Temer Properties: Real Estate Updates Made Simple on YouTube & Telegram

Temer Properties has established itself as a premier destination for those seeking houses for sale in Addis Ababa, apartments in Addis Ababa, real estate in Ethiopia, and commercial shops in Ethiopia. Whether buyers are searching for a family home or an investment opportunity, the company offers a wide range of well-located residential and commercial properties throughout Addis Ababa.

Site Progress on YouTube

The company provides updates through its official Site Progress Playlist on YouTube. Viewers can explore every stage of construction, from groundbreaking to finishing touches, as each project unfolds. Updates are available on the Temer Properties YouTube Channel and are organized in the dedicated Site Progress Playlist.

Direct Connections with Temer Properties

Multiple communication channels are available for clients:
• Telegram: @Temer_Admin or +251 93 955 5558
• Call: Hotline 6033 within Ethiopia, or +251 975 666 669
• Visit: Woldemaryam Building, Sarbet to Kera Road, Addis Ababa, Ethiopia
• Website: temerproperties.com

What Can Be Found

  • Residential Listings: Homes in Ayat, Lebu, Sarbet, Piassa, and Haile Garment, featuring 1, 2, or 3-bedroom apartments along with shops and mixed-use options.
  • Commercial Opportunities: Units in central locations such as Piassa, designed for businesses seeking growth or new openings.
  • Construction Updates: Transparent progress reports for each site, allowing buyers to track developments.

Why Clients Choose Temer Properties

  • Strategic locations in Addis Ababa’s most accessible neighborhoods
  • On-time delivery with projects completed according to schedule
  • Multiple property options, including modern apartments, spacious houses, and commercial shops
  • Construction quality focused on safety, design, and long-term value
  • Transparent pricing with flexible installment options
  • Full support from design and construction through to post-sale services

Temer Properties states that its mission is to make the process of finding a home or investment opportunity simple, transparent, and reliable. The company emphasizes on-time delivery, multiple property options, and regular updates through platforms such as YouTube and Telegram.

Digital Platforms

Temer Properties maintains a strong digital presence where updates and listings are available:
• Website (https://www.temerproperties.com)
• Facebook (https://www.facebook.com/temerproperties)
• Instagram (https://www.instagram.com/temerproperties)
• LinkedIn (https://www.linkedin.com/company/temer-realestate)
• Telegram (https://t.me/temer_properties)
• YouTube (https://www.youtube.com/@TemerProperties)
• TikTok (https://www.tiktok.com/@temer_properties)

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Regulators Tighten the Noose on Fuel Market

The fuel industry is facing its biggest shakeup in decades as federal regulators roll out a sweeping directive weeks after lawmakers ratified a new petroleum marketing law.

The changes bring real-time digital reporting to a sector long criticised for opacity, with every distributor and station now required to upload transaction details within 24 hours.

For decades, fuel distribution has operated in the shadows, plagued by unrecorded markups, hoarding, and widespread contraband. The Petroleum & Energy Authority’s (PEA) new measures, under  Destaw Mekuanent (PhD), director general, seek to implement a systemic reset.

The most disruptive change comes in the form of digital enforcement and real-time reporting. All market actors in the fuel supply chain, from distributors to station owners and transporters, are now subject to enhanced scrutiny. They are required to submit detailed transaction data within 24 hours to both the Authority and the Ministry of Trade & Regional Integration (MTRI), ensuring a dual layer of bureaucratic oversight. The directive has effectively made the traditional paper trail and informal communications obsolete.

Fuel stations are required to install flow metres, replacing deep-stick methods, a technological upgrade that not only promises measurement accuracy but also exposes loss patterns.

“We’re not just modernising the system,” said Habtamu Milki, the Authority’s legal head. “We’re closing loopholes that have enabled theft and fraud to flourish. There wasn’t a proper penalty framework for distributors and stations. This regulation brings the entire trade under a legalised system.”

This state-backed support helped cushion EPSE’s razor-thin trading margins. Gross profit rose to 1.37 billion Br, up from 1.18 billion Br in 2022/23, while operating profit soared to 917.4 million Br, marking a stunning turnaround from the 117.3 million Br booked a year earlier.

Transporters diverting fuel trucks face escalating sanctions, and regional governments are moving swiftly. In the Somali Regional State, the Trade Bureau fined 136 stations 150,000 Br each, collecting 20.4 million Br in penalties. Only 20 companies were spared after proving technical connectivity issues with Ethio telecom, Abdulah Sheikh-Hassen, head of the Bureau, disclosed.

This shows a broader shift towards accountability in enforcement, moving beyond dependence on Telebirr logs to include other platforms, such as E-Birr, signalling the officials’ newfound digital awareness.

“This change unveiled our region’s heavy reliance on E-birr,” he said.

Despite the regulatory muscle-flexing, the economic reality for many operators remains grim. Distributors complain that they earn as little as 40,000 Br a load, on deliveries worth up to 60 million Br. Station owners fare even worse, often eking out 8,000 Br a truck. With annual overheads such as rent running into millions of Birr, even large increases in margins would barely make a dent.

“Some stations pay up to one million Br monthly for rent, relying on illicit trade,” said one official, speaking anonymously. “Even a threefold increase in margins wouldn’t make many of them profitable.”

The official confirmed that the Authority is reviewing profit margin reforms, but acknowledged that incomplete audited financials from many operators may complicate efforts. This uncovered the broader informality embedded in the fuel economy, where low returns and operational opacity have fed the informal trade.

The Ethiopian Petroleum Dealers Association (EPDA), representing 1,590 stations, is in favour of mandatory flow meters. Losses due to discrepancies, up to 1,000 litres a vehicle, translate into tens of thousands of Birr gone, often untraceably.

“We’re pleased about this,” said Ephrem Tesfaye, board member of the Association.

However, this solution brings its own technical challenges. Fuel volume changes with temperature, an issue that Ethiopia’s hot climate heightens.

“A single truck can lose 500 litres on a hot day,” said Ephrem.

Unless the meters adjust for these fluctuations, station owners may still absorb the cost, undermining the reform’s intent. While quantity losses dominate the debate, quality degradation looms larger. The influx of counterfeit lubricants has raised red flags, with the Ethiopian Oil Companies Association calling for enforceable standards.

“We’ve been lobbying for a national standard,” said Tadesse Girma, the secretary general.

He disclosed that the Standards Institute is developing specifications to eliminate substandard imports, a move seen as vital to safeguarding engines, public trust, and the broader downstream market.

The crackdown is not merely theoretical. Several companies, such as Ful M Oil Ethiopia, Halfay Petroleum, Nejashi Petroleum, Top Oil, and Yenat Petroleum, were suspended for failing compliance checks. They face a two-month embargo on receiving fuel, a clear signal that the rules now carry consequences.

According to Ahmed Tusa, a former adviser to the Ministry of Trade, scaling up fuel sales, not margin tweaks, is the only sustainable solution.

“The industry thrives on volume,” he told Fortune. “The more you sell, the more you earn.”

While Ahmed welcomed the flow metre requirement, he believes that for the system to self-correct, reforms should incentivise volume, not just punish divergence.

The ongoing regulatory intervention represents the authorities’ most serious attempt yet to formalise and digitalise a fuel industry long dominated by informality and inefficiency. While implementation issues remain, particularly around technology calibration, profit structures, and supply chain discipline, PEA officials hope the foundation is being laid for a more accountable and transparent market.

The Capital Market May Be Too Shallow to Swim In. Beware.

Banks have a new obsession. After decades chasing deposits and, more recently, digital banking, they are scrambling to attach investment-banking arms to their franchises. The state-owned colossus, Commercial Bank of Ethiopia (CBE), is in the vanguard; Wegagen, Awash and Siinqee are not far behind.

Two novelties, the birth of the Ethiopian Securities Exchange (ESX), the country’s first organised capital market, and the creation in 2023 of the Ethiopian Capital Market Authority (ECMA), headed by Hana Teheklu, once a state prosecutor, have sparked the frenzy. The prospect of underwriting fees and advisory commissions can be tantalising. However, the dash for this glittering prize threatens to magnify the very fragilities regulators hope capital markets will soothe.

The domestic commercial banking industry has long been a cosy and inward-looking business. Lenders gather deposits, parcel out loans and harvest interest income fattened by double-digit inflation. Margins look handsome, masking thin capital and creaking risk controls. The new market promises a different model. In arranging share flotations, selling shares and shepherding mergers, a stream of fees is expected.

