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Author: Digital Editor

The Incalculable Costs of Corrupt Statistics

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With gross domestic product (GDP) and employment figures dominating political debates, it is easy to forget that they are hardly timeless truths. How we measure progress has shifted dramatically over time.

The Physiocrats, 18th-century French economists who viewed agriculture as the source of all wealth, considered farms’ output to be the most important economic indicator. The Soviet Union, for its part, focused exclusively on goods production and ignored services altogether. What has remained constant, however, is that statistics, true to their name, have always been tools of the state.

The Domesday Book of 1086, commissioned by William the Conqueror, served as an early economic survey cataloguing the land, property, and resources of his newly acquired English realm. Centuries later, William Petty’s 1690 book “Political Arithmetick” sought to demonstrate that Britain’s tax base was strong enough to sustain its war against France.

The modern concept of GDP was developed in the 1930s and became firmly established during World War II, as it served a national purpose. While Germany was working on its own methods for gauging economic capacity, the United States (US) and the United Kingdom (UK) gained a decisive strategic edge by being the first to define total output and compile reliable statistics. This enabled the Allies to maximise production and manage the sacrifices required of their citizens more effectively.

Greece’s 2012 debt crisis highlights the risks associated with unreliable economic data. For years, the country relied on inflated GDP figures and understated debt levels to borrow cheaply on international markets. Eurostat, the European Union’s statistical arm, and others cautioned that Greece’s statistics were misleading, but their warnings were largely unheeded, not least because banks were eager to profit from loan commissions.

The outcome was inevitable. It led to an emergency International Monetary Fund (IMF) bailout, severe austerity measures, a deep recession, and political upheaval. A decade later, Greece’s GDP, now measured accurately, was barely higher than it was in 2012.

One lesson from this episode, and from others, such as Argentina’s manipulation of inflation data in the mid-2000s, is that international investors should treat any attempt to undermine the integrity of official statistics as a red flag. History shows that while governments reap short-term political benefits by manipulating economic figures, the long-term costs can be enormous.

That is why economists have been alarmed by US President Donald Trump’s firing of Erika McEntarfer, commissioner of the Bureau of Labour Statistics. Trump’s decision to replace her with E.J. Antoni, an inexperienced loyalist, has only fueled these concerns. The threat that such moves pose to investor confidence is especially acute in the US, which relies heavily on foreign capital and depends on the reliability of its national statistics as a key selling point.

But an equally grave, if subtler, threat is that undermining the credibility of economic data weakens government effectiveness. Even an administration focused on shrinking the government and cutting taxes should understand the country’s productive capacity and tax base, especially amid rising geopolitical tensions and growing security demands.

Trump’s partisan campaign against nonpartisan statistics, marked by dramatic cuts to data-collection programs, will therefore limit his administration’s ability to craft effective policies and demonstrate their success. While claims of “evidence-based policy” are sometimes overstated and often clash with political priorities, knowing whether government actions are working remains invaluable.

When governments start believing their own distorted numbers, the consequences can be disastrous. In 1987, a CIA study concluded that, contrary to what many Western observers believed, the Soviet Union’s reported growth figures were generally accurate. Yet after the USSR’s sudden collapse, it became clear that those numbers had been severely inflated. Corrupted by political considerations, Soviet statistics overlooked critical indicators, such as the scarcity and poor quality of consumer goods, masking the communist regime’s deep vulnerabilities.

While we should not be naive about the political pressures surrounding sensitive figures such as inflation and employment, independent and competent statistical agencies keep governments grounded in reality and enable businesses and investors to make informed decisions.

Unfortunately, official statistics across the OECD are in poor shape. Faced with shrinking budgets, agencies are struggling to keep up with rapid technological and structural shifts. Given that no government is going to shower them with more resources, statisticians are left with no choice but to modernise their data collection and processing procedures.

In that sense, there is a silver lining to Trump’s assault on America’s statistics infrastructure. It may prompt officials to rethink how they measure economic performance and to embrace new technologies that make it easier to sift through massive amounts of information. Such a shift could be disruptive, but it is long overdue.

Income Tax Change a Reform Worth Getting Right

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Ethiopia has introduced a new system for collecting business income tax, whereby businesses are required to pay their liability in four instalments, on a quarterly basis. This amended new income tax law scraps the decades-old practice of settling the business income tax liability after the company auditor signs off for the tax year. Instead, businesses are required to pay every three months, based on the previous year’s tax liability, which is then reconciled by the end of the tax year.  This has been widely implemented across many countries, including Kenya, Tanzania, and Rwanda, as well as in markets such as South Africa, where corporations remit payments every two months.

