Meles Alem (PhD), the Ministry of Foreign Affairs spokesperson, responded to statements the Egyptian government made blaming Ethiopia for regional instability after it signed a Memorandum of Understanding (MoU) with Somaliland.
Month: January 2024
FROM FESTIVALS TO FIZZLES
An air of uncertainty pervades Gonder, a town in Amhara Regional State. Once celebrated for its vibrant festivals and ancient castles, the town is now scuffling with an economic downshift. The Grand Goha Hotel, metaphoric of these struggles, finds only half of its 82 rooms occupied during peak seasons like the Epiphany. Its managers reminisce about better times when additional tents were necessary to accommodate the overflow of guests. The downturn has not only affected occupancy rates but also strained the hotel’s finances, making it difficult to cover basic expenses and meet tax obligations. The decline in tourism is a broader reflection of the economic upheaval in the region. The Amhara Tourism Bureau, which previously enjoyed substantial annual revenues, now faces a significant downturn. The financial crisis is partly attributed to the ongoing armed conflict in various parts of the region, which has raised safety concerns among potential visitors and reduced travel plans. The tourism sector, vital to the region’s economy, particularly between August and February, has experienced a dramatic decline in visitors’ number. The ambitious target of attracting 84,000 international visitors seems increasingly unattainable, with numbers falling drastically compared to previous years.
Industry professionals strongly point to the link between peace and tourism. They identified low-level promotion, poor leadership, and instability as major impediments to the sector’s growth. They urge considerable investments in developing new destinations alone, which is insufficient, and call for stability and skilled professionals in the field. Like Gonder, Addis Abeba, once thrived on conferences and meetings, has also faced technological and service delivery gaps. Hospitality consultants say there is potential for focusing on meetings, incentives, conferences, and exhibitions (MICE) tourism. Yet, competition from other African countries like Rwanda and Kenya, actively working on business tourism, has shifted the dynamics. Ethiopian Airlines, a key player in supporting tourism, has turned its focus to its own establishment, the Skylight Hotel. The shift has affected several hotels in Addis Abeba, leading to a decline in business. The airline’s strategy to accommodate transit passengers in its hotel at competitive rates has had repercussions for other hotels in the city. The industry disclosed that about 10 hotels have either shut down or transformed into other businesses.
Experts believe tourism is critical in generating foreign currency and sustaining livelihoods at various levels, from grassroots to hotels and tour operators. However, scepticism about the reported increase in tourist flow and revenue is prevalent, especially considering the instability in the northern part of the country. The Ethiopian Tour Operators Association (ETOA) and the Ministry of Tourism face limitations in collecting accurate data on domestic and international travellers. Despite initiatives like “Back-to-Origins” to attract the diaspora community and efforts to rate the country’s hotels, the tourism sector continues to confront significant hurdles, further exacerbated by travel alerts and the ongoing conflict. SEE THE FULL STORY ON PAGE 2.
Call for Applications for the Jasiri Talent Investor Cohort 6
PRESS RELEASE | January 15, 2024
Press Release – For Immediate Release
ANNOUNCEMENT
Call for Applications for the Jasiri Talent Investor Cohort 6
Application for the Jasiri Talent Investor Program Cohort 6 is now open. Jasiri calls on aspiring entrepreneurs from Kenya, Rwanda, and Ethiopia to apply. Applicants, known as Fellows undergo a thorough selection process, ensuring that the most promising and qualified aspiring entrepreneurs are chosen for the program.
Embarking on a new venture can be daunting in today’s dynamic business landscape. Acknowledging the challenges that aspiring entrepreneurs encounter, Jasiri Talent Investor stands out as a unique program operating under Allan and Gill Gray Philanthropies with a firm commitment to supporting entrepreneurs in developing high-impact, marketing-creating, and value-based ventures that address the common good. Jasiri Talent Investor strives to remove barriers that hinder the success of new businesses. The program guides the Fellows from Ideation to Venture creation, by providing funding, coaching, strategic advisory, and guidance in the complex space of innovation.
“Jasiri draws inspiration from three Entrepreneurial Imperatives: alchemy, ambition, and attitude. Our work, akin to alchemy, guides aspiring entrepreneurs from ground zero. We introduce Marketing Creating Innovations as a blueprint to shape the future prosperity of Africa. The intentional choice of our program name, Jasiri—a Swahili word for bravery—reflects our commitment. Thinking big, thinking long-term, and embodying responsible, ethical entrepreneurship demand courage.” Anthony Farr, CEO of Allan and Gill Gray Philanthropies.
We continue to make a significant impact. Since the program’s inception, we have incubated 144 Fellows across 4 Cohorts, nurtured 61 Ventures spanning 24 industries, and our ventures have collectively created 613 jobs.
Application for this sixth cohort will open on January 15, 2024, and close on April 5, 2024. Jasiri will host various virtual information sessions to assist interested applicants in navigating the application process and addressing any inquiries they might have. Detailed information about these virtual sessions can be found on Jasiri’s social media platforms.
Visit https://jasiri.org/application/ to apply.
About Jasiri
Jasiri invests in, nurtures, and empowers entrepreneurs who benefit society and attack poverty by creating high-impact businesses, creating new markets on the African continent. Jasiri believes that entrepreneurial teams are at the heart of new venture creation and provides the entrepreneur with access to a diverse group of potential co-founders. The program supports new ventures from idea generation to venture creation and takes a long-term approach to developing exceptional, responsible entrepreneurs on the African continent. Learn more at jasiri.org.
Media Enquiries
For inquiries and more information about Jasiri please contact enquiries@jasiri.org
TECNO Mobile Ethiopia Unveils the SPARK 20 Pro+ and SPARK 20 Series Limited Edition
Launching in Celebration of the African Cup of Nations, SPARK 20 Pro+ brings elevated design and technologies to the popular SPARK 20 Series.
Addis Ababa, Ethiopia January 20, 2024: Innovative technology brand TECNO today unveiled its latest SPARK 20 series model at a grand event in Addis Ababa attended by TECNO Mobile Ethiopia executives, Senior representatives of the Ethiopian Football community, and key stakeholders. As the official mobile phone sponsor of the Africa Cup of Nations 2024, TECNO also unveiled the SPARK 20 pro+ Series Limited Edition during the ongoing AFCON tournaments.