The National Bank of Ethiopia (NBE) requires that every bank maintain a paid-up capital of at least five billion Birr. Several of the 32 licensed banks have struggled to meet the threshold. Their troubles do not end there. According to the NBE’s latest sector report, non-performing loans average 4.1pc in 2023/24, inching toward the five percent ceiling. Many mid-tier financial institutions find themselves above the minimum eight percent capital-adequacy ratio, and liquidity scares have forced repeated taps of the Central Bank’s overdraft window.

Inflation, stuck at around 20pc year-on-year, gnaws at real earnings.

Even in robust economies, mixing deposit-taking and investment banking is a delicate task, prompting the international financial system to introduce Basel III’s stricter capital rules. A statutory “Chinese Wall” may look splendid on paper, but walls need bricklayers. Barely two years old, local regulators lack such muscle. ECMA’s staff are green, and its mandate overlaps awkwardly with that of the NBE. The judiciary is slow, the auditor’s camp is narrow on the ground, and enforcement is patchy.

Capital, however scarce, may prove easier to muster than talent. The country boasts fewer than 200 professionals with genuine experience in underwriting, corporate finance advisory, or securities law. Nigeria, by contrast, employs over 10,000 such folk, and Kenya, with half Ethiopia’s population, has thousands. Ethiopia is attempting to carve an industry from a talent pool scarcely larger than a single lecture hall.

That shortage could tempt banks to cut corners. Consider a hypothetical manufacturing firm that borrows heavily from its bank, then hires the bank’s investment affiliate to underwrite a bond, which retail clients are urged to buy. Should the firm default, the lender would swell the ranks of creditors and see its customers nursing losses. The risk of such triple exposure is not idle conjecture. It helped fell Wall Street titans 17 years ago.

Why, then, the stampede?

Partly, saturation. Private banks’ loan-to-deposit ratios exceed 80pc, leaving scant slack for expansion. Competition is fierce, with more than 30 banks vying for the same middle-class savers. Inflation erodes nominal profits. Investment banking appears to be a lucrative escape. Advisory fees on flotations or bond issues typically range from two to three percent of the deal value. A modest one-billion-Birr transaction could yield up to 30 million Br, a substantial sum when net interest income is under pressure.

Early movers also gain prestige and political sway. CBE, steward of 1.43 trillion Br in assets, relishes both. Smaller rivals fear being left behind.

Nonetheless, investment banking is not cheap. Underwriting a sizable federal bond or a share sale requires a strong balance sheet and a robust reputation. Prospective investors will doubt a lightly capitalised broker-dealer’s ability to honour obligations. Without consolidated supervision, a risky affiliate could channel profits to its parent while parking losses off balance-sheet, imperilling deposit-takers and, ultimately, taxpayers.

Overcrowding looms too. Kenya, whose market is among Africa’s most vibrant, licenses over 20 investment banks. Ethiopia, with a far smaller investor base and virtually no trading history, could soon match that tally. A glut of undercapitalised firms would slash fees, skimp on due diligence and hawk dubious instruments, all while chasing a thin pipeline of deals. Restructuring may come only after a scandal.

One remedy would be consortium models. Mid-tier banks could pool capital and talent, creating a handful of sturdy players capable of shouldering large mandates. The result could be deeper domestic markets and sturdier financial institutions able to compete regionally. Regulators could emulate such consolidations before missteps harden into crises. They can also raise the bar for entry, requiring investment affiliates to hold sizable capital that would weed out those who are not serious.

Making the capital subject to group-wide prudential ratios would prevent thinly capitalised subsidiaries from siphoning risk away from their parents’ regulatory perimeter. Hana’s Authority should insist on robust governance, with independent directors having securities expertise, rigorous internal controls and transparent audit trails. Her team should coordinate this with the NBE to ensure consolidated supervision.

Training is equally urgent. Universities should incorporate securities analysis, corporate finance, and risk management into their business curricula to provide students with a comprehensive understanding of these key areas. Multilateral organisations can fund certification schemes and secondments abroad. Banks, if serious, should invest in apprentice programmes rather than poach scarce talent from one another. Without a pipeline of competent analysts, traders and lawyers, the industry will stumble.

For Hana, the learning curve will not doubt be steep. Headquartered on the Africa Avenue (Bole Road), she oversees a young regulatory body, and her staff is small. She needs both legal muscle and political backing to enforce arm’s-length rules. Unchecked lobbying could dilute standards before they have a chance to take root.

None of this is to deny the promise of capital market reform. A thriving ESX could finance infrastructure, broaden household savings, and provide companies with alternatives to bank loans. The next few years will reveal whether the Exchange becomes a conduit for productive investment or another field littered with casualties.

It is wise to remember that the national savings rate is low, pension funds have few local assets to invest in, and the state requires longer-term financing that banks cannot provide. A well-run Exchange could unlock dormant capital. But dreams should bow to reality. Capital is scarce, skills are scarcer, and oversight is embryonic. Racing headlong into risks replicates the fragilities already plaguing the commercial banking industry.

Banks’ ambition should be viewed as natural, but discipline may not be. The domestic financial sector, already struggling with bad loans and liquidity squeezes, cannot afford another arena where undercapitalised firms compete for thin fees. History offers a blunt lesson. In finance, speed without sturdiness ends badly. Whether policymakers heed it will determine whether today’s glitter becomes tomorrow’s grit. The choice lies with policymakers and regulators.

Policymakers can set higher capital floors for investment affiliates and apply consolidated supervision. Regulators can encourage mergers and consortium models to avoid a crowded field of minnows. They can also mount an aggressive and coordinated campaign to build skills, spanning universities, regulators and industry. If these conditions hold, banks’ shift to investment banking could diversify revenue and deepen financial services. If they do not, the country may repeat Wall Street’s mistakes without sharing its prosperity.

IE Networks, Liyana Healthcare Lead First Wave of Public Listing Aspirants

Two domestic companies, IE Networks and Liyana Healthcare, have emerged as the first to complete the IPO readiness assessment under the Ethiopian Capital Market Authority’s (ECMA) IPO Clinic.

Backed by the World Bank, the Clinic is a flagship initiative designed to usher private enterprises into the world of public financing, a radical departure from the traditional bank-dominated corporate finance model.

These firms, selected from an inaugural cohort of 26 companies, have demonstrated what regulators describe as “robust operational capability and strategic intent” to leverage equity markets. Their completion of the diagnostic stage marks the early stirrings of a capital market ecosystem still in its infancy but poised for transformation. Now, they are working with investment advisers, lawyers, and accountants to address a range of regulatory, operational, and financial adjustments recommended by the IPO Clinic, setting the stage for a potential public listing once market conditions permit.

The timeline for when IE Networks and Liyana Healthcare will actually list their shares remains uncertain, depending on their progress in meeting regulatory requirements and broader market trends.

“IE Networks and Liyana Healthcare represent exactly the type of forward-looking businesses the Clinic aims to support,” said Assefa Sumoro, a senior capital market advisor at ECMA. “They are companies ready to scale and contribute to the evolving capital market ecosystem.”

Assefa credited the World Bank’s technical guidance and funding with making the IPO Clinic a reality, though he declined to disclose the amount of the Bank’s support. He depicted the Clinic as providing “world-class technical guidance and capacity building” for companies looking to tap into public markets for funding.

“Our goal is not simply to fill seats, but to work with companies that have the vision, governance, and operational readiness to navigate the IPO process successfully,” he told Fortune.

Among the first to benefit from this program is IE Networks, an Addis Abeba-based enterprise IT solutions provider incorporated in 2008 by Meried Bekele. With more than 200 employees and annual revenues of over 500 million Br, the company has established itself as a key player in the technology sector, delivering services in cloud infrastructure, cybersecurity, software development, smart city systems, and data centres.

IE Networks has completed over 250 major projects and counts global technology firms, including Dell, IBM, and Cisco, among its partners. The company has earned a reputation for delivering projects rapidly, maintaining professionalism, and nurturing strong customer relationships, although former staff members recall a culture of tough discipline and high performance demands.

For Meried, the journey started during his time at Ethio telecom, where he worked by day while solving networking issues for other companies at night. He initially founded IE Networks to manage his tax exposure, but soon turned it into one of the known domestic IT firms.

“Our focus will be to work on addressing these organisational gaps in the next two to three years,” he said, speaking of his experience with the IPO Clinic.

He disclosed that IE Networks is not planning to raise capital immediately, but that the process has equipped him and his team with insights to strengthen governance and systems for an eventual market entry.

Liyana Healthcare has also completed the IPO readiness assessment. The company is led by founder and Chief Executive Officer, Girma Ababi (MD), an experienced physician and anatomical pathologist, whose own journey began in academia as a university lecturer. Liyana Healthcare has evolved into a multifaceted healthcare business offering advanced medical care, education, research, consultancy, and product distribution.