Across Asia, the pattern is similar. Businesses in India and Singapore settle their profit tax every quarter, while in Japan, businesses settle their business tax liabilities every two months. In China and Indonesia, businesses prefer monthly instalments. In Latin America, Brazil allows bi-monthly estimates or quarterly true-ups, while Mexico and Chile collect monthly pre-payments, and Colombia breaks the charge into five instalments. The principle is clear. When profits flow steadily, so should public revenue.

Parliament, borrowing terminology from India, christened the fresh rule “advance tax.” The label is slippery. In New Delhi, advance tax literally means paying the state before income is recorded in the cash register. Ethiopia’s model is different. Money changes hands after, not before, profits are earned, and the sum due is calculated on actual or reasonably projected quarterly results.

What Ethiopia has adopted is an estimated tax, not an advance on one’s own or out-of-pocket income before business activity.

A sharper comparison lies in PAYE, the system that scoops income tax from employees’ wages the moment they are earned. Workers hand over the government’s cut every month. Under Ethiopia’s revised legislation, businesses still can retain the state’s share of profits for up to 90 days without incurring interest. That benefit is more than theoretical. If employees were offered the same grace period, many would likely deposit the withheld cash into a savings account and earn the interest. Instead, the burden falls unevenly. Labour pays immediately, and capital later.

Because the mechanism is built on estimates, the final reconciliation is still done after the tax year closes. A company may overshoot its target during the year and claim a refund, or fall short and top up the balance. However, the quarterly tax payment deposits money into the treasury in near real-time, thereby narrowing the gap between economic activity and fiscal inflow. Under the old annual arrangement, the Ministry of Finance routinely resorted to overdrafts from the National Bank of Ethiopia (NBE) to bridge cash shortfalls.

Central bank credit fanned inflation and crowded out private borrowing. Quarterly receipts should reduce that pressure. However, the benefits are not confined to the public ledger.

The U.S. Internal Revenue Service (IRS) reminds taxpayers that “Having enough tax withheld or making quarterly estimated tax payments during the year can help you avoid problems at tax time.” Hopefully, local businesses will quickly absorb that lesson. Smaller and more frequent payments reduce the likelihood of a year-end cash crunch, when principal, interest, and penalties can accumulate. The practice also forces management to keep a close eye on margins and cash flow throughout the year rather than sprinting to compile books before the fiscal deadline.

Critics argue that the banking industry is too sluggish to keep pace with the faster tax clock. They argue that allowing companies to postpone payment acts as a liquidity buffer at zero cost, one that the government can afford while lenders learn to move faster. The analogy is tempting but flawed.

Using tax deferral as ersatz working capital turns the state into a source of subsidised credit and undermines fiscal discipline. It also blurs the lines between tax policy and monetary stimulus, risking procyclical swings in demand.

Liquidity shortfalls, when they occur, should be addressed where they belong, in the banking hall, not the tax office. Strengthening credit channels and trimming bureaucratic frictions will help companies finance expansion without leaning on delayed tax payments. In the meantime, paying tax as profits are earned brings Ethiopia a step closer to fiscal maturity and in line with the practice in other countries.

The healthier fix is to accelerate financial sector reform. The government is already trying to modernise payment infrastructure, raise capital requirements and invite new entrants. Efficient banks should be able to evaluate credit risk promptly and supply short-term loans when sales dip or inventory builds up. Once credit markets function, the rationale for tax leniency evaporates.

Quarterly revenue, meanwhile, enables the public sector to plan effectively. Predictable inflows allow the government to sequence outlays on roads, power lines and health clinics without relying on costly bridge financing. By trimming the state’s appetite for domestic borrowing, the policy frees up deposit-funded resources for private enterprises, easing the crowding-out that has long plagued domestic borrowers. Lower inflation pressure strengthens purchasing power and stabilises the macroeconomic backdrop in which companies operate.

From the taxpayer’s perspective, the quarterly system can even produce modest savings. A firm that would otherwise confront a large bill 12 months after profits accrue can spread the cash outflow over four dates, shrinking the cumulative interest it might have had to pay on a bank loan or overdraft arranged to meet the year-end obligation. The shift also reduces the temptation to massage fourth-quarter accounts in hopes of deferring a liability, thereby improving the integrity of financial reporting.

