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Truculent Foreign Banks, Fragile Industry, Bullish Central Bank


The entry by foreign-owned banks and non-nationals into the financial sector has reached a point of inevitability. However, how to navigate through the web of opportunities they are hoped to bring and the risks they pose concerns many. The authoritie...

Nov 26 , 2022


Fortune News

Repay Homebuyers: Judge Orders Access, Pacific Link Real Estates

Hundreds of homebuyers signed up for deals with Access Real Estate to buy properties under Pacific Link Ethiopia Real Estate should be paid compensation for homes undelivered, a Judge at the Federal H...

Nov 27 , 2022

Fortune News

City Finance Bureau Blocks 28b Br Mega Project

The Addis Abeba Finance Bureau blocked a multi-billion Birr budget the city administration approved after requests to pay bid winners in foreign currency gets rejected. Under Debo Tunka, the Addis...

Nov 27 , 2022

Fortune News

With Improved Seeds Local Farmers Offer Promise to Cover Imported Barley

Assela town, 126Km south of Addis Abeba in the Oromia Regional State, may have a reputation for nurturing world track-star athletes. It is also a prominent barley producer region, with the quality...

Nov 27 , 2022


Latest Updates

Dashen Stands Tall Amid Industry Peers

Dashen Bank continued to tower as the industry's top performer judging by its latest financial repor...

Nov 27 , 2022


Canadian Firm Completes Feasibility Studies on Railway to Port Sudan

A railway line from Addis Abeba to a Sudanese port is afoot under the two governments after a Canad...

Nov 27 , 2022








Agenda

Truculent Foreign Banks, Fragile Industry, Bullish Central Bank

Zemedeneh Negatu, an investment consultant, had his team approached by boards of directors and senior executives of 10 private banks a few months ago. For two decades, he made his name working as a partner for Ernst & Young, one of the four globa...

Nov 27 , 2022


Tramadol: Narcotics Clouding a Generation

The 17-year-old student sat on the chair wearing an oversized black hoodie that swallowed his stature. He was in the Principal's office with a bruised face and...

Nov 19 , 2022


Desperate & Despairing

On a broad range of plots on Gabon St. (stretching between Meskel Flower to Agona Cinema) lie a foundation for a five-storey building, one of many construction...

Nov 12 , 2022







Editorial

To Liberalize Finance Holy, Regulating It Is Divine

In the wake of the liberalization of the telecom sector, Ethiopian authorities have made a milestone move opening the door for foreign capital to enter the financial sector. In effect, people talk more about the prospect of foreign banks joining the...

Nov 26 , 2022


Restore Faith in Constitutional Institutions to Achieve Social Cohesion

The rounds of talks to end wars in Ethiopia held in Pretoria, South Africa, and Nairobi, Kenya, have outcomes exceeding the expectations of many, from naysayers to pundits and from mediators to the negotiators themselves. A formal ceasefire was agreed, hopeful...

Nov 19 , 2022

Nairobi Must Double Down on Pretoria

Two weeks have passed since negotiators from Ethiopia's federal government and the TPLF reached a deal that brought the war in Tigray to a lull. So have the talks moved from Pretoria to Nairobi and from the politicians who signed an agreement on cessation of h...

Nov 12 , 2022







Exclusive Interview

Towards a Progressive Economic Agenda

Project Syndicate: From the start of your recent book, Mission Economy: A Moonshot Guide to Changing Capitalism - you argue that changing capitalism will require us to overhaul “how government is structured,” “how business is run,” and “how public and private organizations interrelate.”...

Oct 30 , 2022


Capturing the "Missing Middle"

What makes the lab innovative? And a laboratory? Who selected the advisory board, and how can companies become eligible to get support from the lab? Our Managing Editor, Tamrat G. Giorgis, sat with Gizachew and Zafar to pick up their thoughts. Gizachew Sisa...

Oct 15 , 2022

SAYAT OFF A STAGE

Fortune: Which holiday do you like most? Sayat: I love all holidays. There is none to pick out. The thing I love about holidays is, on that specific day, you do not see anyone starved or teary. I love our culture when it comes to holidays. You share meals t...

Sep 10 , 2022







Viewpoint

World Cup Dimensions to Inspire the Economy

For most of my professional career, I explored the links between the beautiful game and the global economy. At Goldman Sachs and, before that, at the Swiss Bank Corporation, I indulged my dual obsessions by presiding over special one-off publications for each World Cup from 1994 until 2010. After one, I received personal messages from senior central bankers worldwide telling me it was the best pub...

Nov 27 , 2022


Global Knowledge Leads to Competitive Capacity

The future is not ahead of us; it has already ensued. We stand on a cliff, stepping into a new era of enormous change and uncertainty characterised by a borderless interconnected global economy. It is hard to be indifferent to a change at the world's edge. The...

Nov 26 , 2022

Suspension from US Preferential Trade Regime a Learning Curve

The delisting of Ethiopia from America's preferential trade regime, a.k.a the African Growth and Opportunity Act (AGOA), undoubtedly sent shockwaves across industries. Thousands of young factory workers, mostly women, are disproportionately affected. A year...