The company’s centres in Addis Abeba and Hawassa provide trauma, surgery, internal medicine, and telemedicine services, including through the LIYANA-CARE app. Liyana also manufactures and distributes medical gases, drugs, detergents, and chemicals, all with a focus on delivering integrated and affordable healthcare solutions.

According to Girma, his motivation to build the company came from personal frustration. Early in his career, he would diagnose cancer patients but had to face the unfortunate reality that treatment options were out of reach.

“Rather than telling a patient they have cancer and shortening their life by stress, it was better not to tell them anything,” he recalled, describing the emotional toll that led him to seek practical solutions.

He started with Yanet Internal Medicine Speciality Centre, a clinic that grew into a family-owned company and later welcomed investments from other medical professionals. Liyana Healthcare, which he co-founded with his wife, Emebet Shifaw, a laboratory specialist, has since expanded into Liyana Digital Healthcare Solutions, Liyana College of Health Sciences, and Liyana Oxygen Manufacturing.

Liyana has remained profitable for 15 years, although recent heavy investments have brought fluctuations in performance. The company is currently forming a health insurance and microfinance arm, known as Family & Aspire, to help patients finance their treatment.

Girma has ambitions for Ethiopia to become a destination for medical tourism, joining countries like South Africa, Kenya, and Morocco. He foresees that achieving this vision will require large-scale healthcare centres with investments of no less than 10 billion Br. The company is preparing to transition from a private limited company to a share company, a necessary step to qualify for listing on the Ethiopian Securities Exchange (ESX), which plans to list nine companies in the coming year.

Liyana aspires to be among them as the ESX opens its first call for applications.

The Capital Authority is setting strict eligibility criteria for Cohort I of its IPO Clinic, requiring participating companies to be Ethiopian-registered, have at least two years of operational history, demonstrate strong financial performance, and exhibit clear growth potential. Applicants are required to commit to senior management and actively address readiness gaps. Over a one-year cycle, the Clinic provides diagnostic assessments, training, and technical support to help firms prepare for regulatory compliance, financial transparency, and operational strengthening.

They also gain access to investors and regulators, to build a pipeline of IPO-ready companies and create a competitive and sustainable capital market. Market observers are closely monitoring the process, stating its importance in preparing domestic companies for the rigorous discipline required by capital markets.

Girum Amaha, an economist and consultant, described ECMA’s efforts as crucial for filling a knowledge gap.

“For the public good, companies with the greatest chance of success must go through this process under ECMA’s guidance,” he said.

Some experts have raised concerns that the Authority’s regulatory framework can be daunting for newcomers and other stakeholders, who sometimes prefer to seek easier licenses, such as for investment advisers. Girum counters that this discipline is necessary, noting, “Loose laws fuelled the 2008 financial crisis, which led Western regulators to tighten oversight.”

“Ethiopia needs exactly the kind of discipline ECMA is applying to ensure long-term market stability,” he told Fortune.

Public Hospitals to Outsource Medical Services Under New Financing Rule

A new directive authorises state-run hospitals and clinics to outsource not only non-clinical support services but, for the first time, core medical services as well. Health officials say the policy, part of a broader reform of the health financing system, seeks to address the strain on overburdened institutions and improve the quality, efficiency, and reach of healthcare services.

While contracting out non-medical services, such as security and janitorial work, long been a fixture in the public health sector, the new directive expands the scope to include essential medical functions, including laboratory diagnostics, radiology, and pathology. These services may be outsourced to third-party providers if feasibility assessments show the move would yield better and more cost-effective outcomes.

“What could new is that medical services are now included,” said Anmut Ayalew, who leads the finance and partnership team at the Ministry of Health. “It helps reduce the workload of institutions and allows them to focus on their core mission of delivering quality care.”

However, outsourcing will remain optional. Health facility boards will decide whether to adopt it, provided it is financially and operationally justifiable. Crucially, Anmut disclosed to Fortune that the directive includes safeguards to prevent unwarranted cost burdens on patients.

“All outside contractors would be thoroughly vetted,” he said. “We want to avoid passing unnecessary costs on to patients.”

Some hospitals are already preparing to test the new flexibility. At Alert Hospital, Tesfaye Gudeta, CEO for competence and human resources management and development, believes the directive could help solve persistent management headaches.

“Our CT scan and X-ray machines frequently break down,” he told Fortune. “The cost of maintenance is high. Outsourcing could mean more reliable services and better quality.”

Non-medical functions, such as catering, staff cafeterias, patient assistance, and portering, could also be outsourced to contractors, allowing the Hospital to focus on treatment. Alert Hospital plans to conduct feasibility studies to determine which services should remain in-house and which to contract out, a process likely to be repeated at facilities nationwide.

Staffing is a particular challenge, with roughly 490,000 employees in the sector, including 328,951 health professionals. On average, one physician serves nearly 5,843 people, one nurse serves 999, and one midwife serves 4,339. With such gaps, it is little surprise that hospitals are keen to explore new ways to relieve pressure on staff and improve technical services, especially in radiology and laboratory testing.

Not everyone is convinced that outsourcing medical care is the right answer. In the corridors of Alert Hospital, Workneh Tolosa, whose 13-year-old son was waiting to be seen by doctors, questioned the logic of a hospital established to provide medical care, outsourcing those very services.

“Outsourcing non-medical services may be fair enough,” he said. “But a hospital established to provide medical care, outsourcing its own medical services, does not make sense.”

Workneh worries that medical fees could rise if professionals who previously worked inside the hospital return as external providers and start charging patients directly.

“The difference between the private and public sectors is not the people themselves, but the sense of responsibility,” he said.

He argues that the government should focus on stronger accountability rather than shifting services, and that proper maintenance of hospital equipment would be more effective in preventing breakdowns and service gaps.

The public sector accounts for only 32.2pc of total health expenditure, with development partners accounting for another 33.9pc. Private sector providers are often criticised for overcharging and recommending unnecessary tests, unveiling the need for government oversight to prevent abuse and protect patients. Experts argue that affordability and access for the poor should be at the centre of any outsourcing decisions, especially given the country’s dependence on external financing.

“When services are outsourced, the critical question is whether the poor will have access,” said Asayehagne Tekeste, a public health advisor with the Public Health Officers Association. “This must always be considered.”

Caution is also the watchword at Black Lion Hospital, the country’s main referral facility, and Tikur Anbesa Health Science College. According to Andualem Deneke, chief executive director, his team is in no rush to implement the new directive, even as he acknowledged its possible benefits.

“We want to study how our core services could potentially be outsourced carefully,” he said. “Such a move requires detailed assessment to ensure quality isnot compromised.”

Black Lion will limit its outsourcing, for now, to some medical services and laundry services. The Hospital has previously outsourced cleaning and security services, but Andualem disclosed that outsourcing core services such as teaching is far more complex and demands a much more thorough evaluation.

The government’s policy arrives at a time when the public health system is under severe strain. Over the last decade, the country has rapidly expanded its health infrastructure, now counting 404 hospitals, 3,907 health centres, and 15,531 health posts nationwide. Outpatient attendance per capita reached 1.7 in the 2023/24 fiscal year, an indicator of both growing population demand and mounting pressures on hospitals and clinics.

Public health experts, however, cautioned against this approach.

According to Asayehagne, outsourcing has delivered benefits in other countries, but he warned that success in Ethiopia will depend on careful management. He called for outsourcing decisions to be transparent and based on solid research, with input from both technical experts and service users.

“The executive bodies cannot simply hand over services to the private sector and walk away,” he said. “They must remain actively engaged, resolving problems on both the user’s and the provider’s side while monitoring and supporting institutions to ensure they deliver quality services.”

The directive goes further than outsourcing, spelling out new procedures from revenue collections to the utilisation of internal funds, resource acquisition, setting service payments and rate calculations, providing free healthcare, and operating private medical rooms within public hospitals.

Health Officials Seek Dollars in Medical Tourism, Locals Face Care Deficit

The federal government has turned its attention to an unlikely export sector: healthcare. Framed as a national economic revival tool, medical and wellness tourism is being branded as a “premium service export.”

The backdrop is over 700 million dollars that is believed to be leaving the country annually as Ethiopians seek healthcare abroad. Roughly 10,000 patients a year go abroad, spending an estimated 10,000 dollars each, revealing an unmet local demand and the erosion of public confidence in domestic health systems. By launching the initiative “Come Home to the Origin of Healing,” federal officials hope to reposition Ethiopia from being a source of outbound patients to a destination for continental and diaspora medical travellers.