Nonetheless, terminology still matters. Branding this particular measure as an “advance tax” implies, somewhat wrongly, that the state is grabbing cash before it is earned and that companies are victims of fiscal overreach. The reality is the opposite. Taxes now follow profits more closely than before, but do not preempt them. Precision in language underpins precision in policy. Legislators would be better served by the plainer American phrase, “estimated quarterly tax.”

The virtue of the new profit tax framework is balance. The government secures a steady revenue stream without relying on money printing or advance payment from the National Bank of Ethiopia, and businesses avoid a punishing lump sum debit. The arrangement ties tax liability to the rhythm of commerce, sustaining a healthier cash cycle on both sides of the ledger. Policymakers have not invented anything novel. They are merely adopting a timetable that much of the world has used for decades.

Quarterly estimated payments are, therefore, a fair shake for both the treasury and the private sector. They curb inflation risk, reduce the crowding out of investment, and encourage firms to maintain continuous fiscal prudence. All that is required now is clarity of terminology and steadfast execution. The policy decision to compel businesses to pay as they earn, rather than paying long after the event, is a reform worth getting right.

Dollar’s Fragility in a World Without a True Alternative

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For decades, the Dollar’s position as the world’s leading reserve currency has provided the United States with extraordinary advantages in the ability to borrow at low interest rates, run large current-account deficits, and finance budget shortfalls by printing money without necessarily triggering inflation. But since the start of President Donald Trump’s second term, warnings about the “end of America’s exorbitant privilege” have grown into a steady drumbeat.

The concerns are well-founded. Trump’s policies, from his attacks on the US Federal Reserve to his hands-off regulatory stance toward cryptocurrencies, are systematically undermining the Dollar’s reserve-currency status. Losing the Dollar’s primacy would invariably jeopardise the long-term health of the US economy.

But focusing solely on America’s fading privilege is like noticing a few trees ablaze while missing the wildfire igniting behind them. The loss of the Dollar’s reserve-currency status would reverberate far beyond America’s borders, sending shockwaves throughout the global economy.

Financial markets, always on the lookout for potential risks, need only a critical mass of participants to believe that the threat is real for it to become so. Once enough investors begin selling a vulnerable asset, more follow.

Crucially, America’s “exorbitant privilege” is not a tribute owed to it for being the world’s leading superpower. It is simply a byproduct of how a reserve currency works. Like individuals, countries require a reliable store of value, a medium of exchange, and a unit of account. As foreign economies grow, so does their appetite for dollar-denominated assets such as US Treasuries and corporate bonds. This demand enables the US to run persistent current-account and trade deficits.

The US government’s deficits are largely financed through the sale of Treasuries, prized worldwide as a safe-haven asset. Because much of that liquidity is absorbed by foreign holders, the Fed can purchase these Treasuries with newly created dollars without boosting inflation. Strong international demand for US debt also holds down domestic interest rates, as investors are willing to accept low yields in exchange for the safety of dollar-denominated securities.

To serve as a global reserve asset, a currency must be safe, liquid, stable, and widely accepted. This depends on seven key conditions.

First, the issuing country should maintain macroeconomic stability, with low inflation, sustainable public debt, and sound fiscal and monetary policies that assure investors and central banks that the currency will retain its value over time. The issuing country should have deep and liquid financial markets, offering safe and highly tradable assets, particularly sovereign bonds, capable of absorbing large cross-border flows. Government debt can be considered an asset only when investors believe it will be managed responsibly and repaid.

A politically independent central bank committed to price stability is also essential to a currency’s credibility, particularly when monetary policies are transparent and anchored in rules. Reserve currencies should be freely tradable and exchangeable across borders with minimal restrictions. The judicial system should uphold the rule of law. In particular, it has to protect property rights, ensure that foreign investors can enforce contracts, and provide avenues for recourse to resolve disputes.

A reserve currency should be seen as a global public good rather than a tool for promoting national self-interest, a perception that hinges on constructive global leadership and active multilateral engagement. Lastly, the currency’s issuer should be a trade and finance powerhouse, as established network effects are necessary to encourage widespread adoption.