In addition to showcasing the power of top-level sports and cutting-edge technology to spark unforgettable moments, the event also celebrated the iconic continental football competition as well as honored some of the most iconic Ethiopian football personalities who made history with their role in the nation’s participation in past AFCON tournaments.
As a series designed for Gen Z and young consumers, SPARK has consistently positioned itself with a focus on trendy design and appearance, rich camera functionality and outstanding all-round performance to enhance every aspect of the user experience. The brand-new SPARK 20 Series represents an unprecedented upgrade to the SPARK Series with more powerful camera systems, distinguished design, and ultimate performance, setting a new standard for flagship-level excellence in its price range.
The limited-edition SPARK 20 Pro plus is equipped with a 108MP camera to deliver incredible image quality, significantly upgraded from the previous SPARK 10 Pro’s 50MP camera, making it one of the most powerful imaging phones in the same price segment. Its front camera supports a 32MP Glowing Selfie, powered by AI portrait restoration and an expansive 88.9° golden lens that ensures excellent selfies whether solo or surrounded by friends, day or night. Additionally, its futuristic Euler’s Deco Design draws inspiration from the stars, featuring sleek metal edges that blend with a three-ring cosmic deco. Powered by the MediaTek G99 Ultra Boost Processor, the SPARK 20 Pro plus meets the high expectations and varied needs of young consumers, while also offering a massive memory of up to 256GB ROM and 16GB RAM (8GB+8GB extended) to save all the wonderful memories. The device is available in four colors, namely Moonlit Black, Frosty Ivory, Sunset Blush, and Magic Skin 2.0 Green.
Building on the success of SPARK 20 and SPARK 20 Pro, the SPARK 20 Pro+ boasts a 108MP high-resolution photography system, curved design, and impressive performance. Among other enhancements, SPARK 20 Pro+ will feature design upgrades including a Main Body Design: Featuring an industry-leading 56.5° Ergonomic Double Curved Design, providing a slimline look and a comfortable grip, Rear Camera Module Design: Introducing an all-new Quadrant Star Array camera module design with multiple upgrades in photography and videography functionalities and a Screen and Display Featuring a 120Hz curved AMOLED screen with 1000-nit peak brightness for stand-out cinematic visuals.
As the newest evolution of the outstanding SPARK 20 Series, SPARK 20 Pro+ elevates the series’ design language with sleek, cutting-edge aesthetics. Embracing a youthful, vibrant energy, the upgraded device sets a new standard for style in its price bracket. Besides design highlights, the full range of SPARK 20 Pro+’s impressive capabilities, such as its 108MP+32MP camera system, powerful MediaTek Helio G99 Ultimate processor, refined OS based on Android 14, dual-mic noise canceled calls, and more, will be unveiled during the device’s official release.
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About TECNO
TECNO is an innovative technology brand with operations in over 70 countries and regions across five continents. Since its launch, TECNO has been revolutionizing the digital experience in emerging global markets, relentlessly pushing for the perfect integration of contemporary, aesthetic design with the latest technologies. Today, TECNO has developed into a recognized leader in its target markets, delivering state-of-the-art innovation through a wide range of smartphones, smart wearables, laptops and tablets, HiOS operating systems and smart home products. Guided by its brand essence of “Stop At Nothing”, TECNO is committed to unlocking the best and newest technologies for forward-looking individuals. By creating stylish, intelligent products, TECNO inspires consumers worldwide to never stop pursuing their best selves and their best futures. For more information, please visit TECNO’s official site: www.tecno-mobile.com
Where Contraband Thrives, Customs Play Catch-Up
A shadow economy thrives, largely neglected yet ubiquitous, undermining the formal economic structures and posing a formidable challenge to macroeconomic stability. This parallel market, sustained by contraband trade, appears to have woven itself into the broader economy, evading the grasp of stringent regulations and law enforcement.
The societal impact of contraband trade is myriad. It breeds and protects powerful underground organisations within society, entangling organised crime networks. It also catalyses anarchic behaviours, with smuggled armaments fueling violence and crimes.
The contraband market in Ethiopia is not a novel phenomenon. Its roots trace back to the 1960s, particularly along the Togo Wuchale-Jigjiga corridor. Despite decades of legislative efforts, including an existing legislation Parliament passed in 2009, which defines contraband as goods whose imports, exports, or transit are banned by law or international agreement, the illegal trade persists. The surreptitious movement of goods across borders, such as electronics, garments, cosmetics, and even armaments, continues unabated, feeding a clandestine market that reaches deep into the economy.
The economic implications of contraband trade are evident in various sectors. The Anti-Illicit Trade Summit hosted by the Ethiopian Chamber of Commerce & Sectoral Associations uncovered the impact on sectors such as livestock, pharmaceuticals, tobacco, and textiles. For instance, the contraband livestock trade accounts for an estimated 90pc of all livestock exports, revealing the extent of the problem.
According to the Financial Crime News, an online publication monitoring money laundering and terrorism finance in sub-Saharan Africa, the most frequently smuggled goods into Ethiopia are electronics, garments, perfumes, cosmetics, and armaments, while goods smuggled out are coffee, livestock, cereals, animal skins, and fuel. In addition to goods, currencies of different countries are smuggled into and out of the country. These goods smuggled in the four years beginning in 2012 were estimated to be 1.85 billion Br.
While both incoming and outgoing contraband trade has remained a feature of the economic contours for most of Ethiopia’s modern economic history, a marked increase in volume and variety of items has occurred over the past few years. Within a single week last month, a whopping 808 million Br worth of items were seized by branches of the Ethiopian Customs Commission, with the amount halfway split between those entering and leaving the country’s borders.
The chief of the Federal Customs Commission, Debele Qebeta told parliamentarians during the final report for the last fiscal year that a staggering 10.2 billion Br worth of items had been seized. Many actors claiming a share of the economic pie suspect the amount to be a tenth of what the authorities report.
The illicit trade has profound implications, not only for the federal government’s revenue through customs duties reaching over billions of Birr but also for the broader economic landscape. According to a study conducted a few years ago, contraband trade siphons off approximately 4.47pc of federal revenues annually from customs duties. The ramifications extend beyond fiscal losses, impacting domestic industries and initiatives.
Local manufacturers, from tobacco to steel, lament the influx of unregulated, often inferior-quality goods that distort markets and present public health hazards. Habit-forming drugs and poor-quality goods can cause widespread health issues, with federal law enforcement continuously striving to respond to these dangers.
