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Is the Coffee Bonanza Here to Stay?


On a rainy afternoon last week, a coffee processing facility in the capital's Akaki-Qality District was abuzz with activities. The three-storey processing plant lies in an expansive compound not far from Bole Lemi Industrial Park. The ground floor...

July 2 , 2022


Fortune News

COFFEE: TOUR DE FORCE

In an economy that has slowed, where consumers are hammered by inflation, and the private sector is teetering on edge, one industry has a broad smile: coffee export. The coffee market is bucking the g...

Fortune News

Getu Gelete Snaps Up Majority Stake in Habesha Cement

Getu Gelete has struck a deal to acquire a 40pc stake in Habesha Cement S.C., buying out Pretoria Portland Cement Company Ltd (PPC). The business mogul owns a 21pc stake in Habesha Cement; the latest...

July 2 , 2022

Fortune News

Capital Gains Tax to Account for Inflation

Lake Ayalew, minister of Revenues, moved to address complaints about inflationary distortions on capital gains taxes. Last month, the Minister instructed five branches in Addis Abeba and six regional...

July 2 , 2022


Latest Updates

Finance Ministry Tells Federal Agencies to Consolidate Accounts

The federal government is set to roll out a single-account treasury system for the coming budget yea...

July 2 , 2022


Oil Companies, Authority Lock Horns as Drivers Left Hanging by Diesel Shortages

Federal authorities and oil companies are at odds with each other over the cause of a diesel shortag...

July 2 , 2022







Agenda

Is the Coffee Bonanza Here to Stay?

On a rainy afternoon last week, a coffee processing facility in the capital's Akaki-Qality District was abuzz with activities. The three-storey processing plant lies in an expansive compound not far from Bole Lemi Industrial Park. The ground floor...

July 2 , 2022


Sunday Markets Fleeting Success Battling Inflation

It was a cloudy Sunday two weeks ago, not ideal for outdoor events. The grey sky quickly engrossed Addis Abeba as the rainy days set in. Yet, the dreary weather...

June 25 , 2022


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 com...

June 18 , 2022







Editorial

Giving Peace a Chance. Long Overdue.

After nearly two years since the civil war broke out in northern Ethiopia, adversaries in this regrettably brutal conflict appear to have realised that there neither is victorious nor the vanquished. Now the most arduous journey in making peace is on...

July 2 , 2022


The Local Elections Everybody Forgets About

It is not the best of times to be in charge of governance in Ethiopia, whether at the federal or regional levels. The news of atrocities coming from around the country is horrific. Enervating insecurity over the past four years in all but Somali Regional St...

June 25 , 2022

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 high; the Un...

June 18 , 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

It Takes Smart Village to Build Sustainable Prosperity

The world is facing a triple crisis of food, energy, and water scarcity. While its immediate triggers were the COVID-19 pandemic and the Ukraine war, its roots run much deeper: a culture of relentless consumption, the rapid growth of inadequately planned cities, and disregard for rural well-being. In many ways, globalisation rests on the principle that “bigger is better.” Massive conglomera...

July 3 , 2022


Wrong on the Dollar – for Now

I should have listened to Alan Greenspan – at least when it comes to currency forecasting. The former chair of the Federal Reserve once told me it was a fool’s game, with the odds of getting currency calls right worse than a successful bet on a coin toss....

July 2 , 2022

As Risk Evolves, Finance Sector Left in the Dust

Regardless of the outcome to any nation, they cannot be thinking of risk and finance the same way following the global financial crisis. Directly or indirectly, all countries have been affected. Ever since the global financial crisis, companies worldwide have...

June 25 , 2022


My Opinion

Central Banks in Purgatory

What a time it is to be a central bank! Not since the 1980s has the world seen such a perfect storm of shocks that the way out of inflation seems as painful as the inflation itself. It was historic how the world escaped (especially advanced economies) from a potential economic calamity of lockdowns using monetary and fiscal expansion. But the bills are due, and combined with a food and energy cris...

July 2 , 2022


The Present's Not Irrelevant. The Future Less So

The world does not discuss artificial intelligence (AI) enough given its potential to disrupt every aspect of our lives on a scale that will make the introduction of the internet look like child’s play. The restraint is understandable. In the end, the techno...

June 25 , 2022

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 in...

June 18 , 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

Digital Transformation, as Critical During Conflict as in Peace

The pandemic, armed conflicts and natural disasters have again brought the importance of digital services delivery to the forefront. While governments across the world are struggling to strengthen their public digital services, it is clear that changes or transformations related to digitalisation must start with a political will to change and the assessment of the digital maturity levels of existing public services. Two of the most glaring (and contrasting) examples of the influence that digi...

July 2 , 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

78,581,017,979

corporate tax revenue, in Birr, the government plans to collect for the coming financial year, according to the Ministry of Finance.

July 2 , 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

ustice Minister Gedion Timothewos (PhD) said during his briefing on the Prosperity Party's decision to explore a peaceful way out of the conflict.






Fortune Video




Sunday With Eden

Young People's Turn as Better Friends than Older Adults

A couple of years ago, I was having a conversation with a friend and mentor who has been sharing his life regrets with me. He was bedridden due to illness at the time. Whenever I visited him, his face lit up, and he told me my presence was more than anything I could bring to him. He had had an impressive career, travelled the world, and made many friends. When he was bedridden, though, none of hi...

July 2 , 2022


Life Offers No Graduation Party

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 m...

June 25 , 2022

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 m...

June 18 , 2022


Life Matters

Ads that Tease, Products that Let Down

The advertising industry in Ethiopia has come a long way. They are not only getting better and more creative but carving out niches. Take the growth of teaser ads, where only brief information is given about the product to get people’s attention. The first product I remember doing this effectively at first was Anbessa beer. I remember seeing the posters everywhere in the city, wondering what the...

July 2 , 2022


In Polite Society, Split the Bill

Some live in a distant universe where they are oblivious to norms. There are unspoken rules. For instance, if two friends dine together, unless one of them insists on paying, they usually split the bill. Many times, one friend suggests they treat the others. I...

June 25 , 2022

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 w...

June 18 , 2022





Radar

World Bank Nods to $180m Refugee Welfare Project Extension

The World Bank has approved 180 million dollars in financing for the expansion of a welfare programme designed to bring refugees back to the workforce while in host countries. The "development response to displacement impacts" programme was launched five years ago with 100 million dollars in loans secured from the Bretton Woods institution. The federal government requested additional financing...

July 2 , 2022


STREET GROOMING

In Qera, on the new road under construction, the streets are being washed by a crew from a Chinese construction company to clear them of rubbish. At the same time, the road separator is undergoing greening work, with some plants already planted. ...

July 3 , 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