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Sovereign Fund Takes Control of Colossal Enterprises


The country's biggest public enterprises have come under the wing of the newly-formed Ethiopian Investment Holdings (EIH). The Ethiopian Airlines Group, the Commercial Bank of Ethiopia, Ethio telecom, the Ethiopian Shipping & Logistics Service...

June 24 , 2022


Fortune News

AMHARA BANK IN FULL SWING

Yilkal Kefale (PhD) (second from left), president of the Amhara Regional State; Agegnehu Teshager (third from left), speaker of the House of Federation; and Yinager Dessie (PhD) (centre), governor of...

June 18 , 2022

Fortune News

Bank Reserve Cut Stokes Inflationary Fears

Central bank Governor Yinager Dessie's (PhD) decision to slash reserve requirements for the commercial banks by half has stoked fear that a lending spree fuels inflation. Commercial banks must hold...

June 18 , 2022

Fortune News

City Admin to End Land Auction Hiatus

The Addis Abeba City Administration under Mayor Adanech Abiebie is closer to holding the first land auctions in four years. Last week, Speaker Buzena Alkedir and 138 members of the City Council gave t...


Latest Updates

Minister Oumer Brings Smile to Farmers' Face

Oumer Hussein, minister of Agriculture, has successfully navigated the bureaucratic maze to facilita...

June 18 , 2022


City Hires Local Consultant for Kebena Riverside Rehabilitation

A local consultant has bagged a multimillion Birr contract to supervise works rehabilitating the Keb...

June 18 , 2022







Agenda

Metal Industries Plighted Despite Prospects in Domestic Reserve, Demand

Half a dozen workers were lounging on a bench outside a factory shed on the outskirts of Addis Abeba during working hours last week. The company's expansive compound on 10hct of land does little to resemble a plant in active operation. Inside the fac...

June 18 , 2022


Crime on the Rise in Addis Abeba

The Addis Abeba Police Commission headquarters on Dejazmach Belay Zeleke St., appear rather serene from the outside. Located near Siemen Hotel, the facility com...

June 11 , 2022


Dairy Industry in Troubled Waters

On the road to Debre Berhan lies the small town of Chacha. Bordering the Oromia Regional State with the Amhara Regional States, Chacha is home to a couple of r...

June 7 , 2022







Editorial

Central Bank Shoots Itself in the Feet. Again!

Some of Ethiopia's economic policymakers may take solace from realising that inflation is a global phenomenon. It would be unwise to disregard their reading on what transpires around the world. In the United States, inflation reached a four-decade hi...

June 18 , 2022


What Agenda the Budget Bill Serves?

The stereotype many people have of parliamentarians is as clueless seat fillers who exist to rubber stamp legislative bills drafted by the powerful executive body of government. To defeat the stereotype, lawmakers have yet to show as much autonomy of thought a...

June 11 , 2022

Ethiopia Sleeps at the Wheel in the Race for Regional Integration

It was an institution confident in its mission, capabilities and progress that was on display during the African Development Bank’s (AfDB) most recent annual conference in Accra, Ghana. The weeklong event did not have a shortage of discussions on the challen...

June 4 , 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

The Less Fashionable Path Out of Global Food Crisis

A global food crisis is looming, so policymakers everywhere need to think hard about how to make food cheaper and more plentiful. That requires making a commitment to producing more fertiliser and better seeds, maximising the potential offered by genetic modification, and abandoning the rich world's obsession with organics. Russia's brutal war in Ukraine is making less food available because th...

June 19 , 2022


Women's Past Contribution, Input to Future Gender Equality

Women have been a part of the labour force since ancient times. They mainly engaged in agricultural work to support their male counterparts. Later, the Industrial Revolution in the late 18th and 19th centuries allowed women to work in industries in the Western...

June 18 , 2022

The Supply Solution to Stagflation

A little over two years after COVID-19 caused the deepest global recession since World War II, the world economy is again in danger. This time, it is facing high inflation and slow growth simultaneously. Even if a global recession is averted, the pain of stagf...

June 11 , 2022


My Opinion

Interest Rates Get Interesting

The US Federal Reserve is not playing around anymore. After months of insisting that inflation is “transitory,” it has now declared war, firing what amounts to weapons of mass destruction at American economic activity. Last week, it raised federal funds interest rates by three-quarters of a percentage point, the biggest hike in decades. The federal funds rate, the interest rate at which banks...