The influx stifles the growth of domestic industries, making them unable to compete with the lower-priced contraband goods. The illicit trade discourages ambitions, as the smuggling of counterfeit products undermines the efforts and investments of businesses, diminishing the incentive to develop new products critical for economic growth. The presence of counterfeit goods in the market, infringing upon intellectual property rights, weakens the motivation for starting a business, a bedrock of economic advancement.
Smuggling leads to tax evasion, straining government budgets and impeding the provision of public goods. This, in turn, affects productivity, development, and growth.
The economic ramifications of contraband trade are not limited to government revenues and public health. They extend to the heart of economic development. The micro, small, and medium enterprises (MSMEs) are anchored as crucial agents for income and employment generation. Yet, they are severely impacted by the influx of cheaper contraband goods that undercut their market share and impede their growth.
Recognising the gravity of this issue, the authorities have tried over the decades to implement various strategies to combat contraband trade. They disbanded the customs police force in 2008, replacing it with federal police, alongside amending customs and tax laws to streamline the process and empower law enforcement. These include simplifying trade procedures, introducing tax incentives for legal trade, and providing information and assistance to small-scale traders at borders. Yet, corruption remains a persistent issue, undermining these efforts.
Their attempts to combat contraband include legal measures. For instance, the law imposes rigorous imprisonment and hefty fines for those involved in smuggling activities. Such legal measures are intended to serve as a deterrent, yet their effectiveness is contingent on consistent enforcement.
The sheer magnitude of the problem, exacerbated by a sprawling 5,300Km border shared with five countries, demands more than traditional control mechanisms. It calls for bilateral and multilateral cooperation to address cross-border smuggling. Undoubtedly, there is a need to tighten border controls and law enforcement to curb illegal trade. However, there is a recognition that overly stringent measures could push small-scale traders further into the shadows, worsening the problem.
Innovative solutions like the deployment of drones, radar technologies, and electronic tracing of goods have been proposed to enhance border control. Coordination between various law enforcement and regulatory agencies and the meticulous gathering and dissemination of intelligence remains vital. However, resource constraints and the adaptive strategies of smugglers continue to pose significant challenges.
A viable strategy to combat illicit trade should involve raising public awareness about the detrimental effects of contraband trade on the economy and society. Such a strategy can promote community engagement, reflecting an understanding that a top-down approach alone is insufficient. Engaging the community, particularly in border areas, is crucial for sustainable solutions. The challenge remains significant, but durable solutions are imperative to ensure the viability of legitimate businesses on whose tax the state depends. These businesses are no less indispensable in keeping hundreds of thousands livelihoods humming.
Wedding Dreams & Budget Schemes
As 200 family members and friends gathered to bestow good wishes and send off newlyweds Kalkidan Temesgen and Nahom Tadele two weeks ago, the bride-to-be was holding back a bit of anger over the decorations. It had cost 263,000 Br but failed to meet the expectations of everyone in attendance. Kalkidan blames the lack of proper planning by the decorator, who saw the house a night before the ceremony, for the less than satisfactory outcome.
“I wish I had seen the Google reviews,” she told Fortune. “They were not even worth half the amount.”
After four months of engagement, the couple, who had dated for two years, opted for a modest ceremony at the house which also served as Shimgelna, (a tradition where the groom’s family asks for blessings at the bride’s house).
“We wanted to get on with our life as quickly as possible,” Kalkidan said.
With plates going as high as 3,500 Br per head at luxury hotels in the capital, they were spared from food and drink costs. Her designer dress cost 100,000 Br while a cake from Tee Keks was priced at 40,000 Br and makeup by Fufi was around 8,000 Br. However, the budget soared past half a million Birr, with decorations from Fiesta Decor, to the ire of the glowing bride, taking up most of the budget.
As the upbeat weather meets a non-fasting season in January, wedding fever sweeps the country, palpable with the frequent ‘rhythmic’ clanking of horns in the streets and decorations at hotels, lasting until late March.
There is a recurring theme of consumer satisfaction in the wedding industry marked by little leverage for clients with pre-paid payments and a rarity of receipts. The recommendation-based approach seems to work better with a network of planners, decorators, videographers and caterers who complement each other through a discount.
One who mastered the art of networking after a decade of operations as a wedding planner is Nebil Ahmed, general manager of Hayloga Events. While operating with a six-member permanent staff, the Company primarily relies on a web of partnerships built through the years.
Nebil entered the business at a young age after working for decorators. He has managed to kickstart around seven careers in his business. Birthed with 2,000 Br capital, Hayloga now charges around 200,000 Br for a wedding, handling two ceremonies a week in a typical season.
According to Nebil, the average cost of a wedding shot up from rare instances that crossed the million Birr mark to as high as 10 million Br in his days. He employs a contingency budget of around 10pc to prevent any potential surprises, after instances in which exorbitant budgets by overly zealous couples have led to the sale of private property to cover costs when the nuptial fever settled down.
A properly capped budget and open communication are deemed critical to managing the inflationary headwind and customer satisfaction, according to the Planner.
“Everyone seems to have an idea of a dream wedding,” Nebil said. “My job is to bring it down to realistic circumstances.”
In Addis Abeba, double-digit inflation rates of around 27pc have done little to curb the number of people who tie the knot. Data from the Civil Registration & Residency Service Agency (CRRSA) for the past six months reveals a 46pc growth from last year to around 11,000 couples.
To serve couples who opt to maintain a smaller ceremony, some entrepreneurs have hitched to incorporating traditional elements that are relatively low-cost.
Kidist Derbe and Lidya Tilahun, two lifelong friends who graduated with a degree in public health, have taken social media by storm with their company, Events of Addis, launched two years ago. Through comprehensive price offerings in packages ranging from 25,000 Br for an intimate dowry ceremony to a million Birr for gargantuan nuptials with thousands of attendees, the company has carved out a niche market in the sector.
“Expansive packages and a good reputation are vital,” said Kidist.
Business peaks in September and during the wedding season between January and March. Kidist carefully selects which ceremonies she wants to take up by considering the venue’s suitability for decorations, the budget and the time of the year. With 12 permanent staff and several partnerships, they offer packages which include decorations, catering and music from bridal showers and receptions over several weeks. It has been slowly moving into the wedding planning arena, organising two ceremonies this year right from scratch.
As wedding venues became scarce until late March, costs ranged from the affordable to the extravagant. Couples like Blen Gezahegn and Bisrat Amare demonstrated that intimacy need not require an enormous budget. With careful planning and a budget of around 250,000 Br, they created a celebration that embraced both tradition and modernity.
