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TWICE THE FESTIVITY

TWICE THE FESTIVITY

Over the past week people gathered in the heart of Addis Abeba at Mesqel Square to celebrate two public events. The streets were full of colour, with goers donning their best cultural or religious outfits. They danced, sang and ate together in festiv...

October 1 , 2022

Fortune News

Frustrated Cement Execs to Form New Lobby Group

Seven of the 11 cement factories are determined to set up a new industry lobby group following disputes over a series of measures enacted by the federal government in recent months. Cement retail p...

October 1 , 2022

Fortune News

World Banks Nods to Additional $58m for Urban Safety Net

The World Bank has approved 58 million dollars in additional financing for a nationwide project supporting close to million beneficiaries from the most underprivileged and vulnerable segments of urban...

October 1 , 2022

Fortune News

Institute Hopes 800m Br Centre will Fix Construction Industry Ills

The Ethiopian Construction Management Institute has hired a consultant to erect an "excellence centre" its officials hope will serve as a hub for the development of the construction industry and a for...

October 1 , 2022

Latest Updates

Funding Shortfalls Slow Dessie Hospital Rehab

A French agency undertakes the rehabilitation of a public hospital in Dessie, the Amhara Regional St...

October 1 , 2022

Fed Scraps Provident Fund for Private Employees

Federal officials revoked a private provident fund regime two weeks ago, decades after it was introd...

October 1 , 2022

ECX to Expand Commodity Portfolio to Twenty

The Ethiopian Commodity Exchange (ECX) is set to see the number of agricultural commodities traded o...

October 1 , 2022

TSEDEY BLOOMS IN SPRING

Spring has come, in the form of a commercial bank. Amhara Credit & Saving Institution restarted...

September 24 , 2022

Agenda

Forex Troubles Dip to New Lows

The irony could not have been lost on Abel, in his late 20s, whenever he goes around the National Theater, on Gambia St., searching for forex dealers. Less than a kilometre is the headquarters of the central bank, a federal institution with a firm an...

October 1 , 2022

Less than Sweet: Sugar Troubles Far from Over

On a hot, sunny morning last week, three saleswomen inside a narrow container in Addis Abeba's Aqaqi-Qality District were in a rush to serve a long queue formed...

September 24 , 2022

Back to School. At What Cost?

The vast, green lawn inside the premises of Ghion Hotel was crammed with parents and children last week. A bazaar targeted these families with little time to ru...

September 18 , 2022

Tecno

Editorial

Rip the Band-Aid Off. Float the Birr. Liberalize Capital Account

The foreign exchange market is seeing a war of attrition, with the Dollar gradually taking out its opponents as its strength grows unmatched. Neither is the green buck taking any hostages. A blitzkrieg against the Euro has left it trading for less...

October 1 , 2022

Why Ethiopia's Economy Catches Cold When Europe Sneezes

Look no further than the flower industry to appreciate the importance of the European market to underdeveloped economies such as Ethiopia. Within a decade and a half, the country has shot up the list of the largest flower exporters in the world to fifth place...

September 24 , 2022

Long Overdue Finance Sector Opening Not Silver Bullet

The debate shortly after the Council of Ministers nodded a bill to open the financial sector to foreign capital was emblematic of how the economic discourse has deteriorated. Some thought this entails Ethiopia is for sale. Others lamented that an International...

September 17 , 2022

OPEN FOR AD

Exclusive Interview

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 together and feed the hungry. You always...

September 10 , 2022

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 d...

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

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OPEN FOR AD

Viewpoint

The Value of Access to Electricity Lies in Reliability

Last summer saw Ethiopia conduct the third-round filling of the Grand Ethiopian Renaissance Dam (GERD) and expand electricity generation. The developments thus far have not been a small feat. With this second hydropower generator, the GERD has begun generating 375mw of electricity; similar to the capacity of the first turbine launched on February 20, 2022. Combined, the two turbines will produce a...

October 2 , 2022

The Challenge of Monetary Tightening

When it was announced on September 13 that the consumer price index – a key measure of inflation – in the United States had increased more than expected in August, stock prices plunged and the US dollar appreciated sharply. Markets knew that this would spu...

October 1 , 2022

Battle against Antimicrobial Resistance Requires Robust Health Systems

Staphylococcus aureus is the source of a skin infection that can turn deadly if drug resistant. Estimates regarding the most common resistant variation, methicillin-resistant Staphylococcus aureus (MRSA), exceed 100,000 deaths globally in 2019. But up until...

September 24 , 2022

My Opinion

Another One Bites the Dust

Fuel prices have escalated once again. A litre of diesel rose 22.2pc to almost 60 Br. Benzene went up by a fifth of its former price to 57 Br. The government is keeping its promise to phase out fuel subsidies to all but public transport providers. This round of price rises brings the country closer to the average pump prices of neighbours in the region such as Kenya. The price increase explains...

October 1 , 2022

Black Market Gold Rush

We have all heard the news by now. The black market rate for one dollar is now around 90 Br. The official rate, for those with access, is around 53 Br. This is a premium of over 70pc, unheard of as far as memory serves me. Look at the Balance of Payments, a...

September 24 , 2022

Capital Investments Fall Off Cliff

There are many economic indicators that people are worried about at present. There is inflation, which has been in the 30pc to 40pc range for around a year. This is the stickiest inflationary pressure Ethiopia has experienced on record, with double digit infla...