Trump’s policies have weakened each of these pillars of American economic dominance. The massive tax cuts at the heart of his grossly mislabeled “One Big Beautiful Bill Act,” unaccompanied by any real spending restraint, are projected to add a trillion dollars to the national debt, jeopardising macroeconomic stability. Although demand for US Treasuries remains strong, mounting debt and the risk of default, exacerbated by Trump’s use of the debt ceiling as political leverage, have eroded investor confidence.

At the same time, the Fed’s independence has come under strain as Trump publicly pressured policymakers to slash interest rates and suggested replacing Jerome Powell, the Federal Reserve’s chair, and other officials with political loyalists. Although capital controls were not imposed, the administration’s threats to block Chinese stock listing and exclude adversaries from SWIFT have fueled uncertainty over future access.

Trump’s use of executive authority to sanction foreign firms, freeze the central-bank assets of countries like Venezuela, demand a 15pc cut of the revenues from sales of advanced microchips to China, and impose high import tariffs on longstanding allies has cast further doubt on US policy credibility. As a result, allies are exploring euro- or renminbi-based alternatives, and some central banks have begun diversifying away from dollar holdings toward gold and other assets, thereby accelerating the decline of the dollar.

If doubts about the Dollar’s long-term reliability are allowed to take hold, the reserve-currency realignment will be neither gradual nor orderly. The more probable outcome is financial panic, since expectations of currency shifts tend to be self-fulfilling. If investors expect the Dollar to fall, they will sell dollar assets to avoid losses. This, in turn, will drive the Dollar down, validating the initial fear.

The faster the Dollar falls, the more urgently others will seek to exit their positions. Major central banks and pension funds could rapidly shift reserves into gold, euros, or renminbi, pushing up Treasury yields as buyers demand higher returns to offset increased risk. A falling Greenback could also trigger margin calls on leveraged dollar trades, forcing funds and banks with considerable exposure to liquidate other assets, spreading instability across global markets.

If Trump continues to impose aggressive tariffs and seize foreign-held assets, rivals like the 10-member BRICS+ group of major emerging economies may openly abandon the Dollar. This could set off massive foreign-exchange-reserve shifts and a global scramble for non-dollar safe havens.

Yet, the alternative safe-haven bond markets, primarily Germany, Switzerland, and Japan, are far too small to absorb the enormous capital currently concentrated in dollar assets, particularly US Treasuries, which total 28 trillion dollars, with about 8.5 trillion dollars held by foreigners. The UK gilt market is similarly undersized.

In Europe, the absence of a fiscal union and a safe-asset equivalent to US Treasuries not only constrains the supply of Eurobonds but also undercuts eurozone cohesion. China’s sovereign-bond market remains limited as a reserve haven due to capital controls, a lack of full currency convertibility, political opacity, and weak legal protections. To be sure, sovereign and quasi-sovereign bonds, issued by institutions such as the European Investment Bank, the World Bank, the Asian Development Bank, and Germany’s KfW, could gain some reserve status due to their reliability and multilateral backing. But that is more a long-term prospect than an immediate solution.

Large corporations with strong balance sheets, such as Apple or Microsoft, may serve as quasi-sovereign alternatives. But private credit carries substantial risk, especially in times of global financial stress, and cannot be a substitute for sovereign liquidity. Bitcoin and “digital gold” are viewed by some as hedges against fiat-currency risk, but their high volatility, along with regulatory uncertainty and scalability issues, prevent them from absorbing substantial reserve flows.

Other options are equally limited. Central banks, particularly those of China, Russia, and Turkey, have been accumulating gold reserves, but the global supply of gold is finite. While special drawing rights (the International Monetary Fund’s reserve asset) could become more prominent if the Dollar’s credibility collapses, SDRs are not market-traded assets, as their liquidity is centrally managed and politically contested. Central bank digital currencies (CBDCs), such as China’s e-CNY and the proposed digital euro, could eventually serve as channels for cross-border liquidity once they are interoperable and widely adopted. But that is unlikely in the short term.

In short, if confidence in the Dollar as the world’s reserve currency begins to falter, the resulting realignment will likely resemble a frantic scramble for safety, with no true alternative readily available. Such a panic could fracture today’s integrated global financial system into regional or bloc-based networks.

This instability could be exacerbated by cryptocurrency markets, which operate with far less oversight than traditional financial markets and are set to be even less regulated under the current US administration. Most cryptocurrencies are far more volatile than fiat currencies or traditional safe assets, making them unsuitable as a stable store of value.

