Ethiopia's Wheat Dream Soars with $83m Boost

Aug 5 , 2023

A grant that aims to scale up the capacity of smallholder wheat farmers for the next five years is underway with projects focused on climate, finance, production and market linkages. The African Development Fund indited the 84.3 million dollar agreement with Ahmed Shide, minister of Finance and Abdul Kamara, deputy director general of East African Region at ADB last week. Nearly 52.1 million quintals of wheat were harvested from 1.6 million hectares of land during the Meher season, falling significantly short of the country’s annual demand of 97 million quintals. According to the announcement made by the Ministry, the project envelops climate smart wheat production, market linkage infrastructure and agri-finance project coordination and management. The grant incorporates 54 million dollars from the ADF and 20 million dollars from the government of the Netherlands with the remaining 10.3 million dollars coming from the African OCP and Global Center for Adaptation (GCA).


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...