The underlying ambition is to recapture foreign currency, stem the outflow, and inject vitality into a moribund health system.

“Those who can afford to travel get treatment,” said Ilubabur Bune, a lead executive for medical services at the Ministry of Health. “But many are left untreated or pushed into bankruptcy after paying abroad. There should be no reason for someone to die here for lack of treatment.”

Central to the plan is a new online portal that will serve as a one-stop gateway for international patients, bringing together booking, payment, service ratings, and follow-up care to streamline bureaucracy and increase accountability.

The roadmap outlines a comprehensive set of reforms, including expedited procurement of advanced medical equipment, cross-border portability for health insurance, and an enhanced role for public-private partnerships in developing integrated healthcare cities. Regulators have announced plans to streamline licensing, investment approvals, and customs procedures for imported medical supplies. Health officials’ pitch is to build capacity at home and raise standards.

“Ethiopia can become a destination for healthcare services, rather than a source of outbound medical tourists,” said Ilubabur.

According to him, the push began in the private sector and is now being adopted at the policy level.

“Medical and wellness tourism is not a luxury for us,” Ilubabur told Fortune. “It’s a necessity.”

The focus, he said, is to curb outbound tourism by allowing patients to receive advanced care at home, rather than flying abroad for surgery or diagnosis.

There are no internationally accredited hospitals in Ethiopia, a fact that Ilubabur readily acknowledges. The Ministry plans to grant university hospitals greater financial autonomy and enhance their capacity. Through the new roadmap, at least 24 hospitals (16 private and eight public) are expected to pursue international accreditation. Eight hospitals are on track to secure such recognition.

St. Paul Hospital, one of the country’s leading public health institutions, has begun offering kidney transplants at a fraction of the 30,000 to 40,000 dollars spent by Ethiopian patients overseas. Private hospitals such as Ethio-Istanbul now perform high-end surgeries at costs approaching one million Birr, while others, like Axon, are establishing themselves as centres for stroke care.

“We’re working on building the capacity of doctors and specialists,” Ilubabur said.

Public-private partnerships (PPPs) are also being promoted to address the capacity gaps that limit the government’s ability to meet growing demand. St. Paul Hospital, which recently added three new buildings, is earmarked for this model. Countrywide, 75 hospitals are currently under construction.

“We want to excel in having the biggest hub in Africa,” Ilubabur told Fortune.

The roadmap identifies several institutions as centres of excellence, each with its own clinical speciality. Alert Hospital is recognised for trauma care; St. Paul Hospital for infertility and transplants; and St. Petros Tertiary Hospital for infectious diseases. Tikur Anbessa Teaching Hospital is preparing to become a centre of excellence in haemato-oncology and cardiac services. Following its transition to financial autonomy, the Hospital has restructured these departments with a new focus.

“We’re working on capacity building,” said Andualem Deneke, chief executive director. “Right now, the sector has more than 20 cancer and cardiac specialists, supported by specialised nurses. Cancer patients should not be treated like others. They need dedicated staff and modern equipment.”

At Alert Hospital, Tesfaye Gudeta, CEO of Competence & Human Resources Management and Development, stated that the institution is constructing an eight-storey trauma tower as part of a multibillion-Birr project.

“We’re specialising in trauma care, but government support is vital,” he said.

Alert currently employs six trauma specialists and is investing in further capacity-building efforts.

The roadmap also envisions the construction of nine internationally accredited speciality centres, each targeting areas from cardiology and oncology to organ transplantation and diagnostics. In parallel, federal health officials plan to establish wellness tourism cities, leveraging geothermal springs, mineral-rich waters, and highland environments to attract international patients and visitors. A new National Medical & Wellness Tourism Board will oversee the regulation and promotion of the sector, including investment oversight.

Despite the grand plans, problems, including fragmented follow-up care, characterised by poor coordination between hospitals and healthcare systems, remain.

However, health officials remain optimistic. They plan to halve the number of patients seeking treatment abroad, cutting foreign outflows by half from 100,000 annually. The authorities hope to generate up to half a billion dollars in annual revenue from medical and wellness tourism.

According to Ilubabur, social health insurance for civil servants will be rolled out soon, with healthcare providers covered under the scheme set to start in September this year. These measures are linked to broader health financing reforms. Community-based health insurance has become mandatory for all taxpayers, helping hospitals cover treatment expenses. Previously, hospitals relied on reimbursement after providing care, often leaving them financially strained. Under the new framework, hospitals will receive 50pc of their budgeted costs upfront each year, potentially easing liquidity pressures and sustaining services.

A new health law requires agencies that connect patients with services to secure certification from the Ministry of Health in addition to a trade license. These intermediaries will be formally registered and tiered (silver, gold, or platinum) based on service quality and compliance, to shield patients from exploitation and poor standards.

“This will bring accountability and cut out unnecessary treatments,” Ilubabur said. “Agencies will be trained to help locate specialists locally. Patients do not need to travel unless by choice.”

The Ethiopian Healthcare Federation, which represents 25 member organisations and more than 25,000 associates, has welcomed the roadmap. Its President, Markos Feleke, who is also the CEO of Washington Medical Centre, called the roadmap a milestone for private sector involvement.

“Investors in the Federation would love to be part of outsourcing and PPP models to make services more efficient,” he told Fortune, while stressing the need for independent accreditations.

According to Markos, who is also the founder of ABH Partners Plc, patients often look abroad when local facilities fail to meet expectations on fees or quality.

“Local hospitals must be accredited and fees competitive if the roadmap’s goals are to be achieved,” he said.

Markos also urged the government to facilitate the smooth implementation of PPPs and provide financial backing. He called for banks and regional lenders to prepare loan guarantees and for the government to offer assurances to de-risk investments. His facility, Washington Tertiary Hospital, is under construction at a cost of 240 million dollars. Despite an eight-month delay, the first phase, comprising 110 beds, is expected to open next year, with a second phase expanding to 500 beds. The facility aspires to excel in cancer treatment and diagnosis, including the provision of the first private radiation therapy service in Ethiopia.

“This will boost the medical industry’s level,” Markos told Fortune.

He argued that Ethiopia could learn from India’s model, where public hospitals have been fully outsourced to private operators, but said such a transition would take time. PPPs have already begun at St. Petros Hospital in laboratory diagnostics and imaging, and talks are underway at St. Paul’s. Challenges remain, including a lack of frameworks, experience, and high costs that can discourage private partners.

Desalegn Tegabu (PhD), a public health expert who worked for the Health Ministry for a decade, argued that private hospitals are better positioned than public ones to drive medical tourism due to their service quality and capacity. He said that autonomy for university hospitals places responsibility on universities, compelling them to generate their own income.

“They will change from service givers to service sellers,” he said, calling it a crucial step toward financial sustainability.

According to Desalegn, many public hospitals operate at a loss, making speciality care prohibitively expensive. He argued that centres of excellence should diversify and reference international standards. In his view, accreditation will be easier for private facilities than for public ones.

“The PPP model is the best way to empower the private sector and boost medical care,” he said, urging long-term incentives for investors.

He also called for a transparent fee framework, as public hospitals remain heavily subsidised and lack sustainable financing. Without reforms, diplomats and tourists will continue to travel to neighbouring Kenya for check-ups and treatment, undermining the health authorities’ ambitions.

Collective Investment Schemes Break Ground

The Ethiopian Capital Market Authority (ECMA) has issued its first regulatory framework for collective investment schemes (CIS). Released for public consultation last week, the draft directive lays the groundwork for a regulated ecosystem of pooled investment vehicles, which have long been absent in the heavily bank-centric financial sector.

By laying out the first rules for pooled investments, the ECMA is opening the market to new instruments and service providers, from custodians to appraisers. While questions remain about capital thresholds and foreign participation, the directive signals the market’s intention to move beyond its traditional banking focus and develop a deeper and more diversified capital market.

Money Market, Mutual, Real Estate Investment, and Alternative Investment funds, as well as Special Designation Schemes, are designed to appeal to different investor groups, from those seeking low-risk savings options to more sophisticated investors looking for exposure to real estate or alternative assets.

Funds such as Public Money Market and Public Mutual are to be structured as share companies and listed, channelling savings into portfolios ranging from short-term and low-risk instruments to diversified holdings for retail investors. New to the domestic market, real estate investment funds will be required to use professional custodians, property managers, and appraisers to manage rental-based assets. Qualified investors can buy shares in alternative investment funds privately, which can take the form of private limited companies or limited partnerships.

