African Finance Ministers Point Fingers Elsewhere


African Finance Ministers Point Fingers Elsewhere

African ministers of finance attribute the poor economic performance of the continent to the worldwide pandemic and the war between Russia and Ukraine at the 55th session of the Economic Commission for Africa. The five-day conference held at the Skylight hotel was informed by a study presented by Djibouti economist Adam Elhiraika (PhD). The 690 million people who are at risk of falling into extreme poverty in Africa and the 149 million that did in the previous year are a few of the woes that mar the economic prospects of the continent. Antonio Pedro who was the active executive secretary suggested a shift from GDP-predicated analysis of economic growth might do some good rather reorienting priorities to the building of human infrastructure. While debt vulnerabilities point to potential systemic risk averaging around 62pc of GDP across the continent, high on the agenda was how to leverage climate finance. The prevailing narrative that the continent contributes the least to climate change while suffering the most was ubiquitous at both this conference and the AU summit a month ago. State Minister for Planning, Nemera Gebeyehu delivered opening remarks championing a bright future for the continent. Greater intra-African trade was further bolstered by the African Continental Free Trade Area (AfCFTA) along with a shift towards more valued exports and enhanced access to finance.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...