Deregulated cryptocurrency markets, particularly those built around stablecoins, pose growing systemic risks to US Treasury markets. Because stablecoins are typically pegged to the Dollar, their issuers hold large reserves in short-term, highly liquid assets, primarily Treasuries and cash or cash equivalents. A sharp break from the dollar peg or a sudden loss of confidence in a major stablecoin could lead to a large-scale liquidation of Treasuries to meet redemption demands, a crypto version of a bank run. Such a sell-off could drain liquidity from Treasury markets, distort short-term yields, and cause spillovers into other asset classes, including mortgages and corporate bonds.

Cryptocurrencies, especially stablecoins and CBDCs, could challenge the US dollar’s dominance in global payment flows. If widely adopted, they would divert transaction volumes away from dollar-based systems such as correspondent banking and SWIFT. But, without coordinated international regulation, crypto-based payment systems risk fragmenting financial oversight, obscuring capital flows, facilitating money laundering and terrorism financing, and restricting smaller economies’ ability to manage their monetary policies.

The growing use of cryptocurrencies in cross-border settlements could also increase exposure to cyberattacks and network disruptions. Their use for sanctions evasion, illicit transactions, and tax avoidance is already chipping away at the Dollar’s role in the shadow-banking system, with profound implications for sanctions enforcement and economic stability.

As trade barriers rise and foreign-exchange volatility intensifies, financial flows, reserve holdings, payment systems, and capital markets are becoming increasingly confined to competing regional blocs. Financial fragmentation also impedes currency convertibility, disrupts SWIFT-style messaging systems, and complicates regulatory coordination. These frictions create exchange-rate mismatches, legal uncertainty, and delays in cross-border payments.

When commerce and finance are divided between spheres of interest, capital is allocated according to geopolitical loyalties rather than market fundamentals. The result is a disjointed global economy characterised by slower growth, reduced productivity, and higher capital costs, especially for non-aligned developing economies.

Fragmentation curtails the ability of global institutions such as the IMF, the World Bank, the World Trade Organisation, and the Bank for International Settlements to maintain stability, coordinate crisis responses, and establish universal standards. As a result, more responsibility is being shifted to regional bodies, such as the Asian Infrastructure Investment Bank.

As countries redirect reserves toward regional alternatives, global liquidity could shrink while risk premiums surge. In this environment, competing blocs are more likely to adopt beggar-thy-neighbour policies, including competitive devaluations and export controls. Escalating rivalries over currency dominance, reserve status, and payment systems will increase the weaponisation of financial tools, such as sanctions, capital controls, and reserve seizures, thereby heightening the risk of instability and prolonged economic downturns.

It gets worse. As economic interdependence unravels, with deepening geopolitical divisions inevitably accelerating the creation of separate clearing systems, digital currencies, and regional trade systems, the loss of key restraints on armed conflict will increase the likelihood of military confrontation.

Given the stakes, framing the Dollar’s decline merely as the end of America’s “exorbitant privilege” misses the larger story. The fate of the Greenback is not a parochial American concern but a global problem. If a fragile yet manageable equilibrium, underpinned by multilateral cooperation, gives way to financial balkanization, the coming decades will be defined by economic conflict and the constant threat of all-out war.

Africa’s Good Investment in Green Economy

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Next month, heads of state and government, climate scientists, private-sector leaders, civil-society and youth representatives, and global development partners will convene in Addis Abeba, the seat of the African Union (AU), for the Second Africa Climate Summit (ACS2). It will not be a symbolic gathering but a declaration of intent by Africa, an opportunity to unleash a wave of high-return investment, and a potential turning point in how the world confronts the climate crisis.

Africa is on the frontline of a socially and economically corrosive global environmental catastrophe. Droughts and floods are disrupting agriculture and displacing millions of people across the continent. According to the African Development Bank (AfDB), climate change is reducing Africa’s GDP growth by five percent to 15pc each year, losses that mean millions fewer jobs and less investment in critical infrastructure.

However, while Africa is often portrayed as a poster child for climate vulnerability, it is also a model of climate possibility, boasting vast renewable resources, rich biodiversity, rapidly growing economies, and a young, innovative population. However, Africa’s green potential remains largely untapped. For example, though the continent possesses 60pc of the world’s best solar resources, it currently accounts for only one percent of global installed solar capacity, and only three percent of global energy investment.