Capital market authorities envision that the regulator will approve special designation schemes on a case-by-case basis, provided that full disclosure of risks is given.

The directive, observers say, represents a shift from the era of uncoordinated and often risky individual investing to a more structured marketplace.

“This directive allows for more serious investments,” said Debes Tukue, head of legal at Wegagen Capital Investment Bank.

He described it as “a warmer for the capital market,” offering investors a broader set of risk-adjusted options and giving service providers new revenue streams, even though only a limited number of licenses will be granted. Debes acknowledged that foreign investors have expressed interest but noted that current rules from the National Bank (NBE) and the Ethiopian Investment Commission bar them from participating in the securities exchange.

“The regulators have to triangulate their laws to enable foreigners to invest in the capital market,” he said.

Foreign investment is permitted in the draft directive, but the limitations are substantial. Any fund wishing to operate locally should be registered with ECMA and supply a letter of good standing from its home country’s regulators. It has to maintain a registered office within Ethiopia, appoint an external auditor approved by ECMA, and ensure that at least one board member is a resident of Ethiopia. The fund’s shareholder register should also be maintained with an authorised central securities depository or licensed clearing company.

Foreign funds are held to the same governance and operational standards as local ones. They are required to appoint a licensed operator, establish custodial arrangements approved by the ECMA, and, in some cases, obtain indemnity insurance. The funds also face rigorous disclosure obligations around investment policy, performance, and risk management.

Zemedeneh Nigatu, CEO of CBE Capital Investment Bank, called the reforms “the vehicle of the capital market.” He disclosed his firm’s keenness to apply for a custodial license as soon as applications opened.

“This will increase capital inflows and mobilise huge sums of assets,” said Zemedeneh, arguing that the framework “provides a clear distinction for CIS in regulation.”

The draft directive complies with a recent income tax amendment that exempts collective investment schemes and limited liability partnerships from corporate income tax. Instead, distributions to investors will be taxed through withholding at the investor level. Real estate and alternative funds are required to comply with governance rules, transparency standards, and capital adequacy requirements. However, precise minimum capital thresholds for schemes will be set by the Ethiopian Securities Exchange (ESX).

Girum Amaha, an economist and consultant, welcomed the new rules but sees gaps remaining in clarity. He pointed to the use of vague terms such as “diverse and complex” and cautioned that they could cause future legal disputes. He also urged higher capital requirements for real estate funds, warning that smaller funds would be too difficult for regulators to monitor.

“This will incentivise investors by earning more than inflation,” Girum told Fortune.

He took issue with the prohibition on mortgages and loans as assets for real estate funds, arguing that this may limit profitability. However, he acknowledged the directive would help create new markets for services such as appraisal, custody, and auditing.

To participate in an Alternative Investment Fund, investors should hold at least 25 million Br in assets, excluding their primary residence and car, or any higher threshold set by the authority. These funds, formed through Exempt Offers, are not subject to borrowing limits or listing requirements, providing managers with more flexibility while maintaining regulatory oversight.

Ashenda Grows Louder

The late-season drizzle that falls on Addis Abeba each August does little to dampen the mood that builds around Ashenda, a spirited festival rooted in the Orthodox tradition yet increasingly shaped by urban life.

The three-day celebration, observed after the two-week fast, also known as “Filseta”, which honours the Assumption of Saint Mary, has long been a moment of freedom for girls and young women. In the city streets and high-end venues, it has become as much about style and business as faith and song, weaving the old and the new into one colourful web.

Roza Hailay, 26, is among those determined to shine. She has calculated the cost of feeling special. From the largest expense, a vibrant dress that takes up half, to intricate braids and extensions, nails, jewellery, new shoes, and a dainty waist accessory, the total comes to nearly 12,000 Br. To finish, she paid 1,000 Br for a ticket to an Ashenda-themed night out with friends.

“I want to feel special for Ashenda,” she said with a bright smile. “It’s once a year. I enjoy dressing up for it.”

That same festive energy turns beauty salons across the capital into hive-like workshops. At Lila’s Beauty Salon in the Summit area, GetAs Real Estate, the rush starts before dawn. By six in the morning, each chair was full, and the hum of dryers and chatter did not ease until well past nightfall.

“This is our peak season,” said Kisanet Kahisay, the supervisor. “During Ashenda week, we’re fully booked from morning until 10:00p.m.”

The salon offers two festival bundles. A full package of braids, nails and eyelash extensions is available for 7,800 Br, or 4,800 Br if clients bring their own braid extensions. And a half package of braids and nails at 2,800 Br, or 5,800 Br with extensions. The most coveted look is “Ga’me,” a traditional style considered the height of elegance. Each session lasts up to four hours, and tips alone can top 1,000 Br per stylist per day.

“Every hairdresser is on their feet all day long,” Kisanet said, laughing at the frenzy.

No Ashenda outfit is complete without ornaments, and demand has transformed the fortunes of Gogo Jewellery, founded three years ago by Mekdes Tsehay. Open in Addis Abeba and Meqelle, Mekdes seeks out vintage pieces crafted in Axum, often hailed as a cradle of Ethiopian culture.

Her stores have two categories. Original nickel and silver pieces that never rust, as well as faux ones. An authentic Axum necklace costs 2,600 Br, while a full set with earrings and headpiece sells for 3,000 Br; faux versions are priced at 1,600 Br and 2,000 Br, respectively. Forehead and shoulder ornaments draw the most interest.

“Last year demand was so high that we shipped thousands of pieces to the US, Canada and the UK,” she recalled.

Fashion houses feel the pull, too. Feven Habtamu launched Qine Cultural Clothes a year ago and has already seen styles evolve.

“Last year, women wanted the classic white dress with thin borders,” she told Fortune.

A year ago it was rented for 1,000 Br a day. Last week, the same dress was rented for 1,500 Br. The current favourite is the Raya cloth, which rents for 3,000 Br per day and sells for between 9,000 Br and 12,000 Br, depending on whether the motifs are printed or painstakingly handwoven. Authentic pieces sell out a week before the holiday, leaving latecomers to settle for imitations, which are often made in China.

For Sara Abate, owner of a small coffee shop located off Equatorial Guinea Street, in the Lem Hotel area, Ashenda means something different. This year, she spent nothing beyond daily life. She slipped on the same 600 Br dress she had bought three years ago, let her sister braid her hair, and ignored the salon altogether.

“I usually spend the holiday working,” she said. “Besides, getting my nails done is not comfortable for me.”

Sara’s focus is on joy and simplicity rather than indulgence.

Names for the festival shift with Ethiopia’s diverse regions. Ashenda in Meqelle; Ashendiye in Lasta, Lalibela and Gondar; Shaday in Wag Hemra; Solel in Raya Kobo; and, Aynewari around Axum.

Scholars like Teshome Tefera, a tourism expert at Addis Abeba University, see economic potential alongside cultural pride. He argues that Ashenda could be a serious earner of foreign exchange.

“These cultural festivities have tremendous economic value,” he told Fortune. “If recognised at the national level, they could attract international tourists, increase revenue and strengthen Ethiopia’s global cultural profile, while still preserving the festival’s social and cultural significance.”

Whatever the label, the dates are constant (between 22 and 24 August) and the meaning is similar. Traditionally, girls roamed freely, singing verses that offered gentle social commentary while collecting blessings of bread or coins.

The green plant tied at the waist, also known as Ashenda, symbolises renewal, a nod to both the approaching New Year and, some say, to the biblical olive branch of hope.

Urban life has also pushed the celebration indoors.

Sabawian Events, led by CEO Abel Yister, staged its first ticketed gathering last year at Sheger House, with entry at 600 Br. More than 200 revellers turned up for live music and cultural showcases. This year, the same group relocated the party to a site behind Sheger House, increased the entrance fee to 700 Br, and drew a similar crowd, leaving food and drinks for guests to cover on their own. The appetite for curated nights out, though, was clear.

At the luxury end, Mera Events has carved out a niche. Last year, it staged an Ashenda Concert at the Sheraton Addis with tickets at 3,000 Br. More than 1,000 guests filled the ballroom. Singers such as Abraham Gebremedhin and Eden Gebresilase topped the bill. This year, Mera shifted to the Hyatt Regency, nudging the ticket price to 4,000 Br. The fee included a three-course menu, drinks were separate, and projections suggested up to 2,000 people might attend.

Promotion partner, Glass Events, “did strong campaigns on TikTok and Instagram”, says CEO Samrawit Mulu. Telebirr managed ticket sales for ease.

While Addis Abeba basks in salon lights and social-media hype, officials at the Ministry of Tourism insist the festival’s soul should stay with the communities that nurtured it.

