FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds



WFP Warns Drought, Conflict Threaten Severe Food Insecurity in Horn


WFP Warns Drought, Conflict Threaten Severe Food Insecurity in Horn

The World Food Programme (WFP) warns the Horn of Africa could face "unprecedented" levels of food insecurity in 2023. The UN agency says armed conflict, climate change, a crippling drought, and supply disruptions brought on by Russia's war in Ukraine bode ill for the region.  "The drought situation . . . is desperate and extraordinary," said David Beasley, executive director of the WFP, after a visit to the Somali Regional State last week. A statement released by the WFP last week says that over seven million people wake up hungry in southern and eastern Ethiopia every day due to what the UN called "the worst drought in four decades" brought on by three consecutive poor rainy seasons. Millions more face similar conditions in neighbouring Somalia and Kenya. The UN says its faces a 338 million dollar gap in financing needed to reach an estimated 9.4 million people in need of aid in the Tigray, Amhara and Afar regional states. The conflict in Ukraine has pushed global food prices to new highs and threatens food security in the developing world. Russia and Ukraine account for nearly a third of global wheat exports.

[ssba-buttons]

Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...