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Prodigious Budget Appetite Confronts Thrifty Finance Ministers


The mismatch is apparent. Federal budget planners want to slash expenditures for the next fiscal year, but they are met with a bloated appetite from agencies which submitted their respective proposals. The Ministers of Finance caution federal agencie...

May 14 , 2022


Fortune News

Regional Court Awards Disgruntled Tendaho Sugar Employees 94m Br in Settlement

Thousands of employees of a sputtering state-owned sugar estate have received a settlement for months of unpaid wages following a ruling from a labour case division of the Afar Regional State's High C...

May 14 , 2022

Fortune News

Policy Surfaces to Revamp Infamous Commercial Farming Initiative

The federal government is to introduce an arrangement that would allow investors and smallholder farmers to engage in commercial farming under joint venture agreements. The arrangement comes follow...

May 14 , 2022

Fortune News

Central Bank Cautions Insurers on Investment, Reinsurance Non-Compliance

Regulators at the National Bank of Ethiopia (NBE) have issued a stern warning to several insurance firms for violating rules set to mitigate risks and ensure investments made from insurance funds are...

May 14 , 2022


Latest Updates

Fed to Expand $180m Refugee Welfare Project

Federal officials inch closer to securing 180 million dollars in funding from the World Bank to expa...

May 14 , 2022


Enat Bank Sees Credit Boost to Women Powered by Partners

Enat Bank is moving ahead with a financing scheme that targets financially vulnerable women, partner...

May 14 , 2022







Agenda

Dismal Prospects, Rising Insecurity Make for a Sombre Homecoming

Hawi Teferi, 29, first left Ethiopia 10 years ago. The life-changing decision to set out to a faraway place was driven mainly by factors out of her hands. She needed to support her family and escape mockery for squandering a shot at a better life...

May 14 , 2022


Grow to Perish: Fleeting Success in Horticulture

Wosenachew Tassew was a teacher in an Addis Abeba private school not too long ago. The 30-year-old eked out a decent living as an educator, enough to provide fo...

May 7 , 2022


Lamb to the Slaughter: Livestock Markets in Disarray

A visit to one of the butcheries dotting the streets of Addis Abeba is a rare treat for Sisay Negesse. The 51-year-old is a driver for a private company, earni...

April 30 , 2022







Editorial

Macroeconomic Council's Glaring Omissions

Diana Yohannes is one of those actively engaging in social media platforms with her Twitter account @Shai-buna. She is enthusiastic about faith related subjects. But her recent tweet poked a pertinent question wondering how "people are making ends me...

May 14 , 2022


Stagflation Here: Damn If You Do, Damn If You Don't

The Ethiopian Economic Association (EEA) recently proposed the formation of a macroeconomic board to stabilise the galloping prices of goods and services. It may have been a desperate call in an era that disorients even the learned. It is understandable. Infla...

May 7 , 2022

War Cost Emaciates Agricultural Productivity. Stop the War!

There is no ambiguity in the UNDP's assessment of Ethiopia’s economic performance and prospects. A quarterly economic profile on Ethiopia, released in March this year, portrays a rather dismal picture of how much bruise the economy has taken from multiple fa...

April 30 , 2022







Exclusive Interview

Focus on Migrants, Families, UN Remittance Head Urges

Fortune: - The remittance inflow to Ethiopia is around three, four billion dollars? This is against a population of a 100 million, and an annual GDP of 100 billion dollars. How do you see this in comparison with other countries at a similar level of economic development? Amil: Remittances are a c...

April 22 , 2022


AfDB Boss 'Cautiously Optimistic' about Africa

For the first time in two years, an African Union summit was held in Addis Abeba earlier this month. On the agenda were COVID-19, political instability and debt sustainability. One of the attendants was Akinwumi Adesina, president of the African Development Ba...

February 12 , 2022

CEO of Fintech Firm Finds 'Sleeping Giant' in Africa

Fortune: Your company alludes to the African market’s unique set-up from other parts of the world. Why is that? Is it a combination of being unbanked and a lack of monthly subscription models? Or is it something else? Frank: Digital payments are growing a...

January 22 , 2022







Viewpoint

French Influence Outside Its African Preserve, Inside Ethiopia

The 2022 presidential election, held last month, gave President Emmanuel Macron a second term as France’s head of state. He is only the second person this century to get two terms, and with Europe up in arms over the Russia-Ukraine crisis, he is in a unique position to define French influence beyond its usual preserve. One place France would like this to happen is the second-most populous nat...

May 15 , 2022


A Better Globalisation Might Arise from Hyper-Globalisation’s Ashes

The post-1990s era of hyper-globalisation is now commonly acknowledged to have come to an end. The COVID-19 pandemic and Russia’s war against Ukraine have relegated global markets to a secondary and at best supporting role behind national objectives – in p...

May 14 , 2022

Without Customer Service, Entrepreneurship Amounts to Nil Returns

Many businesses in Addis Abeba offer a variety of services to the public. Most that are well profitable operate for an extended period of time, often expanding their activities through new marketing strategies and techniques, thereby increasing sales and profi...

May 7 , 2022


My Opinion

Fuel Subsidies: Wolf in Sheep's Clothing

Last Saturday, the Ministry of Trade & Regional Integration dropped the bomb. Lines of cars have been queuing at fuel stations, hoping to hoard some black gold. It is no longer necessary now. Months of speculation about price hikes at the gas pump have been proven true. Retail prices for a litre of benzene have been raised by about 16pc. The hard part is knowing that the recent price increa...