“This year’s celebration was decided to be mainly held in the regions because these festivals belong to the people,” said Teshome Teklu, a project manager at the Ministry. “To protect them from losing their cultural values, the main festivities will be held in the Amhara and Tigray regions.”

In Tigray Regional State, Ashenda spills beyond Meqelle into towns such as Adigrat, Axum, Adwa and Shire. Tsega Haddis, 60, from Adwa, recalled childhood mornings of laughter, butter smoothed into hair, eyebrows darkened with coal and the day’s first stop at church. Afterwards, the girls would sing as they visited homes, gathering gifts in baskets.

“We gave a tenth to the church and made a feast with family and friends,” she recalled. “Ashenda did not cost us a thing. It was about togetherness, joy and faith.”

Amhara Regional State hosts its own parallel festivities across several towns. According to Abebe Embiale, head of communications at the region’s Culture & Tourism Bureau, his office has sent videos, photos and documents to the Ethiopian Heritage Authority as part of a joint push to secure UNESCO recognition. Ethiopia Hiluf, director of the Culture & Tourism Communication Bureau of the Tigray Regional State, is collecting similar material.

“The festival has been celebrated for more than 2,000 years,” he said. “We’re preparing studies, collecting videos and photos, and compiling the documentation needed for UNESCO registration.”

However it is marked, whether through big-ticket concerts, modest gatherings or village processions, Ashenda remains a festival focused on womanhood and belonging. It bridges generations and binds communities, offering a burst of hope at summer’s end. For some, it is a chance to dazzle under city lights; for others, it is a quiet reaffirmation of shared heritage. Either way, the festival endures, adapting to modern pressures without surrendering its essence, a living thread that ties today’s Ethiopia to centuries of history and celebration.

In their own ways, each woman from Roza to Sara and Sabawi holds on to the spirit of the festival, a celebration of beauty and belonging that bridges generations and binds communities together.

Brewed Buck Drips Below Surface While Gaps Emerge Behind FX Facade

The foreign-exchange board inside commercial banks told two stories last week. On the surface, the Brewed Buck slipped gently against the Green Buck, obeying the two percent corridor the Central Bank likes to see. Dig a little deeper, and the tidy averages gave way to wilder brushstrokes.

A state-owned giant hoisting its prices by a chunky margin; an up-and-coming lender paying way above the pack to lure scarce dollars; a rival conceding ground with cut-rate bids; and a regulator that published spreads so thin they looked more like placeholders than executable quotes. For corporate treasurers and businesses alike, the gaps mattered in real money, revealing how fragile the appearance of discipline can be when individual forex desks still chase their own incentives.

Between August 18 and 23, 2025, the twenty-plus commercial banks that post daily cash rates clustered close to the Central Bank’s corridor. The average buying rate for the week landed at 138.9 Br to a dollar, and the average selling rate at 141.7 Br, a textbook two percent gap. Median readings on each trading day remained largely unchanged. Buying medians hugged a tight band between 138.8 Br and 138.95 Br; the selling median sat almost motionless at 141.7 Br.

Even the interquartile range, the middle 50pc of quotes, rarely widened beyond 0.15 Br on either side of the median. To policymakers, that grid of numbers said “managed stability.”

However, averages can deceive. Oromia Bank illustrated how one forex desk can break ranks while remaining nominally within the rules. All week, the Bank’s buying quote stayed between 141.52 Br and 141.67 Br, topping out at 141.66 Br on its highest day, about 4.33 Br above the industry average and 0.41 Br higher than the Central Bank’s weighted average. The strategy was to pay a premium, harvest more foreign currency, then turn around and sell it at the official cap.

In a market where demand chronically outstrips supply, that premium acted as a magnet for exporters and remittance agents hunting the best deal.

Global Bank (Ethiopia) chose the opposite tactic. It fixed its buying rate at 136.39 Br, nearly 2.5 Br below the mean. By standing pat, its forex managers saved margin but surrendered volume to competitors unafraid to pay up. Whether the Bank sought to husband liquidity or saw little need to chase retail dollars, its quote drew a clear line in the sand, signalling that some banks prefer predictability over the scramble for flow.

The Commercial Bank of Ethiopia (CBE), the state-owned behemoth whose decisions often steer the whole pack, jolted attention by lifting both sides of its board by roughly two Birr in one go, a leap of scale in a market where moves are usually measured in tenths. The adjustment appeared to be a bid to close the yawning gap between official cash rates and the faster-moving parallel market. It also shored up the Bank’s appeal to exporters who might otherwise bypass an institution perceived as slow to keep pace.

Smaller banks received cover to shadow the raise or shade underneath it. Either way, CBE’s muscle reset the informal reference point for the week.

Then came the anomalies that punctured the uniformity of the view. The most striking outlier was the Central Bank itself. On August 18, it printed a buying rate and selling rate of exactly 140.64 Br, with no spread at all. The next day, the margin widened to 0.70pc, shrank to 0.57pc on August 20, collapsed to 0.03pc on August 21, and vanished entirely again on August 22 and 23.

No commercial rival ventured outside the two percent guardrails, making the Central Bank’s oscillations stand out like a mis-struck note. In most markets, a zero spread screams “indicative, not tradeable.” If clients mistook those numbers for firm cash quotes, they could chase arbitrage ghosts and muddy price discovery for the rest of the street.

A less dramatic but still telling deviation came from Ahadu Bank. On August 18, its board showed a buying price of 138.43 Br and a selling price of 141.21 Br, a margin of 2.01pc, a hair above the ceiling. Three days later, the spread slipped to 1.97pc, a shade under the benchmark. The moves were barely visible to customers, yet they exposed either rounding quirks or a deliberate attempt to test whether the market would notice micro-experiments in pricing.

The third outlier was Tsehay Bank, whose opening quote on August 18 and 19 placed its buying rate at 134.9 Br while peers clustered around 138.9 Br. Matched with a selling rate of 137.6 Br, the spread itself sat neatly at two percent, but the level lagged the market by almost four Birr. For a client exchanging 10,000 dollars, that discount equalled roughly 39,900 Br left on the table. By August 20, Tsehay raced back toward the crowd at about 138.8 Br, uncovering that the initial figure may have been stale, misclassified, or plain keyed in wrong. Regardless of cause, the gap was too wide to ignore.

For policy officials, these anomalies could expose the frailty beneath a highly regulated façade. A corridor can guide the middle but cannot fully dictate the edges. Banks with substantial Birr balances or urgent hard-currency needs would adjust their quotes until they reach the risk tolerance enforced by the supervisor. The Central Bank’s own razor-thin spreads imply that those postings are more reference data than executable orders; yet, without a disclaimer, they blur the line between policy signals and market prices.

For businesses, the message is to shop around, and time is of the essence. A spread that falls below 0.10pc or stretches beyond 2.05pc ought to trigger alarm bells. Likewise, any buying or selling rate that veers more than one Birr from the day’s median should be treated as an anomaly worthy of a second phone call. In an economy where profit margins are already tight and foreign currency is scarce and policy-driven, a difference of a few Birr to a Dollar can impact input costs, raise import bills, or erode sales proceeds.

The pattern from August 18 to 23 captures the managed decline of the Brewed Buck in slow motion. The averages revealed a currency slipping steadily, allowed to drift by the authorities, but only within certain limits. The anomalies, however, painted a picture that a state lender adjusting to parallel-market realities, a private bank chasing every spare Greenback, a conservative bank content to lose transactions, a regulator that blurs policy and price, and a newcomer whose quotes briefly lagged the field by nearly four Birr. None of these episodes on their own overturns the view of a controlled system. Together, they remind the market that the façade of uniformity conceals individual calculations, and those calculations can result in either costs or gains.

Torn Tarps, Fractured Hope

Around dusk during the first week of August this year, dark clouds blew over the craggy ridges of North Wollo, in Amhara Regional State, where more than 8,500 people squeezed into the makeshift Jara camp. A hot wind rose, rattling the patchwork of tarpaulins and wooden poles. Then the sky split open. Within minutes, a violent storm tore 366 shelters from the ground and injured 23 people, two so severely they had to be rushed to Dessie for surgery.

When the deluge finally eased, 366 shelters, along with communal kitchens and lanterns, lay in tatters. For families who have already waited years for a place to call home, the wreckage was a fresh reminder of how fragile life in displacement sites has become.

One of the first to pick through the debris was Jemal Ibrahim, a 31-year-old volunteer supervisor. He was a teacher in East Wellega, Oromia Regional State. Conflict forced him to flee with his wife and three children three years ago. Aid officials assured him that the upheaval would last six months. It still stings.