June 18 , 2022


Crypto Comes for the Coachmen

If there is a government unprepared for decentralised digital currencies, it should be that of Ethiopia’s. There is neither a stock market, sophisticated financial products, foreign banks, nor a secondary bond market. To skip all of this and face the challen...

June 11 , 2022

Help Russia-Ukraine Negotiate, for the Sake of Everybody

When President Vladimir Putin ordered his troops into Ukraine, few would have anticipated the sheer pain this was going to cause everybody else. At the outset, we were treated to awe at the unprecedented levels of American and European sanctions against Russia...

June 4 , 2022






Featured

Wedding Industry Rejoices Business Rebound

Matrimony is never a dull affair in Ethiopia. Contesting "My Big Fat Greek Wedding", it is noisy, elaborate, extensive, expensive and joyous. Come wedding season, and the streets are bustling with long convoys, honking horns and flashing their turn signals. Hana Berhanu, 30, envisioned such a wedding since her youth. She had been planning a picture-perfect wedding after graduating in electrical engineering from the Addis Abeba University and landing a job a decade ago. Over the past five year...

May 28 , 2022


Commentaries

Poor Regulatory Enforcement Feeds Ethiopia's Market Failure

One can draw many hypotheses for the current inflationary pressure. Among them, market failures cannot be discounted. We have been observing several market failures that range from the flooding of markets with substandard imported clothes in the streets of Addis Abeba, to the prevalence of unstructured cartels that set the prices of goods and services. When all of this happens, the usual scapegoats are "greedy" merchants and the prevalence of non-value-adding brokers. They are like the goat t...

June 18 , 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

125,960,000,000

proposed federal government expenditure on debt service for the coming fiscal year, according to the Ministry of Finance.

June 18 , 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

Prime Minister Abiy Ahmed (PhD) said that the state of the media landscape is the opposite of journalism during his address to Parliament last week.






Fortune Video




Sunday With Eden

Marriage Doesn't Fix Abusers. Leaving Them Does

Last year, I met a young and charming medical doctor through a mutual friend. Our friendship quickly grew. She told me about her engagement before she informed anyone else. I was happy for her. The following weekend, I met her fiancé, the man I had heard many great things about from her. He was friendly, calm, and looked decent. As if we had known each other for long, we chatted and laughed. I...

June 18 , 2022


Art of Surviving a Wedding: Peace

Mine was many people’s dream wedding, I was told by many. It was held at Sheraton Addis, where my high school graduation was held and my father wanted me to wed. The celebrity guest list impressed many, and the wedding video was released live on social media...

June 11 , 2022

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 ov...

April 22 , 2022


Life Matters

Good Shopping Requires Etiquette

I consider myself lucky when it comes to many things. But my luck runs out during shopping. I often end up buying clothes I do not like or would not wear twice. Whenever I plan to buy clothes, I do not find what I am looking for, or I do not have money on me when there are so many clothes I want – it is ironic. Other times I buy clothes I tried on either because the salesperson told me it looks...

June 18 , 2022


Domestic Abuse Turned on Its Head

As I passed by a group of men the other day, I heard loud laughing. I thought the guffaw was directed at me, although I did not think through why they would do such a thing. It was not the usual catcalling I had come across. Whenever we hear people laughing...

June 11 , 2022

Funerals: The Good, the Bad and the Fake

Some people worry about who will be there at their funerals, either to give a eulogy or to simply show up. Mostly, the eulogies focus on educational and career milestones and familial circumstances rather than how the person lived and sharing a meaningful anec...

June 4 , 2022





Radar

WFP Warns Drought, Conflict Threaten Severe Food Insecurity in Horn

The World Food Programme (WFP) warns the Horn of Africa could face "unprecedented" levels of food insecurity in 2023. The UN agency says armed conflict, climate change, a crippling drought, and supply disruptions brought on by Russia's war in Ukraine bode ill for the region.  "The drought situation . . . is desperate and extraordinary," said David Beasley, executive director of the WFP, after...

June 18 , 2022


SHADE UNDER STAIRS

The small car in Kazanchis is getting shade from the sunny afternoon under the incomplete stairs of one of the unfinished mixed-use buildings in the area. The construction has largely been completed, with future users of the facility hoping that they will not be for want of parking space as the driver under the stairs...

June 18 , 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