May 14 , 2022


Lost Decades Back with Vengeance

The 2020s, and potentially the 2030s, could be one of those “lost decades” for Africa, Ethiopia included. William Easterly used the term to refer to developing countries’ stagnation in the 1980s. He conceded that indicators such as health, education and...

May 7 , 2022

Banks Don't Like Ordinary Savers

For some time now, we have been sold on the benefits of financial intermediation. Indeed, in theory, it is an engine that powers economic growth, especially considering the money multiplier effect. It works in a rather straightforward but other-worldly manner...

April 30 , 2022






Featured

Growing Speciality Coffee Market Promises Sweet Prospects

Habtamu Bogale is a farmer who takes a great sense of pride in knowing "every inch" of the thick highland forests of Keffa. It is hard to challenge, for he grew up in Keffa Zone, South Western Regional State, where he and his peers spent their youth watching parents grow coffee. The legend of coffee is in Habtamu and his friends' favour. Their native land birthed the word "coffee", which first entered the English lexicon in 1582, from the Dutch Koffie. The Dutch got the word from the Turkish...

April 22 , 2022


Commentaries

Financial Crime Could be Spoiler to Digital Revolution

As much as digital is a welcome addition to businesses, it has created even greater uncertainty. It demands business leaders make innovation a top strategic priority, and if they want to achieve their target, they should have an open appetite to challenge cyber risks. The financial sector is in more liquid form and is especially exposed to the risks of disruption. The more it is digitalised, the more it would be exposed to technological risk in the form of financial crime. Most bankers and in...

May 14 , 2022


News Analysis

Fed Seals Costly Fertiliser Deal, Demand Remains Unmet

An Abu Dhabi-based firm has agreed to supply half a million tonnes of urea to Ethiopia following months of negotiations between federal authorities and executives of FertiGlobe. It was a delicate process for both sides. The authorities had contracted FertiGlobe six months ago to supply Ethiopia with a half million tonnes of fertiliser at 710 dollars a tonne. However, the company terminated its contract claiming rising prices in the global market that jumped to 1,000 dollars in the early weeks...


Delicate Number

80

percentage point increase in the number of people with insufficient food consumption in Ethiopia over the past three months.

May 14 , 2022


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...

October 3 , 2020


Verbatim

The World Food Programme (WFP) described the drought gripping the Horn of Africa, including in Ethiopia, benchmarking the decade when the country saw over a million people dead from famine.






Fortune Video




Sunday With Eden

From the Pressure of Tragedy, Coal Can become Diamond

Since my father’s passing, my health has been deteriorating. I was grieving deeply and unable to have proper sleep. I went without food for days. It felt like all my senses had disappeared. I did not feel hunger, thrust or get tired. I lived like this for over three months. I weakened mentally, physically, and emotionally. Recently, I went to a hospital abroad to check the reason for my persi...

April 22 , 2022


The 'Crime and Punishment' of Ethiopian Travellers

Last week, as I was travelling to Frankfurt, Germany, my country sent me to a foreign nation empty-handed. I had a visa and a plane ticket, all the documents banks required to sell Euros to me. But none of the banks I was directed to had euros or dollars to se...

April 16 , 2022

Pay for Play, Police Investigators Dare Insist

Following our home robbery in broad daylight, we filed a case at the police station in our district. The police's handling of the case was equally as disturbing as the robbery itself. It also answered my question about why robberies thrive in the capital city...

April 2 , 2022


Life Matters

It's Okay Not to Be Okay with Life

It is impossible to talk about life without bringing up death. Death seems distant, something we often try to avoid discussing. We only realise the possibility when we either come near it or when someone close to us passes away. Afterwards, we are haunted for months, sometimes years. For a long time, I avoided the topic. I never accepted that all of us leave this world at some point. I was scar...

May 14 , 2022


TikTok's the New Facebook

In this time and age, where everyone seems to claim to know about politics and even dares to judge others in charge, it is hard not to get political. It is hard not to say something, at least to voice one's concern. It is not easy to raise the national disc...

May 7 , 2022

Echo Chamber of Stereotypes

We become like those we spend time around. I used to think for a long time our behaviour was influenced by our genes, which inform our personality traits. I never rejected the notion that our environment was also instrumental in shaping our behaviour. But it o...

April 30 , 2022





Radar

Abyssinia Bank Awards 60-Storey Construction Project to Chinese Firm

The Bank of Abyssinia has awarded the contract for the construction of a 60-storey building in Addis Abeba's financial district to China State Construction Engineering Corporation Ltd. The Bank's executives estimate the project will cost over three billion Birr. The Chinese contractor was the firm behind the construction of the Commercial Bank of Ethiopia's (CBE) 48-storey headquarter building...

May 14 , 2022


STREET MADE

Sometimes, work could be a lonely endeavour. Under the sweltering sun, this professional proceeded to meticulously paint the entrance way to a hotel. He uses plasters and paintbrushes to craft his handiwork...

May 14 , 2022

In Picture

Coffee Train

Tomoca Coffee has opened another outlet inside the La Gare Train Station and is converting an old train car into a café. Open in 1917, the train station is one of the attractions of the city. It will now be part of the La Gare Eagle Hills Project. The removal of the historical Buffet De La Gare inside the train station following the start of the construction had led to an outcry...

March 14 , 2021


NEW MESQEL SQUARE

A construction crew, equipment and materials still obscure the progress of the Mesqel Square project. Nonetheless, the fencing that once enveloped the construction site has largely been removed, and the crescent-shaped steps have been installed. Costing 2.5 billion Br, the project is one of many that attempt to rehabilitate parks, public spaces and rivers of Addis Abeba...

February 13 , 2021