African Union Changes Guards

Feb 18 , 2023


[ssba-buttons]

Azali Assoumani, president of Comoros, chairs the African Union (AU) for the next four years. The military officer has served as President of Comoros, a country found in southeastern Africa, since April 2019. He became head of state after staging a coup d'état in 1999 and was elected president from 2002 to 2006 and again from 2016 to 2019. The 36th African Union Summit unfolded in the capital last week which saw the attendance of leaders of African countries at AU headquarters in Addis Ababa. Three sessions of the Executive Council and AU Assembly were scheduled to endorse the policies. AU formerly known as the Organisation of African Unity was established in 1963, having Egypt, Ethiopia, Liberia, and South Africa as its founding members. It now consists of the 55 member states that make up the African Continent.


Radar

Central Bank, Global Alliance Partner to Enhance Sustainable

The National Bank of Ethiopia (NBE) recently hosted a high-level meeting with representatives from the Global Alliance for Banking on Values (GABV) and selected member banks in anticipation of the 17th GABV Annual Meeting scheduled in Uganda. The meeting convened commercial bank representatives from Ethiopia, alongside a delegation comprising six GABV members, including Centenary Bank and Opportunity Bank Uganda, Amalgamated Bank, Sunrise Banks, City First Bank, and Merkur Cooperative Bank. G...


Radar

Commercial Bank of Ethiopia Adjusts Loan Interest Rates Amid Market Reforms

Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. Bank executives cited rising deposit mobilisation costs and the need to align with market standards as key factors influencing the decision, despite successful internal reforms that have reduced operational expenses. Executives noted that these adjustments are crucial for maintaining its competitive edge and ensuring the continued delivery of efficient services to its clientele. ...


Radar

Chemical Corp Posts Substantial Revenue, Profit Growth in 1Q

The state-owned Chemical Industry Corporation recorded a revenue of 2.53 billion Br in the first half of the 2024/2025 financial year. The Corporation reported a profit before tax of over half a billion Birr, which marks a considerable 182.6pc increase compared to the same period last year. Company officials attributed the growth result to enhanced market reach, effective cost-cutting measures, and optimisation of plant capacity utilisation. Year-on-year revenue growth was noted across variou...