Nov 19 , 2022


My Opinion

Trending Rule of Law to Shape a Better Attitude

Rule by law and the rule of law are mutually exclusive terms. Using them synonymously is getting blurred in our society. Defining the terms is one thing but labelling the community against their will is another. A society that abides by the rule of law requires a modern society with a modern attitude. The concept of rule by law sees the governing authority as being above the law and having the...

Nov 26 , 2022


Silence Limits Critical Thinking

People tend to pick sides by reckoning the climate. Popular opinions get sanctioned by the majority, while those with views outside the box face risk of isolation. In theory, popular opinion can be publicly voiced without fear of sanctions. Individuals push...

Nov 19 , 2022

Accountability Matters: Set Regulatory Strategy

The Internet revealed two dark sides six years ago. One is related to individual users. Smartphones with content-delivery platforms are available every waking moment, transforming the technology industry and the lives of two billion users worldwide. With li...

Nov 12 , 2022






Featured

UNCLOTTING CITY ONE STROKE AT A TIME

A tarmac road on the hill from the CMC roundabout to the Wossen roundabout displays a giant blue and red neon sign. The Axon Stroke & Spine Center is bound by the American Medical and Samaritan Surgical Centers, sister companies providing inpatient and outpatient medical and surgical speciality services. The two-storey chained premises give off a complete medical centre vibe. Outpatients and attendants were scattered in the waiting area while some stretched their legs with support. Docto...

Nov 12 , 2022


Commentaries

Fairer Green Finance Against Climate Change

The global conference on climate change in Egypt looks to be a defining moment in what will surely be a pivotal decade for climate action. Whereas the conference of parties (COP) in Glasgow last year was dubbed the “finance COP,” some have called it the “implementation COP” to reflect its focus on translating funding commitments into concrete plans. The agenda underscores the need for stronger multilateral cooperation. It highlighted the urgency of honouring the international communit...

Nov 26 , 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

220,000,000,000

estimated spending in dollars Qatar made in preparation to host the 2022 World Cup, making it the most expensive tournament since the 1930s.

Nov 26 , 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...

Oct 3 , 2020


Verbatim

“Painful concessions.”

Getachew Reda, a political bureau member of the TPLF and chief negotiator, conceded in an interview with Stephen Sackur on HardTalk, the compromise made leading to the Pretoria Accord that ended hostilities between the adversarial forces in the two-year civil war broke out in November 2020.






Fortune Video




Sunday With Eden

Amid Talent Dearth, Investment Promotion Falters

I received a call from my foreign national friend who wanted me to accompany him to the office of the Investment Commission on Africa Avenue (Bole Road). He wanted me to be the intermediary while interacting with the staff members. Such calls were no stranger to me; I have done the same several times. The Commission's staff had no issues with his conduct, but something else was missing. I sa...

Nov 26 , 2022


No Pain No Gain: Hard Work Pays Off

I received a book copy the other week that is yet to be released. It is a biography authored by the noted politician Andualem Arage and titled “Yaltenebebew Anbabi”. It is a story of an entrepreneur I longed to meet, Negash Balcha. He was a man of a...

Nov 19 , 2022

War's Trauma: Now Conquer the Fear, Address Insecurity

In the early 70s, my young and newly married uncle Hailemariam Beyene joined the civil war to fight against the military government, a.k.a the Dergue. He left his pregnant wife, education and Eritrea, back then, a territory that was part of Ethiopia. He became...

Nov 12 , 2022


Life Matters

Uncalled Judgment Exposes a Materialist Society

It is difficult to find a society void of stereotypes. The level and how much those people subjected to it have tolerated it vary. But nothing beats the stereotype against women. Women are judged by the things they do. The worst one is the judgement that lies under the source of their income. It is believed that most women's income source is out of men's pockets. It belittles the women striving...

Nov 26 , 2022


At the Gate, Power Misused

I experienced power abuse in the company where I work part-time. After showing my identification card to the security personnel, I entered the vicinity and went down the hallway to the office. After some time, near the end of my shift, I had to go to the ba...

Nov 19 , 2022

Privacy Trumps Social Engagements

I was having lunch with my friends and their relatives the other week. A young boy in his 20s was sitting at our table, accompanied by his two lady friends. He introduced one of them as his cousin; none from the table had close friendships with him except for...

Nov 12 , 2022





Radar

Ethiopian Engineer Muse in Innovative Continental Contest

An Ethiopian mechanical engineer has been shortlisted for a prestigious award: the 2023 Africa Prize for Engineering Innovation (APEI) Established in 2014, APEI is Africa's biggest prize dedicated to developing African innovators and enhancing their impact through business incubation, mentoring, fundraising, and communications. Fikru Gebre has been nominated for developing the multi-purpose...

Nov 26 , 2022


BRIDG-EATERIA

They say, "Where there is traffic, there is business." It reflects the colour of Addis Abeba roads and roundabouts. Around Bole, commonly known as the Ring Road, vendors serve tea and snacks underneath a bridge. Owing to these selling methods allow pedestrians and drivers to get the service they need while walking and driving. Despite that, such practice has become a frequent encounter in the hear...

Nov 26 , 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...

Mar 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...

Feb 13 , 2021