...

Oct 13 , 2024

News Analysis

President Taye Focuses on Economic Priorities Against Regional Conflicts

Newly appointed President Taye Atskeselassie delivered his first address to a joint session of the two legislative houses last week, laying out the focus for the fiscal year for Abiy Ahmed's (PhD) adm...

Oct 13 , 2024


Latest Updates

Fertiliser Shortfall Worries Cast Shadow Over Agricultural Ambitions

Despite a substantial boost in budget and import volumes, farmers may contend with fertiliser shorta...

Oct 13 , 2024


Rising Fuel Prices Ignite Concerns Over Subsidy Impact, Economic Strain

Fuel prices have spiked, exacerbated by global supply disruptions and a weakening Birr, leading to h...

Ethiopia Fully Opens Logistics to Foreign Capital

In a significant policy shift, authorities have fully opened the logistics and transport sector to f...

Oct 13 , 2024








Agenda

Coffee Exporters Left Steaming as Central Bank's Forex Grind Brews Trouble

A recent directive is roiling the coffee industry, following the Central Bank's requirement that exporters convert half of their foreign exchange earnings into local currency within 30 days. Exporters say it is squeezing them at a precarious time. ...

Oct 13 , 2024


Addis Abeba University's Autonomy Shuts the Door on Brightest Minds

For as long as he could remember, 18-year-old Menase Samuel had dreamed of studying software engineering at Addis Abeba University (AAU). Like many of his peers...

Oct 6 , 2024


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,...

Sep 28 , 2024







Editorial

With the Horn Edging to the Brink, Regional Leaders Should Extol Trust

In his inaugural address on October 27, 2024, Taye Atseqesellasie, the fifth president since the 1995 constitution, extolled mutual trust as Ethiopia's most valuable legacy for future generations. Yet his speech, delivered to a joint session of the t...

Oct 12 , 2024


Birr's Unmoored Descent Threatens to Drown an Economy Awash in Debt

Not long ago, the sight of exchange bureaus in Addis Abeba was as rare as a cloudless day in the rainy season. But a recent decision by the Central Bank to grant five non-bank entities permits to trade foreign exchange promises to change the grey scene that ha...

Oct 5 , 2024

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 hard-won...

Sep 28 , 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

How Long Can Complacent West Ignores Africas Sovereign Debt Crisis?

As African countries grapple with unsustainable debt burdens, restructuring negotiations with Western governments and multilateral institutions such as the International Monetary Fund (IMF) have stalled. While forgiveness is essential, it is important to bear in mind that a significant share of Africa's foreign debt is held by private lenders and China, neither of which has shown much willingne...

Oct 13 , 2024


Artificial Intelligence a Rare Bright Spot for Global Governance

Multilateralism has fallen on hard times lately, especially at the United Nations (US). Its foundational commitments to peace, security, and cooperation feel very foreign at a time when multiple wars are raging, protectionism is on the rise, and the world is s...

Oct 12 , 2024

Currency Shake-Up, Austerity Measures Leave Businesses Reeling

For over two decades, Ethiopians have clung to an optimistic belief that tomorrow will bring better economic prospects. Yet the realisation of this hope seems farther down the road than many anticipated. As economist Ralph George Hawtrey aptly noted, returning...

Oct 5 , 2024


My Opinion

U.S. Envoys Misfire on Growth Raise Questions Over Diplomatic Messaging

America's envoy to Ethiopia, Ervin Massinga, recently received attention on social media after misspeaking Ethiopia's current economic growth rate. His comments, shared on the official X platform of the Embassy in Addis Abeba, contradicted previous years' economic data, sparking criticism and praise. The Ambassador acknowledged his mistake, took responsibility, and clarified that the Biden Admi...

Oct 12 , 2024


How to Reform the UN Security Council

As world leaders convened in New York for the United Nations General Assembly, the prospect of reforming the Security Council emerged as a major topic of discussion. A key question is whether the Council should add more permanent members. Proponents of expa...

Oct 5 , 2024

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 employmen...

Sep 28 , 2024






Featured

Beyond Borders Ethiopians' Journey to Healing

Nine months ago, Worku Hailu found himself in India, thousands of kilometres from home, undergoing a kidney transplant. After learning that the procedure wasn't available in Ethiopia, he had to take matters into his own hands. “My doctors at Paulos Hospital helped me communicate with Apollo Hospital in India, and they accepted my request. I went with my two nieces, completely footing the bill from our own pockets.” What was supposed to cost 15,500 dollars ended up being much more expensiv...

Oct 6 , 2024


Commentaries

Can the Birrs Free Float Lift Economic Fortunes? Will It Fan the Flames of Instability?