With a week of planning at Ghion Hotel inviting a close group of family and friends of around 55 people, it has cost them 2,000 Br per plate. The couple forked around 50,000 Br for a package which combined both makeup and video, while the wedding ball gown fetched 20,000 with the groom’s suit priced at 4,000 Br, and decorations, which had changed last minute from traditional to contemporary, were around 70,000 Br.
“Every cost was surprising,” the elated bride told Fortune in a comical tone.
1,100 Br per plate for auditoriums like Tsigerada Hall around Enkulal Fabrica or the Don Bosco Hall in Mekanisa to as high as 3,500 Br in five-star hotels if one can find space amidst the flurry of events.
While remaining a bit disappointed in the sound system assembled by friends, Blen was happy with the wedding, which she finds as culturally essential in setting the tone for a couple’s relationship with society.
Wearing white-coloured garments has historically symbolised purity and innocence, it was only after Queen Vicotria’s wedding to Prince Albert in 1840, which had received significant press coverage as the queen looked to exhibit British lacing industry prowess, that the white dress became a staple of weddings in the West and subsequently worldwide.
Rental wedding dresses in the capital fetch between 10,000 Br to 70,000 Br with the businesses mostly centred around the Bole Area.
‘Untouched up, still beautiful,’ reads the banner of Selena’s Bridal on the first floor of a newly furbished building across Selam City Mall on Cameroon Street. The inside is filled with items imported from Italy and Turkey. Fikrte Hailu, who runs the shop with her sister, expected a much bigger turnout during this wedding season but is grateful for the few and infrequent soon-to-be brides who stroll into her shop.
Even though she has observed the price of a wedding gown soar from 15,000 Br to above 35,000 Br for high-end dresses over the past five years, Fikrte points to a general shift in consumer behaviour for the market lull across most shops.
“People will pay premium only for superb quality,” she claims.
She feels confident that her dresses will fetch customers in the coming weeks while she remains uneasy over the possible hike in rent fees, which are currently around 60,000 Br. After a few years of being worn by consecutive brides the dresses which start to wear a greyish hue are shipped off to regional states for a fraction of their initial purchase prices.
The old saying about a wedding photograph being a love letter in the light seems to have morphed into a post on a social media profile. More couples cough a pretty penny for video professionals well-versed in the art of flashy Instagram reels.
Abenezer Tefera runs an eponymous video production company that specialises in high-quality documentary-style coverage of nuptials, pointing to an emerging trend characterised by filming for social media consumption. With package offerings that average around 100,000 Br, the video production company creates and edits reels for clients’ social media postings in a growing niche market.
“We try to get involved early on and capture impactful moments,” he told Fortune.
With humble beginnings compounded by a single camera, Abenezer now tries to find high-paying clients with specific demands and opts to work every other week rather than take on all gigs that come to his doorstep, targeting satisfaction for both himself and the client.
“Prices are secondary concerns to customers demanding quality,” said Abenezer, who has seen his business grow over the past two years.
The very act of going through budget schemes and reining in extravagant dreams seemed to hold a key to enduring love. A study by Hugo M. Mialon from Emory University sheds an interesting aspect on the economic correlation suggesting an inverse relationship between high spending on weddings and the longevity of marriages. While the number of marriages authenticated by the CRRSA increased by nearly 50pc, the number of divorces over the last six months has also doubled, showing a 100.3pc increment from the same period last year at around 2,000.
The service industry accounted for a little over a third of last year’s GDP, with nearly 900 billion Br registering a 7.6pc growth rate largely bolstered by airlines, telecom and financial services.
According to Demeke Kibru, an advisor and lecturer in hospitality management, there is a pervasive lack of quality assurance mechanisms permeating the hospitality industry, which peaks in one-time service providers. He said slow responsiveness, a lack of tangible demonstration of competence and pre-established assurance-giving modalities are major challenges to the service industry in Ethiopia.
“Word of mouth is an underappreciated asset,” Demeke told Fortune.
Investment Impesario
Hanna Arayaselassie, a noted public servant and former CEO of Ethiopost, has been appointed as the new Ethiopian Investment Commission (EIC) commissioner effective January 17, 2024. She succeeds Lelise Neme, who led the Commission for the past three years, following Abebe Abebayehu’s tenure.
Hanna is recognised for her leadership at Ethiopost, where she implemented reforms and rebranded the 129-year-old organisation from the Ethiopian Postal Service Enterprise. Under her watch, Ethiopost achieved a financial turnaround, tripling its revenues. It was a result acknowledged internationally in 2023 when the Universal Postal Union awarded Ethiopost the Postal Excellence Award for the Africa Region.
Her departure from Ethiopost is tinged with a sense of attachment.
“I’m very attached to the company,” she told Fortune, expressing sentimental regret over leaving the organisation she revived. “I find it difficult to say goodbye.”
Hanna, a mother of one and a spouse of Gedion Timothoes, the minister of Justice, believes she leaves behind a legacy of a vibrant team and a reshaped corporate culture.
Her appointment is seen as a move by Prime Minister Abiy Ahmed’s administration to recharge the investment environment in an economy starved of foreign currency. Her predecessor, Lelise, witnessed an average inflow of 3.3 billion dollars in foreign direct investment annually starting in 2017. Hanna’s tenure at Ethiopost and her previous role as the deputy commissioner of the EIC, where she was instrumental in reshaping investment policies, make her a critical figure in the push to attract more inward investments.
Ethiopia’s investment landscape has been dominated by domestic projects lately, which accounted for 96.2pc of the total investment capital in the last quarter of 2022/2023. Foreign investments constituted a minor 3.8pc. Despite a decline in foreign direct investment by 14.4pc during the same period, Ethiopia’s balance of payments recorded a surplus of 63.6 million dollars during the same period, a significant recovery from a deficit of 307.2 million dollars in the previous year. This financial rebound is partly attributed to a net foreign asset buildup of 120.8 million dollars by commercial banks.
Hanna’s colleagues praise her intelligence, commitment, and impact on public service.
Says Abebe: “She is exceptionally intelligent. Her commitment and dedication to public service knows no bounds.”
Hanna’s educational background is equally impressive. An alumna of a university in New York, she was a gold medalist at Addis Abeba University, graduating top of her class. Her career also includes a tenure as a lecturer at Addis Abeba University School of Law and a role as a senior policy researcher at the Prime Minister’s Office.
