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Nov 16 , 2024

MALARIA SURGE, HEALTH SYSTEMS BUCKLE

Malaria, a persistent threat in rural areas, is resurging with alarming intensity in 2024, exposing deep-rooted systemic issues aggravated by climate change and inadequate health infrastructure. In the past three months alone, the Ministry of Health has reported nearly 2.9 million cases, a staggerin...

Nov 16 , 2024 . By AKSAH ITALO

Land Auction Sets High as Speculation Fuels Property Boom

A bidder stunned land auction participants by offering a record-breaking offer for a plot in the Nifas Silk Lafto District. Her bid, about 744pc higher than the next highest offer, could come with an upfront payment of 63.4 million Br, uncovering the fierce competition and speculative fervour gripping the city's prime real estate market. Seblewongel Webi set a record by offering 406,667 Br a square metre for a 156sqm plot in Nifas Silk Lafto. Another notable bid in the same district was 306,600 Br a square metre for a 1,475sqm plot. Last week, a metal box containing bid documents became...


Nov 16 , 2024 . By AKSAH ITALO

Central Bank Seeks Greater Autonomy

The establishment of a monetary policy committee within the National Bank of Ethiopia (NBE) was added to the proposed re-establishment of the regulator. The committee will consist of seven members, including the governor and vice governor, tasked with continuously assessing the economy and advising on monetary decisions, including interest rates. Ethiopia's financial sector is undergoing a pivotal transformation, driven by a series of sweeping legislative reforms to modernise the country's banking infrastructure and bring it in line with international standards. Central to these reforms are...


Nov 16 , 2024 . By Michael Girma

Capital Market Vision Takes Shape with Securities Exchange on the Horizon

A three-day summit last week set the stage to launch the long-awaited Ethiopian Securities Exchange (ESX), bringing together high-profile figures from the financial and policy spheres. Governor Mamo Mihretu of the National Bank of Ethiopia (NBE) accentuated the economic necessity of a vibrant capital market ecosystem. He declared the urgency of the transition, noting that the ecosystem is not merely a luxury. A reliable source of domestic financing that reduces reliance on inflationary NBE funding is a major outcome expected from the capital markets for the federal government. Mamo reiterat...

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Commercial Banks Commit to Sustainability Guidelines

A new set of guidelines to help commercial banks integrate environmental, social, and governance (ESG) considerations into their business planning, risk management, and lending practices was official...

Nov 9 , 2024

BLACKOUTS SURGE - FRUSTRATIONS MOUNT

Frequent power outages disrupt daily life and hinder economic activities across the country and Addis Abeba, as residents and businesses struggle with an unreliable electricity supply. The persistent...

Nov 10 , 2024

Leather Institute Skins Quality Troubles with Traceability

A pilot program to establish traceability for hides and skins throughout the leather value chain has been introduced by the Africa Leather & Leather Products Institute (ALLPI). Its proponents say...

Nov 10 , 2024

Customs Tightens Duty-Free Steel Import Rules to Curb Abuse

Federal authorities have tightened duty-free import rules for steel, imposing a stricter cash deposit requirement to safeguard against abuse. Under the new requirement, investors must deposit cash equ...

Nov 9 , 2024

Fed Targets Hidden Fortunes in Sweeping Legislation

Parliament is wrestling with a contentious bill that would grant the Ministry of Justice sweeping powers to trace, investigate, and seize assets acquired through "unexplained means." The bill, debated...

Nov 9 , 2024

IMF Acknowledges Reform Progress, Prescribes Cautions on Economic Recovery

International Monetary Fund (IMF) has projected that Ethiopia's economic recovery under the new macroeconomic reform will advance slowly, tempered by tight financial conditions and lingering uncertain...

Nov 9 , 2024

Under Pressure, Shareholders Begin Talking Mergers to Fortify Against Rivals

Apprehensive of a rapidly changing financial sector, banks have shareholders weighing mergers and acquisitions to strengthen their foothold against impending foreign competition and fear of failing to...

Nov 3 , 2024

Ethiopian Airlines Takes Off a Spirited Bid to Rent Forex Bureaus

Ethiopian Airlines Group has extended an invitation to financial institutions and newly licensed foreign exchange bureaus, offering the possibility to rent space within the bustling Terminal Two at Bo...

Nov 3 , 2024

Fertiliser Bid Falls Short, Exposing Fragile Supply Chain During Global Price Surge

Federal authorities' efforts to secure sufficient fertiliser for the vast agricultural sector have hit a snag, as a recent international tender failed to attract enough bidders to meet farmers' needs...

Nov 3 , 2024

Ministry Embarks on Ambitious Education Reform

Parliament received a bill last week mandating year-long training and biennial license renewals for school teachers, principals, and supervisors. If approved, the Ministry of Education will oversee th...

Nov 3 , 2024

Franco Valuta Scheme Under Scrutiny as Government Pursues Economic Reforms

The federal government is moving to reform the franco valuta scheme after it opened unintended avenues for market distortion, according to Prime Minister Abiy Ahmed (PhD). Originally aimed at easing f...

Nov 3 , 2024

Wegagen, Awash Banks Forge Path in First Digital Interbank Loan

Two private banks became the first financial institutions to transact on an electronic platform managed by the Ethiopian Securities Exchange (ESX) and developed by Info-Tech Group. In an initial au...

Nov 3 , 2024

QUAKES UNEARTH SHAKY DISASTER RESPONSE

Nestled within the seismically active East African Rift System, the Afar Regional State is no stranger to earthquakes. The latest was a few minutes past midnight on Saturday, November 3, 2024. Twenty...

Oct 27 , 2024

HOPES HIGH - STADIUMS STILL HOLLOW

Ethiopia's ambition to host the 2029 Africa Cup of Nations (AFCON) is seen as a bold bet that contrasts with the struggling state of its domestic football league and inadequate infrastructure. The exc...

Oct 27 , 2024

Forex Policy Repeal Jolts Local Pharma Industry

The recent repeal of a 55pc foreign currency allowance for raw material imports has disrupted the pharmaceutical sector, leading to operational issues and heightened uncertainty. The move aligns with...

Oct 27 , 2024

Central Bank Turns to Private Banks to Keep Fuel Flowing

The National Bank of Ethiopia (NBE) has enlisted private banks to shoulder a substantial portion of the foreign currency needs for fuel imports, a role previously tightly controlled by the state. Its...


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Bound by Debt, Government's Costly Love Affair with State Bloat

In the realm of public finance, balance sheets speak louder than rhetoric. In such domain...

Editorial | Nov 16 , 2024

Independent Forex Bureaus Offer Valued Choice

Waktole Abdulahi, a long-time resident of Norway, was relieved when he was able to secure...

Featured | Nov 16 , 2024 . By KALKIDAN NEGASH

Perfect Storm of Climate, Health, Supply Chain Issues Trigger Resurgent Malaria

Malaria is no stranger to Ethiopia. Every year, the disease poses a public health issue, e...

Agenda | Nov 16 , 2024 . By BEZAWIT HULUAGER

MALARIA SURGE, HEALTH SYSTEMS BUCKLE

Malaria, a persistent threat in rural areas, is resurging with alarming intensity in 2024...

Fortune News | Nov 16 , 2024

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