African Perspectives Debunks Biases, Maps Shifting Global Terrain


African Perspectives Debunks Biases, Maps Shifting Global Terrain

The growth of extremism across Africa was indicated as an alarming development, at the first of what will become a monthly gathering centred around global challenges and emerging geopolitical trends hosted by the Belgian Embassy. A need to revise European biases in viewing Africa as a country and not a continent, its residents as passive victims, its leaders as representatives of their people and the self-perception of 'good samaritan' by Westerners was forwarded. As part of the "Geopolitical Conversations in Addis Abeba" series, two professors from the Egmont Institute of International Relations highlighted the evolving dynamics of politics, trade and an increasingly multipolar world, which inspired lively discussions under Chatham House Rules. Participants s The discussion last week pitted the demerits of Western policy, marked by high-interest loans to developing countries in Africa, to the infrastructure targetting adjustable loans that China provides. Ideas revolved around pressures on the existing world order, which was birthing a new balance of power marked by a shift from the post-Second World War domination of the West and the recent reshuffle in trade dynamics caused by the Russo-Ukraine war.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...