Ethiopia's Solar Energy Sector in Limbo over Possible Close Down

Jun 12 , 2023

Solar housing system manufacturers and assemblers call for attention citing foreign currency shortages, issues with customs clearance and lack of tax incentives are driving them out of the market. The event organized by Ethiopian Solar Energy Development Association (ESEDA) last week at the Capital Hotel, Haile G. Selassie Avenue saw the attendance of over 50 stakeholders in the energy sector. Hawi Tesfaye, a board chairperson of the Association, states restrictions in the solar power provision are barring them from playing a vital role in the national electrification plan 2.0 which sought to reach over nine million households nearly 30pc of the population through off-grid mediums. Over 140 million people still lack access to electricity in the Horn of Africa according to data from the International Energy Agency (IEA). The Agency's 2022 report indicates the necessity of improving the investment environment of the country to leverage access to finances. There are only four solar assemblers and no manufacturers in the country. Abel Endrias, program manager at Precise Consultants International Plc., said that the sector's workforce shortage poses an alarm hindering the country from achieving a renewable energy goal by 2050. He said that the country's solar energy developments need to annually grow by 12pc if the goal is to be met.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...