This represents a major missed opportunity, not least for investors. Whereas the industrialised countries are attempting to retrofit economies based on voracious fossil-fuel consumption, Africa can build resilient and sustainable economies from the ground up. This lowers the risk profile of green investment on the continent and increases long-term returns. A broadly shared commitment to green development by African governments creates favourable conditions to seize these opportunities.

Africa has proven its ability to turn bold vision into concrete progress that benefits people and the planet. Pipelines of bankable projects are already in place, ready to be scaled up.

Ethiopia has built a national grid powered almost entirely by renewable energy sources, especially hydropower. The Grand Ethiopian Renaissance Dam (GERD) has already reached 2,350MW in power-generation capacity, and will generate 5,150MW when all 13 turbines are operational. Its renewable generation is so effective that its energy exports are now powering homes and businesses in Djibouti, Kenya, Sudan, and Tanzania, increasing its revenues while deepening regional ties.

In The Gambia, the Jambur Solar Power Station (23 MW), a project backed by a 165 million dollars blended-finance package, which created over a thousand local jobs, delivers clean power to thousands of households. In South Africa, the Impofu Wind Complex (330MW) powers industrial decarbonization through innovative “wheeling” agreements that attract global capital. And in Kenya, solar-powered green-ammonia production is reducing agricultural emissions, lowering costs for farmers, and boosting food security.

The African Green Industrialisation Initiative (AGII) and the Flagship Report produced at ACS2 will show how African governments, private companies, and development-finance institutions can scale such transformative projects. And these examples are only the beginning. Africa’s renewable-energy potential is measured not in megawatts, but in terawatts, a scale that can reshape the future of energy globally.

Beyond energy, investors can find bankable projects in areas like climate-smart agriculture, sustainable transport, and nature-based solutions.

Tapping Africa’s vast green investment potential will require investors to abandon the outdated perception that Africa is a high-risk destination, a place for charity, not reaping returns. Africans are not asking to be rescued. The continent’s long-term fundamentals – demographics, resources, and innovation – are among the strongest in the world, and green investments are well positioned to deliver measurable economic, environmental, and social returns for Africa and the world.

If Africa is empowered to advance green industrialisation, it will be able to make major contributions to global climate stability, food security, and sustainable economic growth. If Africa is left behind, climate change will continue to accelerate, supply-chain disruptions will proliferate, and global instability will intensify.

At this November’s United Nations Climate Change Conference (COP30) in Belém, Brazil, the world will define the next phase of climate and development action. But one thing is already clear. The road to a stable climate and an equitable global economy runs through Africa. Rather than attempt to bypass it, and risk never reaching our shared destination, governments, investors, innovators, development partners, and all who believe in a greener future should arrive in Addis Abeba next month ready to deliver resources where they are needed most.

From Stardom to Strength

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When we speak of Zeritu Kebede, most recall the sensational voice that redefined Ethiopian music nearly two decades ago. Beyond the stage lights, the sold-out concerts, and the melodic poetry that earned her a devoted following, however, is a genuine woman whose story reads like a symphony. Her journey rises with triumphs, pauses in grief, and holds together with harmonies of faith and resilience.

I first met Zeritu more than two years ago, but it was motherhood that drew us closer. In the quiet vulnerability of sleepless nights and whispered prayers, we found common ground. When I faced struggles as a new mother, her encouragement became a lifeline. That same voice of honesty and strength now resonates in her recently released tell-all memoir, “KelijineteskeLijunet” (From Childhood to a Daughter).

The book is brilliantly written, a rare gem in a literary world where glamour often eclipses truth. Its pages are raw, candid, and deeply human, exploring identity, loss, faith, and transformation. I began reading while my daughter played nearby, intending to skim a chapter or two, but its pull proved irresistible. Within two days, I had devoured it, pausing only to reflect.

What makes the memoir remarkable is not just its literary finesse but Zeritu’s courageous vulnerability. She writes without pretension, admitting mistakes and owning them with grace. In an age of curated perfection, her sincerity feels revolutionary. One of the most striking passages is her heartfelt apology to her former husband, a rare act of accountability in a world quick to shift blame.

Yet her honesty never overshadows her strength. The book reveals a woman who has endured storms without letting them define her. Time and again, her unshakable faith in God surfaces as her anchor. This is most evident in the harrowing chapter on her late firstborn son, Khristian.

Reading those pages was an emotional reckoning. I knew Khris well, and even now, my heart resists the reality of his absence. I remember visiting the hospital with my husband and infant daughter, preparing myself for despair. Instead, I found a mother radiating unyielding hope and faith.