Ministry Prescribes Local Cure for Ailing Pharma
The Ministry of Health has taken up the services of the American Consulting firm McKinsey & Company to conduct a four-month-long study sponsored by the United Kingdom. The study aims to create a sustainable domestic supply chain capable of covering 60pc of medical products and technology within five years.
According to Fasika Mekete, senior advisor to the Ministry and participant in the study, there is a pressing need to increase the capacity of local manufacturers for the long-term reliability of pharmaceutical supply in Ethiopia.
“Identifying critical areas of intervention to lift local manufacturers is the aim,” he told Fortune.
While Fasika underscores the significant contribution that the study can make, he believes a much more comprehensive overhaul of operations will be required to make a lasting shift in the struggling industry.
“They have been resting on our shoulder,” said Fasika, “but it should not be the case”.
Fasika stressed the need to remove production imitations of local industry, which currently supplies a mere five percent of the demand, by expanding foreign direct investment, establishing testing agencies and a network of inter-linked industries and enterprises.
Minister of Health Lia Tadesse chaired discussions on policy instruments based on the McKinsey study’s indications two weeks ago. The study comes in response to manufacturers’ complaints about foreign currency scarcity and the need for market-oriented policies to support the local pharmaceutical industry.
While foreign currency shortages, reliance on imported raw materials, and a diminishing market share have been persistent challenges for local pharmaceutical manufacturers, McKinsey’s study aims to propose viable solutions. Tax holidays targeting both local and export markets are among the suggestions to improve the competitiveness of Ethiopian pharmaceutical companies in the long term.
Industry insiders are scheduled to discuss the findings of the study over the coming few weeks.
Daniel Waktole, president of the Ethiopian Pharmaceutical Manufacturers Association, commended the Ministry’s initiative, stating that even with the current production capacity, a steady supply of 240 million dollars annually for the entire industry could cover up to 40pc of domestic demand, which is met by the state-owned Ethiopian Pharmaceutical Supply Services (EPSS). He expressed optimism that with the right support, local manufacturers could reach a 70pc coverage rate within five years.
“It’s a big move,” he told Fortune.
However, foreign currency reliance, lack of testing agencies, and the need for a stable logistics infrastructure still hinder the industry’s growth. Daniel stressed the importance of creating a network of supportive industries to address these challenges.
As Ethiopia strives to boost its pharmaceutical sector, foreign currency shortages and heavy import reliance loom large, hindering the industry’s growth. Kilitch Estro Biotech Plc, Glocare Pharma Manufacturing Plc, and Pharmacure Plc are among the companies aiming to export pharmaceutical products to address their foreign currency needs.
The pharmaceutical venture in Ethiopia dates back to 1964 when Emperor Haile Selassie’s regime partnered with British-based company Smith & Nephew Associate Plc. Despite the longstanding presence, companies like Cadila Pharmaceuticals Plc, operating for 15 years on 11,000sqm factory on the outskirts of the capital, face significant hurdles.
General Manager, Kanchan Banerjee, lamented operating at a quarter of their production capacity. Indian-based Cadila, capable of producing up to 1.17 billion tablets, 432 million capsules and around 4.32 million litres of liquid medical products annually, is heavily reliant on imported inputs, making constant access to foreign currency crucial.
“Our production has plummeted,” he told Fortune.
Kanchan expressed frustration at the current market incentives, which he believes favour importers over local producers, leaving manufacturers sidelined. He welcomes the effort by the Ministry to boost local manufacturers but questions its practical long-term success when he finds incentives in the market to be favourable to importers rather than producers.
Sprawling in a 279hct plot, Qilinto Industrial Park, established five years ago with 5.5 billion Br, falls short of its potential, with only 21 out of 200 planned pharmaceutical investors having moved in, and merely three currently in production.
Derebie Debele, overseeing the park on behalf of the Industrial Park Development Corporation (IPDC), attributes the lacklustre performance to companies’ continued preference for imports.
State-owned Ethiopian Pharmaceutical Supply Services (EPSS), operating since 1947, faces its own set of challenges. It distributed 51 billion Br worth of pharmaceutical supplies last year, reaching about 500 health institutions through its 19 outlets across the country.
Solomon Nigussie, deputy head, said the swift implementation of an import substitution strategy to relieve local manufacturers is crucial.
“The pressure on us needs to be reduced,” he said.
He acknowledged a recent initiative by the Ministry of Finance, covering up to 55pc of import costs for medical manufacturers winning tenders to supply the institution, as a step towards boosting the local industry.
While import substitution is deemed essential for sustainability by officials, health economists like Getasew Amare emphasise the need for comprehensive health sector reform warning a long road before Ethiopia can become self-sufficient in pharmaceutical supply, as local industries struggle to produce simple essential commodities.
With the majority of health financing being aid-funded, Getasew observes a combination of import substitution and export orientation as crucial. According to him, transparent and accountable policies are vital to build trust between the government and the local pharmaceutical industry.
Wegagen Bank Capitalises on Peace, Delivers Rising Dividends to Shareholders
Wegagen Bank’s road to recovery has been cemented following the restoration of peace in Tigray Regional State, where the majority of its branches operate. Its executives were able to reopen the 112 branches that had closed during the two-year war in the region, which came to an end a year ago after the warring parties signed an accord in Pretoria, South Africa, in November 2022.
Peace brought back a stable yet progressive trajectory for Wegagen Bank in an increasingly competitive industry. Despite its recent turbulent past, it has maintained a solid presence, underpinned by significant assets and a strong equity base. Board Chairman Abdishu Hussien reassured some of the 11,345 shareholders recently met at the Hilton Hotel that the strategic steps taken to restore the Bank’s presence, including the introduction of treasury bonds, have paid off.
However, banking experts caution areas that require strategic focus to enhance its performance, including profitability per share, equity efficiency, and asset utilisation.
Incorporated in 1997 with 60 million Br equity raised from 16 shareholders, Wegagen Bank has seen its total assets grew by 24pc to 53.49 billion Br. Its paid-up capital increased by 17.4pc to 3.98 billion Br, though it still falls short of the regulatory minimum threshold set for 2026. Despite a decline in the capital adequacy ratio, the Bank maintains a strong capital position. During the prior year general assembly, shareholders passed a resolution to increase the paid-up capital to 20 billion Br, reminiscing over the times when they received as high as 50pc in dividends.