“How long will we wait for human hands?” he wondered, standing before a rain-soaked tent crammed with multiple families.

Everywhere he looks, shelters meant for one household hold four. Rebuilding is a fantasy; a single length of timber fetches 200 Br, well beyond a ration-dependent budget that offers each person 15Kg of millet, 1.5Kg of pea cake and half a litre of oil a month.

“Living without work is unthinkable,” he said.

His hunch was that if camps were closer to towns, people could earn money. Instead, they remain isolated, and hungry.

Federal officials recently sent food and blankets, and the Organisation for Rehabilitation & Development in Amhara Regional State (ORDA) supplied sanitation kits. However, Jemal found it “far from enough”. School is hardly within reach. Children have to walk seven kilometres to the nearest classroom. Last year, one child was injured and another died on that trek. The Amhara Development Association (ADA) managed to help 674 of 2,795 students before the storm halted even that modest effort.

The statistics could frame the scale but never the texture of the crisis. Last year, according to the International Organisation for Migration (IOM), Ethiopia had more than 3.3 million internally displaced people, down from nearly 5.6 million people two years ago, but still representing 0.4pc of the global average of internally displaced people. Citizens like Jemal, constituting almost 70pc, were uprooted by violent conflict, while another 17pc by drought. Regional states such as Amhara, Afar and Tigray together host the vast majority.

Across Amhara and Tigray regional states, the IOM has mapped about 146 displacement sites. In the latter, most sprawl in school compounds, disrupting education for host communities as well. To ease pressure, humanitarian partners built 12 dedicated camps. The Amhara Region has added four more. Since the conflict erupted in 2020, 56 organisations, ranging from UN agencies to local NGOs and the federal Disaster Risk Management Commission (DRMC), have contributed, distributing more than 688,000 kits of bedding, kitchenware, and hygiene items.

Plastic sheets and timber have reached around a million people in both regions. But the pipeline is running dry.

“Since 2024, funding for the humanitarian response, including shelter and non-food assistance, has drastically reduced,” said the IOM communications officer, Eric Mazango. “This year, the situation has worsened significantly.”

In reality, the situation only uncovers what Jemal and his neighbours know. Daily life is a battle against overcrowding, chronic shortage and the slow erosion of hope.

Abebaw Minaye (PhD), a psychologist who heads the Forced Displacement & Migration Studies Centre at Addis Abeba University, has spent over a decade studying displacement and have recently been visiting camps from Debre Birhan to Shire. He describes “people living without hope”. Across multiple sites, he interviewed 100 residents apiece. Many confided in anxiety, depression and suicidal thoughts.

“The people do not know how they will live tomorrow,” he told Fortune. “Their lives are full of hopelessness.”

Even the better-run Bakielo camp near Debre Birhan town, 130Km northeast of the capital, offers only relative comfort. At China Camp in Debre Birhan town, families sleep in warehouses. Still, many prefer that to the street.

A camp in Wello, the MekaneEysus camp, tells a parallel story. Run-off from summer storms darkens the red earth, pooling around rows of low-roofed huts. Among them lives Muhamed Tefera, 37, who was displaced from Horo Guduru in Wellega Zone five years ago. He shares a two-by-three-metre shelter with his wife and three children. Each fresh downpour brings leaks.

On July 7, the family received their last food delivery. Onions or oil are distant luxuries. His older children, in third and fourth grade, may soon abandon school altogether.

“What can we eat? Are the children fed?” he asked. “That is all we think about.”

MekaneEysus alone houses 1,420 people, including 650 children, 32 physically challenged, and 35 with urgent medical treatment. A dose of paracetamol can cost 60 Br. Past measles outbreaks sit in everyone’s memories.

“If it happens again, no one will survive,” Muhamed warned. These days, even he insists on a grim priority.

“Forget the shelter, focus on food,” he said.

Aid workers count more than 5,700 displaced people across MekaneEysus’s three sibling camps at Hayk, in South Wollo. Coordinators say that each person still receives only 15Kg of food a month. Shelter leaks, kitchens are empty, and 1,232 students urgently need pencils and exercise books.

The misery deepens as aid workers drive farther north-west of the country, where rivers thread through fertile valleys before climbing to Shire, once a trading hub on a plateau in Tigray Regional State. Now, it hosts makeshift camps in schools. On August 13, floodwater swept through Hilbert Elementary School, one of 18 sites around the town. It ruined bedding, spoiled grain and erased what little people owned.

MebrhatumAyley, 33, used to harvest 60Qtls of millet and maise in Welkayit. Today, he struggles to afford food, selling at 7,000 Br a quintal. The aid organisation supporting his family gives each person 1,360 Br a month. The World Food Programme (WFP) last delivered a proper ration six months ago. Last month, the family received only 12Kg per head. In the camp, which has a population of roughly 4,500 people, rooms intended for classroom lessons are now used as crowded bedrooms.

“The water came back again,” he said. “All that we had was lost. We want to live. It’s about survival, not a luxury. They must forget politics and think about us.”

Negash Hadush, camp coordination officer with the Tigray Disaster & Risk Management Commission, surveys the gap between needs and supplies every day.

“The current situation is very threatening,” he said. “Supply and demand are going in different directions; there is no balance.”

The suspension of food aid last year by USAID left warehouses bare as drought cut harvests and flash floods ravaged the earth. A handful of distributions continue, but most families go to bed hungry in overcrowded classrooms or ragged tents.

“Everyone knows what is happening here,” Negash said. “We need more support, and aid must follow humanitarian principles.”

In Addis Abeba, federal officials say they are doing that. Alemayehu Wocheto (PhD), public relations head at the DRMC, outlines a three-phase mandate of early warning, immediate response, and post-crisis recovery.

“If an incident occurs, we provide a full emergency response,” he said, pointing to recent efforts to protect more than 80,000 people from flooding along the Awash River Basin and from an earthquake scare in Afar Regional State.

Regional governments are expected to shoulder the first responsibility. Federal agencies step in when local capacity is overwhelmed. According to Alemayehu, the federal government covers 30pc of the costs related to displacement, but provides additional support if a formal request is received. In urgent cases, he says, the federal Commission, led by Shiferaw Teklemariam (PhD), acts within an hour. But he draws a line around expectations.

“Our work is not to distribute flour and oil only,” he said “but to provide a secure life.”

Federal officials are keen on discussing ways to overcome aid dependency. By June 2026, the Commission plans to build modern warehouses and stockpile half a million tonnes of food for a three-year emergency plan. They hope community-based self-help organisations, such as “Idir” and “Iqub”, would pitch in.

“We’re now working to remove aid dependency, not to abandon people who need support,” Alemayehu said.

He claims that the number of Ethiopians requiring humanitarian assistance has decreased from 27 million in previous years to 3.9 million currently. However, international agencies still count 21.4 million Ethiopians in need, 16.7 million of them women and children. UNICEF has appealed for 493 million dollars this year to reach 10.5 million people, including thousands of malnourished children, barely 12pc of this sum has arrived.

Alemayehu blamed external reports citing higher figures for a lack of a “clear methodology.” To tighten oversight, his office is developing an ID-linked pass and coding system to track camp entries and exits.

Behind every percentage or policy promise lie untold private costs.

In Jara, Jemal still organised daily chores under plastic sheeting patched with twine. In MekaneEysus, Muhamed listened for the rumble of aid trucks, wondering if school fees would ever fit his budget. In Shire, Mebrhatum tried to dry salvaged clothing and heard for more rain. They all share a quiet wish for a chance to work and to rebuild with their own hands. Abebaw thinks that is the one promise the country should keep.

“Your time living in a shelter is wasted,” he said. “They can. They are not helpless.”

He sees three pathways for returning displaced people home once it is safe, give them new plots elsewhere, or create permanent and economically viable settlements. However, political wrangles often shut all three.

“It’s difficult for IDP camps to be permanent,” he said. “But political obstacles often prevent long-term solutions.”

Ethiopia, according to Abebaw, has little experience resettling such large groups. Donor fatigue since the COVID-19 pandemic, compounded by USAID’s suspension and what he calls the rise of “Trumponomics”, has choked funding.

“Trumponomics really affected NGOs,” he said.

Unless political leaders adopt a long-term vision, displacement will continue to be a stain beneath every new crisis. For now, the wind keeps blowing across the highlands. Tarps flap like tired flags. Families count their rations, mend leaks and brace for the next storm, holding on to the hope that someday, the waiting will end.