Still, the unexpected followed. After Khris’s passing, many of us feared Zeritu would never recover. How could anyone endure the unbearable weight of losing a child? Yet, she rose, not by ignoring her grief, but by surrendering it to her belief. Her narrative captures this paradox with beauty: heartbreak entwined with hope, despair balanced by faith.

Beyond personal tragedy, the memoir reflects deeply on love, marriage, and motherhood. Zeritu’s insights on relationships emerge not from theory but from hard-earned experience. She writes candidly about illusions that cloud marriage and the humility needed to sustain it. For both young couples and seasoned partners, her words serve as both counsel and caution.

Her parenting philosophy is equally compelling. She speaks of her bond with her sons, her intentional nurturing, and the joy of creating a home filled with laughter. For her, motherhood is not a role, but a sacred calling that shapes both the child and the parent. She shows that love, not perfection, defines the journey.

Through vivid anecdotes, she reminds us that parenting demands presence over perfection. It is about showing up with patience, love, and grace. Zeritu rejects quick fixes, favouring depth, connection, and intentional living. In her words, parenting becomes a transformative journey where both parents and children grow.

The memoir also dismantles stereotypes. It is not unique but transformative. At once personal and universal, it blends private battles with public triumphs. Through her life, we glimpse Ethiopia’s cultural fabric: expectations of fame, womanhood, marriage, faith, and resilience.

Her candour about her academic and professional journey adds yet another layer. Celebrities are often reduced to appearances, but Zeritu breaks that illusion. She reveals grit behind glamour, years of study, daring career choices, and sacrifices far from the spotlight. These revelations paint a portrait of substance as well as talent.

One chapter left me cheering: her choice to embrace her recent pregnancy without seeking the “easy way out.” In a world quick to speculate and judge, this decision embodies courage and conviction. Today, anyone stepping into her warm and welcoming home feels the joy that her youngest son, Goba, brings, not just to his mother and brothers, but to everyone who visits. His laughter radiates the hope at the heart of her story.

Ultimately, what makes “KelijineteskeLijunet” unforgettable is its tone of resilience. Each chapter, no matter how heavy, closes with light. Zeritu reminds us that life, though uncertain, can be navigated with faith, honesty, and courage. Her story is not a lament but a testimony.

As I closed the final page, gratitude washed over me, not only for the chance to read the book but also for knowing the extraordinary woman behind it. In a country where true role models feel scarce, Zeritu shines not because she is flawless but because she dares to be real. Her story inspires us to confront our fears, admit our mistakes, and hold fast to hope when the night feels longest.

Her memoir proves that Ethiopian storytelling remains vibrant, evolving, and capable of touching the most profound human truths. As for me, I already look forward to the next chapter of Zeritu’s remarkable journey, on paper and in life.

The Elusive Pursuit of Happiness

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Lately, thoughts about happiness have lingered persistently in my mind. It has always been a captivating subject; something pursued with a sense of urgency. Popular culture, particularly Western films and slogans, presents happiness as the ultimate goal of life, urging its pursuit at any cost.

“Do what makes you happy,” they say. “Life is short.” These messages, seductive in their simplicity, shape an entire generation’s outlook, but over time, it becomes clear that momentary joy is an unstable compass for guiding life.

Happiness, after all, is an emotion; fleeting and unpredictable. It drifts in and out of our lives, much like the wind that shifts direction without warning. A life cannot rest on foundations that are unstable. By contrast, values such as loyalty to family, professional integrity, and personal ethics provide anchors. They remain steadfast when adversity strikes, offering strength where happiness falters.

A world-famous musician may still feel lost on stage for an evening. A devoted parent may nevertheless encounter moments of deep exhaustion and despair. Such experiences do not signal a flawed life or a failure to achieve happiness. Even amid activities we love, moments of sadness or frustration arise, reminding us that imperfection defines the human experience.

This reality does not require the rejection of joy. Happiness has its rightful place, and its presence enriches existence. Yet, allowing emotions alone to steer life’s course proves perilous. Enduring fulfilment emerges not from impulsive choices, but from perseverance, compromise, and sacrifice. The joy of family bonds or pride in achievement stems from gradual effort rather than instant gratification—true contentment blossoms when built upon meaning, not when chased as an isolated goal.