Alazar Abebe, a shareholder for a decade, acknowledged the Bank’s progress but suggested that consolidation could be beneficial to enhance capacity and rebrand the Bank, which he believes has been marred by political undercurrents.
“They should consider a merger,” he told Fortune.
However, Wegagen has shown a commendable performance for the second consecutive year. Its asset and equity figures place it in a mid-to-upper tier position among its peers, a status that becomes more evident when considering the Bank’s profitability. Its net profit rose by 49.4pc to 823.82 million Br, marking a significant improvement over the previous year. Nonetheless, Wegagen’s earnings still trail behind peers such as Nib and Hibert banks, which reported profits of 1.5 billion Br and 2.29 billion Br, respectively.
The earnings per share (EPS) also increased to 22.7pc from 16.6pc, although it remains half the average among the 15 top private banks in the industry of 30.
Wegagen Bank’s notable achievement in the past operational year was turning a loss of 279.73 million Br in foreign exchange into a gain of 106.78 million Br. Industry analysts such as Abdulmenan Mohammed (PhD) praised this turnaround as a “remarkable achievement.” The credit for this turnabout goes to the Bank’s executive team, led by its President, Aklilu Wubet (PhD), who assumed executive mantle in February 2022.
Under Aklilu’s stewardship, Wegagen Bank has reinforced its stature in the banking industry, focusing on healthy loan disbursement and maintaining foreign currency reserves. Aklilu attributed the importance of narrowing the gap between foreign currency liability and assets and timely settlement of letters of credit to reversing the previous losses.
The Bank’s total equity stands at 6.9 billion Br, a significant figure when viewed against its total liabilities and assets of 46.5 billion Br and 53.5 billion Br, respectively.
Its Return on Equity (ROE) and Return on Assets (ROA) stand at 22pc and 1.7pc, respectively. Top performers like Awash and Abyssinia banks boast ROAs of 4.3pc and above. Though moderate, these point to average performance in asset and equity management, crucial indicators of a bank’s efficiency in using its resources to generate profits. The average ROE for the 15 banks was at 19.8pc.
Wegagen Bank’s operational expenses, however, have been managed effectively. Interest paid on deposits rose by 8.8pc to 1.97 billion Br, and while wages and benefits increased by 52.5pc to 2.44 billion Br, other operating expenses saw a decline by 24.7pc to 767.25 million Br. The controlled increase in expenses stands in contrast to the higher expenses incurred by its peers, Nib and Hibert banks.
Aklilu attributed the cost efficiency to a strategic approach towards procurements and selective time deposits.
“Procurements were done very carefully,” he told Fortune.
The Bank’s provision for impairment of loans and other assets soared to 593.66 million Br, a figure that experts suggest warrants close monitoring. The provision marks a significant increase compared to its peers.
Hussien Harun, manager of the Goffa branch with 17 years of experience, attributed the Bank’s efforts to reviving and attracting new clients to a focus on improving customer service.
“We reconnected with clients to improve customer service,” he said.
The financial and non-financial intermediation income of Wegagen Bank saw a substantial increase. Interest on loans, advances, treasury bills, bonds, and other savings accounts rose by 33.8pc to 5.42 billion Br, while fees and commission income soared by 52.7pc to 1.37 billion Br.
Wegagen’s disbursement of loans and advances stood at 38.29 billion Br, lower than the industry’s top performers and the figures reported by Nib and Hibret banks. It has mobilised deposits of 42.79 billion Br, an increase of 26.19pc, with its loan-to-deposit ratio rising to 89.48pc. However, its liquidity position dropped in value and relative terms, with cash and bank balances declining by 12.2pc to 9.06 billion Br, and the ratio of liquid assets to total assets dropping to 16.9pc.
Analysts see the liquidity issue as a concern.
“Pushing it beyond a certain level would undermine the liquidity,” said Abdulemanan.
Aklilu, who manages a workforce of 5,071 employees across 410 branches, remains confident.
“Wegagen has a good liquidity position,” he told Fortune.
Editors’ Note: The article was updated from its original form on January 23, 2024.
Ministry Suspends Tallied-Up Social Welfare Taxes
Minister of Finance Ahmed Shide ordered a temporary suspension of accrued social welfare taxes imposed on importers, citing delays and implementation difficulties since the enforcement of the regulation. He sent a letter to the Customs Commission three weeks ago, signifying a decision pending further investigation into the hurdles faced by importers.
The social welfare tax, introduced in the last fiscal year as part of the government’s strategy to broaden the tax base, was projected to generate 22 billion Br. Set at three percent on imported goods, the tax had specific exemptions, including capital goods, fertilisers, and petroleum products.
Tax authorities had been calculating the new charge by combining the value of imported commodities, freight expenses, and insurance fees. The collected fund was earmarked for rebuilding infrastructures damaged by the conflict in the north and addressing gaps in the aftermath of the pandemic.
The contention arises from the Customs Commission’s delayed order for implementation. The order was issued five months after the initial approval of the social welfare tax regulation by the Council of Ministers in 2022. The failure to commence timely implementation has resulted in a substantial backlog, leaving importers unable to adhere to the levied tax.
Zerihun Assefa, communications director of the Customs Commission, attributed the delay to the wait for the inclusion of the social welfare tax code and the Federal Negarit Gazette. This delay hindered the integration of the social welfare tax code into the system, affecting 16 out of the 18 branches.
“We were waiting for the code to be added to the system,” he said.
Ethiopia’s economy was adversely impacted by soaring expenditures as a result of civil war, political instability, a pandemic, and rising global commodity prices. Surging budget deficits have prompted officials to boost revenue collection. Ministry of Revenue reported that 64.7 billion Br was collected from foreign trade taxes and duties in the first four months of the fiscal year while aiming to generate approximately six billion Birr from the social welfare tax.
Importers anxious over unpaid duties expressed a collective sigh of relief following the Ministry’s decision while they await clarity on the fate of the social welfare tax and its implications.
As the industry anticipates the results, Kassahun Tasew, a clearing agent with 20 years of experience, highlight his frustration. He disclosed that the Commission briefed them about the social welfare tax six months after its approval, and importers were being asked to pay three percent of the tax for a period when the commission had not designated a code in the declaration time.
“They could’ve uploaded the code immediately,” said Kassahun.
