Financial Institutions Usher in Research Centre

Mar 25 , 2023

Financial institutions commence a training and research centre with close to 35 million Br paid-up capital. The new hub is expected to create skilful employees in the financial sector to curb the competence issue leading to proficiency in the market. Nine banks, nine insurance companies, a microfinance institution and individuals in the financial services are the shareholders of the centre dubbed Capital Financial Excellency Centre. The opening ceremony held at the Hilton Hotel last week saw the attendance of Mamo Mihretu, governor of the National Bank of Ethiopia. Executives disclosed the new centre would make way for developing the capabilities of finance workers and uplift their competitiveness internationally. The financial sector has been operating under a financial repression framework used by the government for managing its monetary and foreign exchange policy and financing large infrastructure projects and state-owned enterprises. A World Bank report suggests that the framework has led to the build-up of large macro-financial imbalances, including fiscal dominance, pressures on inflation, the overvaluation of Birr, and a chronic shortage of foreign exchange.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...