The federal government's recent move from a fixed to a floating exchange rate system should be seen as more than a routine policy change. It rather represents a seismic transformation with profound implications for the country's economic stability and competitiveness. For decades, Birr was pegged to the Dollar, offering predictability in foreign exchange transactions. However, this artificial stability often masked deep economic imbalances and restricted the National Bank of Ethiopia's (NBE)...

Oct 12 , 2024


News Analysis

President Taye Focuses on Economic Priorities Against Regional Conflicts

Newly appointed President Taye Atskeselassie delivered his first address to a joint session of the two legislative houses last week, laying out the focus for the fiscal year for Abiy Ahmed's (PhD) administration. With the country at a critical juncture following the recent macroeconomic reforms, he accentuated the economic progress in trade, services, manufacturing, and agriculture. Taye credited Home-grown Economic Reform 2.0 for these gains and outlined four priorities focused on stabilisin...

Oct 13 , 2024


Delicate Number

281

The loss in Birr caused by households' air pollution each year, an astonishing figure equivalent to four percent of Ethiopia's GDP, and 29pc of the federal government budget for the fiscal year 2024/25.  

Oct 12 , 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

"I tried it for a year."

Former President Sahle-Work Zewde posted a reflective message on her X account (formerly Twitter) a few days before stepping down from the presidency on October 7, 2024, completing her first term in office. She quoted lyrics from renowned Amharic pop singers - Tilahun Gessese, Mohammed Ahmed and Tewodros Kassahun (also known as Teddy Afro) — hailing the virtues of silence.



View From Arada

The Day Earth Moved Beneath Us

I was lying in bed one day feeling like I was on a gently rocking boat, though no reason for the movement was visible. I had been in a relaxed pose for some time and wondered what could hav...

Oct 12 , 2024




Fortune Video




Sunday With Eden

Filthy Reality of Public Spaces

I recall watching a historian passionately defend the origins of one of the ancient castles in Ethiopia. What caught my attention was the analogy he used to assert that it was built by local residents. He mentioned the absence of toilets as a point of evidence arguing that relieving oneself outdoors was the norm. It got me thinking, as we still see individuals defecating in public spaces, seeming...

Oct 12 , 2024


Heedless Urban Development, Neglect Turn Streets into Lethal Hazards

Last week, during an evening drive, my family and I narrowly escaped a catastrophic road accident. As we followed a car ahead, it suddenly swerved to avoid a barricade of stones that had been placed without signals on a road awaiting repair. We simulated th...

Oct 5 , 2024

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, includ...

Sep 28 , 2024


Life Matters

Threads of a T-Shirt

I witnessed a wave of frustration from my friend when her older brother refused to let her wear his shirt. Her reaction came in the context of a close bond they have nurtured—particularly after he took on a parental role following the loss of their parents. Although his reliability as a brother affirms their connection, this seemingly minor refusal overshadowed it for her. It was not the firs...

Oct 12 , 2024


Playgrounds of Neglect

Choosing a kindergarten for my son was supposed to be a straightforward task, but it quickly turned into a path through a landscape of neglected playgrounds and safety hazards. I visited numerous schools, hoping to find a place where he could engage in safe, u...

Oct 5 , 2024

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 t...

Sep 28 , 2024





Radar

UK, Germany Roll Out $9m to Boost Textile Industry

A 9-million-dollar funding initiative spanning the next three years was rolled out by the UK and German governments to improve economic development and trade in Ethiopia's textiles and garments sector. Implemented by GIZ, the fund aims to improve working conditions for at least 10,000 workers and boost exports by 20pc and address regulatory issues facing the sector. The announcement was made by Lo...

Oct 12 , 2024


Ethiopia Gears Up to Host Global Logistics Leaders in 2027

Logistics professionals are gearing up to discuss industry developments and strengthen international ties, as Ethiopia hosts the 64th World Congress of the International Federation of Freight Forwarders Associations (FIATA) after two years. The move is expected to benefit the logistics sector and broader economy, with 1,500 to 2,000 participants expected from around the world. The Congress has...

Oct 12 , 2024

In Picture

UNSAFE CONSTRUCTION

Workers toil on a busy construction site on Africa Avenue. Working with scaffolding, steel reinforcement bars, and wooden formwork, the workers exhibit the collaborative effort and hard work involved in the construction industry. Still, safety harnesses, helmets, gloves, safety vests, and other protective gear to minimize the risk of injury alongside a well-organized construction site are required...

Oct 12 , 2024


STREET MARKET

An outdoor street market scene around Stadium where various second-hand clothing items are laid out on the ground along a sidewalk for sale. Street side markets are becoming less prevalent with authorities keen on formalising the trade. A recent study by the Ethiopian Textile and Garment Manufacturers Association (ETGAMA) reveals that second-hand garments, commonly referred to as ‘bonda', now ma...

Oct 13 , 2024




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