September 17 , 2022

Featured

TikTok: More than a Distraction

For most of human history, fame was a rare phenomenon reserved for royalty, war heroes, religious figures and a handful of others who had achieved something of incredible significance or could afford to have their names and stories printed. The idea of fame began to change in Renaissance era Europe with the birth of the concept of the artist, who could gain fame through talent regardless of social standing or wealth. This new version of celebrity spread with the rising presence of print, and...

September 13 , 2022

Commentaries

Irrigated Wheat Production: Light at End of Food Aid Dependency

The report about Ethiopia's potential to produce irrigated wheat is a source of hope for a country stigmatised with food aid dependence. This fascinating development took me back about two decades to a research paper my colleague and I presented at an international conference on the Ethiopian economy. Titled, "Small Holder Irrigation and its Challenges in Ethiopia's Food Security Agenda: Lessons from Ghana," the paper pointed out that Ethiopia's irrigation schemes could not contribute to food...

October 1 , 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

52,040,000,000

outstanding treasury bills, in Birr, held by banks by the end of the third quarter in the previous financial year, according to the National Bank of Ethiopia (NBE).

October 1 , 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

Ned Price, spokesperson for the US Department of State, said Washington's message towards Ethiopia when it comes to the raging civil war is to move to a ceasefire and negotiated settlement.

View From Arada

Customer's King. Do Local Companies Know?

I chewed over with myself the meaning of the word customer. It was first used to refer to someone that acquired ownership of a house after long use or possession. The word is derived from th...

October 1 , 2022

Films Review

Nope

Few would have imagined that the Peele in Key & Peele, a show on MTV's Comedy Central, would become a world-class director reminiscent of Alfred Hitchcock and David Fincher. There is a sketch from Key & Peele, titled Town Hall Audience Member, one of the funniest outputs of the show, where Jordan Peele shows some promise as he acts entirely with his eyes to peak comedic effect. Other than that, at least to this author's eyes, there is nothing to indicate cinematic genius or even a great...

September 17 , 2022

RRR: PEAK OF BOLLYWOOD, FOR BETTER OR WORSE

Bollywood has finally peaked. The sentimentalism, chirpy musical numbers, physics-defying fight scenes and aggressively cheesy romantic plots have all come into their own in RRR, one of the biggest Bollywood hits in recent memory to gain an international audience. I would normally object to individual elements of the movie, including its ludicrous storyline and plot holes. But the way they have come together is strangely fascinating. RRR, which is short for “Rise, Roar, Revolt" and must be...

September 10 , 2022

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Fortune Video

Sunday With Eden

Gated Community But Not at the Heart

Almost five months into our marriage, my husband and I moved to a new neighbourhood around the Summit area. At first sight, the neighbours seemed private, hidden behind their gated and highly guarded compounds. They were rarely seen walking outside of their homes or the community park. Despite our expectations and first impressions, the community welcomed us warmly. They bonded with our dogs, b...

October 1 , 2022

The Hardest Act to Forgive, and Yet Forgiven

As we navigate life, being hurt by others is inevitable. Often, we find ourselves in a position where we have to forgive. Still, forgiving the person who killed a loved one is entirely different. To many of us, that would seem an impossible decision. But not f...

September 24 , 2022

Somethings Must Come between Friendships

I recently received a call from a friend that lives abroad. Although we had been friends for several years after she left Ethiopia, I stopped calling her as I used to because of the many changes in my life. Her call and the topic she was discussing came as...

September 17 , 2022

Life Matters

Age Like Fine Wine, and Own It

There is the view that women should either have to shave off a couple of years (or a decade) from their age or not say at all how old they are when asked. It is not necessarily a bad thing. But neither is it completely harmless. It is said that age is just a number but that is not always the case, especially when it comes to women. There is a saying in Ethiopia. It goes, “you don't ask a woma...

October 1 , 2022

Consumed by Cosmetics

The enormous amount of money generated by the beauty industry amazes me. How we, as consumers, take the words of producers for granted and try their products that promise us quick makeovers (be it weight loss, clear skin or hair growth) is astounding. Of cours...

September 24 , 2022

Egotism Brings the Worst Out of People

We meet various people across our lifetimes. Some are outgoing and opinionated; others are humble and down to earth. Yet others are egotistical creatures who feel entitled without any real title bestowed upon them – these I find annoying. A good example is p...

September 17 , 2022

Radar

Safaricom Ethiopia Pushes Network Pilot Forward

The executives of Safaricom Ethiopia Plc have expanded their large-scale network pilot to Awoday and Gonder towns in the Oromia and Amhara regional states, respectively. The expansion brings the number of towns testing the operator's network services to 10 since it first launched in Dire Dawa in late August. Harar, Bahir Dar, Adama, Bishoftu, and Debre Birhan are among the towns hosting the net...

October 1 , 2022

UNDP Nods $2m for National Dialogue

United Nation Development Program (UNDP) has signed an agreement with the Ministry of Finance and National Dialogue Commission, allocating 2.2 million dollars for the upcoming national discussion. Managed by an independent trust fund, and in addition to the annual budget allocated by the Ethiopian government, UNDP is looking to set up a financial buffer scheduling to raise 32.8 million dollars in...

October 1 , 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

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