Temporary pleasure often illustrates the dangers of prioritising fleeting highs. Take, for instance, the temporary pleasure of substance use. Drugs or alcohol may briefly provide escape, offering intoxicating relief. They provide a quick high, a feeling of bliss that seems to solve all problems.

However, their long-term consequences can be ruinous, eroding health, relationships, and dignity. Addiction, in this sense, becomes the most destructive version of a misguided pursuit of happiness. It reveals the peril of decisions rooted in immediate gratification, where temporary bliss hides enduring harm.

Passion, too, can mislead when confused with constant pleasure. A life centred only on what delights in the moment quickly devolves into indulgence. Hours lost to idle distractions may provide comfort, but obligations extend beyond private satisfaction. Responsibilities such as work, family care, and community demand perseverance even in discomfort, but they anchor life in duty and growth rather than fleeting comfort.

Rising each morning requires the resolve to put one foot in front of the other and face the day. Life is not a bed of roses, yet it is not composed solely of thorns. It unfolds as a complex tapestry woven with threads of joy, sorrow, triumph, and defeat. Within this blend lies the essence of human experience.

The belief that existence is solely about happiness reduces human experience to a narrow pursuit of happiness. Life demands more: an embrace of its full spectrum, including pain and struggle. Every moment of despair, like every burst of joy, adds depth to what it means to be alive. Avoiding hardship undermines growth, as it is often during the most difficult moments that resilience is forged. Challenges, failures, and sorrows shape character as much as triumphs and delights.

Perhaps then, the true goal lies not in permanent happiness but in cultivating meaning. A meaningful life honours both joy and grief, balancing values with the inevitable flux of emotion. Built on principles, it provides stability amidst uncertainty and purpose amidst chaos. In such a life, happiness becomes a welcomed visitor, gracing moments without dictating their worth. Meaning, not perpetual pleasure, secures the foundation of a life well lived.

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

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Ethiopian Investment Holdings (EIH), the state’s sovereign investment arm, has struck a deal with Dangote Group to build one of the world’s largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc.

With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Designed to produce three million tons of urea annually, the complex will rank among the world’s top five single-site producers. Feedstock will come from natural gas fields in Hilala and Calub via dedicated pipelines, with potential expansion into other ammonia-based fertilisers.

Construction is expected to take 40 months, generating thousands of jobs in and around Gode. “This partnership with EIH represents a pivotal moment in our shared vision to industrialise Africa and achieve food security across the continent,” said Aliko Dangote, chairman of Dangote Group.

EIH CEO Brook Taye called the agreement a milestone in Ethiopia’s drive for “industrial self-sufficiency and agricultural modernization.”

EIH, established in 2021, manages over 40 state-owned enterprises, including Ethiopian Airlines, Ethio telecom, and Commercial Bank of Ethiopia (CBE). Dangote Group, Africa’s industrial giant, brings decades of experience in cement, fertiliser, and petrochemicals.

Farmers stand to benefit most from reliable, affordable supplies, while fertilizer importers may lose ground. For the Somali region, the project promises jobs and economic activity. Nationally, it marks a major step toward food security and industrial capacity.

CBE Capital Joins Nib Bank for Market Expansion

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Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib’s balance sheet, attracting capital, and positioning the bank in a modernising financial sector.

The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to 7.6 billion Br. Liquidity strains and governance challenges have also weighed on performance. “This partnership comes at a crucial moment as we work to navigate challenges and strengthen our position,” said Henok Kebede, CEO of Nib. CBE Capital CEO Zemedeneh Negatu added the agreement reflects “a commitment to providing advisory services that empower Nib to capitalise on strategic opportunities and deliver long-term value.”

Credit Cap Nears Lift-Off

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The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted “financing has been the biggest bottleneck for investors.” Authorities insist the surge in credit will be directed toward productive sectors without stoking inflation, which they aim to push into single digits within a year.

Dire Dawa Launches Cheche App, Unifying City Services

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A new application named Cheche was launched in Dire Dawa this week, integrating 30 public institutions and offering over 500 services. The app was launched in the presence of officials from the Ministry of Innovation & Technology (MInT), Ethio telecom, and the Commercial Bank of Ethiopia (CBE). The app seeks to streamline city services under a single digital platform. Officials described Cheche as a model for Digital Ethiopia, designed to reduce duplication across government systems and enhance public service delivery. The app’s name, drawn from the system mothers traditionally use to carry children, was chosen to symbolise the inclusivity and community service the app offers.