His sentiment is echoed by a transistor for two importers, Habte Petros whose clients were asked to pay 180,000 Br after the Commission audited a month ago. He believes the decision by the Ministry has brought temporary relief from additional financial burdens.
“We weren’t aware,” he told Fortune.
The situation is no different 280Km from the capital at Hawassa Industrial Park. Hibret Lema, head of the 23 member strong Investors Association with over 23,000 employees, said the manufacturers are struggling to keep their buyers after the US government delisted Ethiopia from the African Growth & Opportunity Act (AGOA). He said the Commission should not attribute backlogged taxes through a fault of their own unto the investors.
“It’s not right,” said Hibret.
The Ministry’s letter to the Customs Commission outlined the need for a comprehensive briefing on the uncollected taxes from each company, with the issue potentially escalating to the Council of Ministers if deemed necessary.
Legal experts urge officials to rectify procedural mistakes in tax collection, indicating the need for regulatory bodies to uphold procedural integrity to maintain public trust and ensure a fair and transparent taxation system.
Tadesse Lencho, managing partner at Tbest Law Firm, acknowledges the law that allows authorities to request tax dating back up to five years from the effective date. However, he argues that the Commission failed to adhere to the correct procedures, leading to complications, despite the supportive legal framework.
“They should swallow their mistake,” he said, recommending to take responsibility for procedural lapses.
While payers might not proactively declare certain taxes and duties, it is the responsibility of the Commission to trace and enforce compliance, according to Lencho.
Despite the attempt to ease the situation, tensions between importers and the Customs Commission remain palpable. According to Wasihun Belay, a tax advisor at the Ministry, although the decision was made in response to importers plea, the Commission is within its right to audit backlogs and levy the taxes.
“Being unaware doesn’t absolve anyone from tax obligations,” he said.
URBAN TUNE AND TURMOIL
The strains of city life reach a crescendo for Abel Tesfaye, 29, when a new grocery store near his home around the Yeshi Total area into chaos. The relentless music, blaring from 8:30 PM until midnight, has become an unwelcome lullaby, disrupting his much-needed sleep after an exhaustive work shift as a graphics designer.
“I come home tired and wake up without resting,” he told Fortune.
After 21 years of living in the area, Abel and his parents have only recently considered moving due to the nocturnal festivity depriving them of their nightly rest. With appeals to the owners falling on deaf ears, Abel is conflicted on whether or not to report the bar to authorities, even unclear as to whom he should report.
“I can neither rest nor work in my own home,” he said.
His dilemma reflects the growing concerns of Addis Abeba’s citizens as rapid urbanisation unfolds, bringing a mix of towering structures and commercial properties. The city’s soaring decibel levels, from street advertisements to car honks, have created a noise pollution epidemic, leaving residents weary.
While noise pollution has long been recognized globally as a significant environmental concern, Ethiopia established its national standard on environmental noise and pollution in 2003. The guidelines set decibel caps for commercial, residential, and industrial areas, aiming to strike a balance between urban development and the well-being of its citizens.
The Environmental Protection Authority developed a noise map with guidelines for a decibel cap that slightly shifts between days and nights for different areas, ranging between 45 at the lowest for residential areas after daybreak and a high of 75 for industrial areas.
According to Girum Gemechu, head of environment compliance & enforcement at the Authority, a poorly planned urban design has crammed residential, commercial, and industrial areas into close quarters. He said religious institutions, dispersed randomly across residential areas, emerge as primary contributors to noise pollution, presenting a challenge for regulators.
“Trying to regulate them is tricky,” Girum said, “they get defensive quickly.”
The Authority has taken measures on 1,205 individuals over the past six months with 40pc of them being against noise polluters. It has faced limitations in enforcing noise regulations, taking action against only 13pc of the 924 reported businesses over six months, due to resource constraints.
A survey conducted by the Authority identifies Bole District, particularly around the Atlas area, as the most noise-polluted area, with Qirqos and Nifas Silk districts trailing behind with complaints. Lemesa Gudeta, pollution control head at the Authority, attributes much of the problem to the proliferation of bars and grocery stores, citing a lack of proper master planning during the city’s expansion.
“Lack of synergy between regulators exacerbated the problem,” he said.
Alem Bar, located in the Haile Garment area, becomes a vivid example of a business vying for attention in a bustling market. Manager Belay Ashalew acknowledges the correlation between louder music and increased business. While the bar serves around 100 customers on a good day, it closes when the revelry gets too rowdy.
He rented the place a year ago for a modest monthly rent of 15,000 Br, pinning profitable horizons on the location. Belay claims that a bar requires a relaxed environment with good music, managing to serve around 100 customers on a good day.
“We usually close for the night when customers get loud,” he told Fortune.
Addis Abeba presents few restrictions on location, leading to businesses operating close without adequate consideration for noise levels and their impact on neighbours.
Sewnet Ayele, communication director at the Addis Abeba Trade Bureau, highlights the freedom of businesses to choose their preferred locations, with regulatory action taken based on reports from urbanites. He said the Bureau regulates whether or not businesses are subscribing to their stated categories, with crackdowns ensuing after reports come from urbanites.
“A business is free to select a preferred location,” said Sewnet.
Noise pollution, however, is not confined to commercial establishments. The blast from car horns in a city with approximately 720,000 cars emerges as a significant contributor, according to studies.
Dereje Worku, traffic monitoring team leader at the Addis Abeba Traffic Management Authority, points to the incessant honking of uncouth drivers as a major source of noise pollution. Although the Authority penalised around 1,029 drivers for loud horns in the past six months, Dereje underscores the need for a broader change in mindset to have a lasting impact.
“There are no standards on traffic noise,” he told Fortune. “We regulate out of intuition.”
Urban development researcher Tekalign Arifcho (PhD) sheds light on the chaotic soundscape of Addis Abeba, attributing it to the influx of factories and businesses in an unplanned urban area. Despite laws in place, Tekalegn argues for the need to recognise the pernicious impact of noise pollution on the psychological and social fabric. He calls for concerted efforts to improve the city’s soundscape and emphasises the importance of synergy among stakeholders.
“There are laws but little implementation,” Tekalegn said.
The World Health Organisation recommends limiting daily noise exposure to 70dB and restricting hourly exposure to 85dB to prevent hearing impairment. The impact of noise pollution extends beyond mere inconvenience, raising concerns about its potential contribution to chronic diseases such as hypertension. In Addis Abeba, however, the lack of awareness and enforcement is evident, with outdoor speaker advertisers operating illegally, disturbing the city’s landscape.
