COOP Eyes the Djibouti Finance Fields

Feb 4 , 2023


The Cooperative Bank of Oromia (COOP) is prepared to enter Djibouti's financial sector. According to executives, COOP aims to build a more substantial presence in Djibouti by offering high-quality and innovative banking services. The delegates from COOP discussed with Ahmed Salah, the Governor of the Central Bank of Djibouti, the commitment to enhance economic ties between Ethiopia and Djibouti and promote greater financial integration. The delegation also visited the Doraleh Multipurpose Port (DMP) last week. According to an IMF report, the war in 2020 led to a simultaneous decline in Djibouti’s port traffic, and the international rise in commodity prices aggravated the economic shock and regional drought. The report revealed Djibouti’s indebted economy hangs on the delicate peace deal agreed upon in Ethiopia. Ethiopia provides several agricultural commodities to Djibouti, the main one being Khat which accounted for seven percent of all imports in 2020. As the trade and investment between the two countries are on an upward trajectory, the interconnectivity in the banking sector is thriving all the same.


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...