Traffic in Addis Abeba a Metaphor for the State

Before dawn breaks over Addis Abeba, a slow ritual unfolds where queues of shadowy figures form at taxi stops, their breath visible in the morning chill. It is a daily pilgrimage not toward opportunity, but toward a test of patience and resignation. For millions of residents in the capital of Africa’s second-most populous country, mobility has become a metaphor for governance.

To live in the political and diplomatic capital of Africa is like sitting in “motionless motion,” trapped in a system that steals time more efficiently than any pickpocket. Traffic in Addis Abeba is the physical embodiment of the state. It is costly, time-consuming and forever stuck at the red light.

Queues have become the city’s pressure valves, where frustration spills over. Hours disappear while riders bargain for seats or watch them being auctioned to the fiercest elbows. The chaos is not random. It mirrors a governance culture in which improvisation substitutes for planning.

One of the days last week, the first taxi that finally arrived was half-functional. Its seat cushions sag, its doors groan, and its aisle is crammed with more passengers than there are seats. It creeps forward until a wall of cars halts it. The driver leaned on his horn and cursed under his breath while riders swapped knowing looks. Congestion is no minor nuisance. Studies estimate the annual cost of clogged roads to be between 696.6 million and 806.3 million Br.

At peak hours, traffic crawls at barely 10Km an hour. On better days, it may inch up to 16Km.

The taxi stopped short of the promised destination, and another longer, louder and more impatient queue loomed. A woman fretted aloud about missing a hospital appointment. A young man sighed, resigned to wait. The next minibus rattled over potholes that resembled craters. Exhaust fumes seeped through the floorboards.

By the third leg of the trip, a hole in the chassis gave riders a view of the asphalt sliding past below, a literal window onto decay. Each transfer felt more precarious, mirroring the slow erosion of public services. However, commuters have little choice. Only 17pc of jobs can be reached within an hour by public transit, and a mere 15pc on foot. More than half the population walks; nearly a third depends on public transport.

Private cars account for roughly five per cent of daily trips, yet they occupy a large portion of road space, providing a snapshot of how resources are misused.

Addis Abeba registers about 630,000 vehicles, while Ethiopia overall counts between 1.2 million and 1.4 million for a country of over 100 million people. Motorisation rates rank among the world’s lowest; nonetheless, congestion ranks among the worst. Roads choke not from an overabundance of cars, but from poor road design, weak and inconsistent enforcement of traffic rules, and neglect of walkers and cyclists.

Successive city administrations have vowed to untangle the gridlock. A decade ago, the Light Rail Transit system was unveiled as a symbol of modernity. Today, only 19 of its 41 train sets run. Its annual ridership in 2024 was 13 million, which was well below its design capacity. Officials hope that repairs will enable the fleet to reach 25 trains by 2026. For many commuters, the project is a monument to siloed planning.

Surface transport tells the same story. The city-owned Anbessa City Bus Enterprise operates about 687 buses on 124 routes, carrying roughly 310,000 passengers daily, which falls short of demand. Privately run minibuses, numbering around 8,900, fill the gap across 1,265 routes. They are infamous for erratic service and driver misconduct, and city transport officials have threatened to ban them altogether.

Electrification is now the rallying cry. Transport authorities boast that more than 60pc of new vehicle sales are electric. But an electric jam is still a jam. Clean tailpipes do not clear clogged lanes.

City hall and the federal Transport Ministry champion dedicated bus lanes and larger fleets. The proposals are sensible yet risk repeating past errors if they ignore land-use patterns, housing policy and pedestrian needs. Without sidewalks, feeder roads and seamless transfers, the city may spend heavily on corridors that serve few and frustrate many more.

Congestion is no neutral inconvenience but a daily referendum on governance. Each lost hour, each futile queue, and each hazardous crossing is a verdict on the state’s priorities. The Ring Road was built to divert traffic, only for jams to migrate. Flyovers rose and bottlenecks re-formed. As in national politics, infrastructure often appears designed for show rather than for service.

Three hours had evaporated last week when commuters at last stepped out of the taxi. Peering through the hole in the floor, they were reminded of a city where promises ride above while collapse lurks below. Addis Abeba’s traffic mirrors the state itself. Grand announcements, overlooked daily realities, and citizens forced to make do with broken systems.

New Players Chip Away at Big Tech’s AI Stronghold

Leaders in Artificial Intelligence (AI), such as OpenAI and DeepMind, view themselves as being in a race to build artificial general intelligence (AGI), a model capable of performing any intellectual task that a human can. At the same time, the US and Chinese governments view the AI race as a national-security priority that demands substantial investments, reminiscent of the Manhattan Project.

In both cases, AI is seen as a new form of “hard power,” accessible only to superpowers with vast computational resources and the means to leverage them for economic and military dominance.

But this view is incomplete, and increasingly outdated. Since the Chinese developer DeepSeek launched its lower-cost, competitively performing model earlier this year, we have been in a new era. No longer is the ability to build cutting-edge AI tools confined to a few tech giants. Multiple high-performing models have emerged around the world, showing that AI’s true potential lies in its ability to extend soft power.

The era of “bigger-is-better” models came to an end in 2024. Since then, model superiority has not been determined solely by scale (based on ever more data and computing power). DeepSeek proved not only that top-tier models can be built without enormous capital, but also that introducing advanced development techniques can radically accelerate AI progress globally. Dubbed the “Robin Hood of AI democratisation,” its decision to go open-source sparked a wave of innovation.

The OpenAI monopoly (or oligopoly of a few companies) of only a few months ago has given way to a multipolar and highly competitive landscape. Alibaba (Qwen) and Moonshot AI (Kimi) in China have also since released powerful open-source models, Sakana AI (my own company) in Japan has open-sourced AI innovations, and the US giant Meta is investing heavily in its open-source Llama program, aggressively recruiting AI talent from other industry leaders.

Boasting state-of-the-art model performance is no longer sufficient to meet the needs of industrial applications. Consider AI chatbots. They can give “70-point” answers to general questions, but they cannot achieve the “99-point” precision or reliability needed for most real-world tasks, from loan evaluations to production scheduling that heavily rely on the collective know-how shared among the experts. The old framework in which foundation models were considered in isolation from specific applications has reached its limits.

Real-world AI is required to handle interdependent tasks, ambiguous procedures, conditional logic, and exception cases, all of which involve messy variables that demand tightly integrated systems. Accordingly, model developers should take more responsibility for the design of specific applications, and app developers should engage more deeply with the foundational technology.

Such integration matters for the future of geopolitics no less than it does for business. This is reflected in the concept of “sovereign AI,” which calls for reducing one’s dependence on foreign technology suppliers in the name of national AI autonomy.

Historically, the concern outside the United States has been that by outsourcing critical infrastructure, such as search engines, social media and smartphones, to giant Silicon Valley firms, countries incurred persistent digital trade deficits. Were AI to follow the same path, the economic losses could grow exponentially. Many worry about “kill switches” that could shut off foreign-sourced AI infrastructure at any time.

For all these reasons, domestic AI development is now seen as essential. But sovereign AI does not have to mean that every tool is domestically built. In fact, from a cost-efficiency and risk-diversification perspective, it is still better to mix and match models from around the world. The true goal of sovereign AI should not merely be to achieve self-sufficiency, but to amass AI soft power by building models that others want to adopt voluntarily.

Traditionally, soft power has referred to the appeal of ideas like democracy and human rights, cultural exports like Hollywood films, and, more recently, digital technologies and platforms like Facebook, or even more subtly, different apps like WhatsApp or WeChat that shape cultures through daily habits. When diverse AI models coexist globally, the most widely adopted ones will become sources of subtle yet profound soft power, given how embedded they will be in people’s everyday decision-making.

From the perspective of AI developers, public acceptance will be critical to success. Many potential users are already wary of Chinese AI systems (and US systems as well), owing to perceived risks of coercion, surveillance, and privacy violations, among other hurdles to widespread adoption. It is easy to imagine that, in the future, only the most trustworthy AIs will be fully embraced by governments, businesses, and individuals. If Japan and Europe can offer such models and systems, they will be well placed to earn the confidence of the Global South, a prospect with far-reaching geopolitical implications.

Trustworthy AI is not merely about eliminating bias or preventing data leaks. In the long run, it should also embody human-centred principles, enhancing, not replacing, people’s potential. If AI ends up concentrating wealth and power in the hands of a few, it will deepen inequality and erode social cohesion. The story of AI has only begun, and it need not become a “winner-takes-all” race. But in both the ageing northern hemisphere and the youthful Global South, AI-driven inequality could create lasting divides.

It is in developers’ own interest to ensure that the technology is a trusted tool of empowerment, not a pervasive instrument of control.