Residents like Eshetu Jeninu, 42, find themselves constantly battered by the auditory badger. He makes his daily living as an agent handling licensing, payments and permits across several public offices. Eshetu’s daily commute across the city exposes him to street advertisements with giant speakers and taxis blaring deafening music from taxis blasting deafening music in low-quality speakers.
“I constantly argue with drivers,” he said.
He particularly avoids routes through Mexico and Megenagna areas whenever he can, due to the barrage of street advertisements with giant speakers.
“I can’t even think,” he told Fortune.
Addis Abeba Construction Permit & Control Authority has started implementing a new set of laws with hopes of monitoring the city’s artistic landscape. However, efforts to legalise outdoor speaker advertisers have proven ineffective, registering only 10 companies in the past few months.
Addisu H. Michael, outdoor advertisement director, said that almost all outdoor marketers operate illegally, lacking proper conveying mechanisms. While he acknowledges the disturbed city landscape, Addisu believes there is an impending lack of awareness among society.
It has become common to see huge speakers outside boutiques, clothing shops, and mobile shops, with loud sounds blistering through the speakers’ diaphragms. Passers-by seem uneasy with the blistering sounds from clothing shops in the Mexico area where a huge speaker hangs outside and blaring music takes hold of the street.
Rashid Muhadin, 40, the owner, believes the music helps attract customers, though unsure how many are influenced by it. The shop sells trousers, t-shirts, and shoes for a price ranging from 900 Br to 4,000 Br, with an average of 50 people making their way.
“We aren’t quite sure if people show up because of it,” he said.
World Bank Paints Growth Portrait for Ethiopia: Agriculture, Peace on Canvas
A mixed bag of tight fiscal space, economic growth and fragility in Ethiopia is presaged by the flagship World Bank report released last week. ‘Global Prospects Report’ comes amid increased incidences of extreme food insecurity, debt default and a foreign currency drought.
World Bank’s prognosis suggests a 0.6pc slowdown in Ethiopia’s growth, projecting a 5.8pc figure for the current year, a sharp contrast to the government’s optimistic 7.5pc estimate. The report cites increased fiscal and external pressures as contributors to this deceleration, with hopes pinned on a rebound in 2024 contingent on sustained peace and agricultural productivity amid declining fertiliser prices.
Growth among fragile lower-income countries is estimated to increase from three to 5.4pc powered by the two largest economies, of which Ethiopia is one, due to increased investment and a recovery in government consumption, while the Democratic Republic of Congo is expected to benefit from expanding metal exports.
Globally, the World Bank predicts a deceleration in growth for the third consecutive year by 2.4pc, while Sub-Saharan Africa is expected to experience a decrease of 0.3pc to 2.9pc growth. The report emphasises the importance of nuanced economic assessments to capture the complexities of the situation.
Ethiopia has faced a series of shocks, both internal and external, impacting the population’s livelihoods, a reality not fully captured by traditional economic growth estimates. Economists such as Arega Shumete (PhD), express reservations about relying solely on GDP as an indicator, emphasising the need for more nuanced approaches that consider net production estimates.
“GDP does not reflect the net losses,” he told Fortune. “Some sort of net production estimate would be more apt”.
He cautions against crafting policies that fail to take into account food inflation, the rule of law, peace, security and health status, which have plummeted over the past few years.
“Development indexes better capture the realities of everyday life,” he said.
The growth rate forecast hinges on maintaining fragile peace, reflected positively in the November treaty between forces in Tigray Regional State and the federal government. It aligns with the latest findings from the UN Office for the Coordination of Humanitarian Affairs, indicating the convergence of climate crises, armed conflicts, diseases, and economic shocks. Over 20 million people in Ethiopia are reported to require immediate food assistance while 3.7 million cases of malaria and 4.1 billion dollars are required in emergency funding.
Ethiopia’s budget for the fiscal year, amounting to 801.6 billion Br, signals modest growth, the smallest in the last two decades. A tightening of fiscal space for most of the countries categorised as Emerging Market Development Economies (EMDE) will likely transpire over the coming year as countries with lower sovereign creditworthiness struggle to cope with dollar-denominated bond yields much higher than nominal GDP growth rates.
Ethiopia’s credit rating was lowered to junk territory last month by the Fitch rating agency, and its long-term foreign currency issuer default rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ following a missed coupon payment of 33 million dollars.
A macroeconomist who requested anonymity questioned the reliability of data that would suggest a GDP growth estimate for a country dealing with severe macroeconomic instability, recent debt default and the wisdom of providing policy prescriptions based on it. The country’s ability to take advantage of the nearly 50pc decline in international fertiliser prices is questionable for the economist, as Ethiopia navigates a pernicious foreign currency crunch and precarious geopolitical waters.
“It’s tough to respond to fake data seriously,” he told Fortune.
The report acknowledges the difficulties but forecasts economic growth of 6.4pc for Ethiopia in 2023, contingent on sustained peace and purported increases in poultry and fruit production.
Agriculture accounted for 31.5pc of Ethiopia’s GDP last year to the tune of 728 billion Br. The sector’s contribution to the country’s merchandise exports was around 79pc. The fourth quarter report by the National Bank of Ethiopia (NBE) suggests an 18.4pc increment in the export of fruits and vegetables from last year as total exports plummeted by 14.7pc to 990 million dollars.
Mekonen Solomon, senior coordinator of horticulture at the Ministry of Agriculture, ascribes the purported increment in fruit production to vast expanses of avocado cultivation powered by the Mashav Project, an Israeli development initiative targetting improved varieties and irrigation technologies. He said a slight increment in exports has been observed over the past six months but suggests that an in-depth study of the dynamics surrounding the cultivations would be needed for concrete forecasts.
“Assuming success across the board, there will be a high yield increase,” he said.
From the 547,000tns of horticultural products last year on 1.5 million hectares, 61pc were fruits with a decade-long increase of 192pc to 173,000tns. Recent diseases such as White Scale disease have wreaked havoc on most citrus fruits, particularly devastating mango production in the country, which has been spreading after first appearing in the country a decade ago.
Mekonen is unsure about a massive expansion in fruit production as high-producing regions in Wellega Zone, Oromia Regional State, also have a precarious security situation, pinning his hopes on recent high producers in South Western and Amhara regional states for short-term growth.
“The WB is likely using satellite data,” he told Fortune.
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