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Oct 13 , 2024

COFFEE EXPORTERS ROAST CURRENCY RULES

A new directive by the Central Bank requiring coffee exporters to convert half of their foreign exchange earnings into local currency within 30 days is causing upheaval in the crucial coffee industry. Exporters argue that the tight deadline is unrealistic and is squeezing them financially at a preca...

Oct 13 , 2024 . By AKSAH ITALO

Regulatory Storm Looms Over Microfinance as Auditing Flops Spark Crackdown

The National Bank of Ethiopia (NBE) is heightening its regulatory oversight of microfinance institutions, fortifying a sector that has proliferated but faces mounting risks due to inadequate financial audits and loose supervision. Regulatory oversight has been insufficient, with no statutory supervision to define auditors' operating procedures. The NBE's move comes as microfinance institutions, which hold substantial deposits and increasingly compete with commercial banks, have been found to engage unqualified auditing firms that fail to adhere to international standards. Authorities fear t...


Oct 13 , 2024 . By BEZAWIT HULUAGER

Fertiliser Shortfall Worries Cast Shadow Over Agricultural Ambitions

Despite a substantial boost in budget and import volumes, farmers may contend with fertiliser shortages that could impact agricultural productivity in the coming farming season. The Ministry of Agriculture (MoA) allocated 1.3 billion dollars and 156 billion Br to procure 2.4 million tonnes of DAP and Urea fertilisers for the year, a 21pc increase from the previous fiscal year. Yet, the supply continues to fall short of demands by regional states, revealing a structural issue in imports and distribution. A board chaired by Agriculture Minister Girma Amentie (PhD) oversees the procurement and...


Oct 13 , 2024 . By BEZAWIT HULUAGER

Rising Fuel Prices Ignite Concerns Over Subsidy Impact, Economic Strain

Fuel prices have spiked, exacerbated by global supply disruptions and a weakening Birr, leading to higher transportation and production costs. The federal government has announced close to 10pc increase in retail fuel prices, setting the price of a litre of benzene at 91 Br and diesel at 90 Br. Retail fuel prices have surged over the past five years, driven by global market dynamics, domestic economic reforms, and a depreciating Birr. The gradual elimination of government fuel subsidies, a policy encouraged by international financial institutions, has shifted the burden onto consumers. O...

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Oct 13 , 2024

Ethiopia Fully Opens Logistics to Foreign Capital

In a significant policy shift, authorities have fully opened the logistics and transport sector to foreign investors. Minister of Transport and Logistics Alemu Sime (PhD) announced that 100pc foreign...

Oct 6 , 2024

TRADITION COLOURS CITY'S EVOLVING PULSE

On Saturday, October 5, 2024, Mesqel Square transformed into a vibrant venue for colour and culture, as tens of thousands gathered to celebrate Irreecha, the annual Thanksgiving event. The air was fil...

Oct 6 , 2024

Pharma's Export Ambitions Meet Regulatory, Capacity Hiccups

The pharmaceutical industry is moving to export their products overseas, aiming to reach 15 new markets in east and central Africa in the next two years while increasing annual export revenue by 20pc...

Oct 6 , 2024

Capital Market Tax Reform Demands Face Reality Check as Gridlock Mounts

Senior officials of the Ministry of Finance are racing to establish a regulatory framework that breathes life into the nascent capital market. The plan is to integrate incentives into an income tax la...

Manufacturers Plead for Relief as Delays Stall SEZ Lifeline

Manufacturers press federal authorities to speed up the transformation of industrial parks into special economic zones (SEZs), a shift they see as vital to their survival during mounting economic pres...

Oct 6 , 2024

Ministry Unveils New Patient Safety Guidelines

The Ethiopian Ministry of Health (MoH) has made a significant move toward improving healthcare by launching the country's first-ever National Patient Safety Guideline (NPSG). This guideline aims to ad...

Sep 28 , 2024

FESTIVITY MEETS FRUGALITY

For 43-year-old Alemnesh Neri, the twice-yearly trips from Addis Abeba to her hometown of Gumer was a cherished tradition, a time to reconnect with family and bring gifts from the city. This year, the...

Sep 28 , 2024

Ethiopia's Digital Strides Amid UN's E-Governance Index Low Ranking

Ethiopia's journey into the digital age faces challenges as a recent UN report ranked the country 169th out of 193 countries in the E-government Development Index. Published last week, the survey c...

Sep 29 , 2024

UN-Backed Fund Targets Overlooked Entrepreneurs, Contests Entrenched Banking System

The United Nations-backed initiative spearheaded by the IFL represents a step toward resolving the financing challenges SMEs and startups face. The program seeks to build a robust venture capital syst...

Sep 28 , 2024

Lease Dispute Leads AquaAddis Water Plant Shut Down, Leaving Hundreds Jobless

AquaAddis, one of the pioneer bottled water brands, has abruptly suspended operations at its Burayu plant following a contentious dispute with regional tax authorities over millions of Birr in alleged...

Sep 29 , 2024

Nascent Deposit Insurance Fund Seeks Growth, Faces Funding Shortages

The pioneering sovereign deposit insurer, the Ethiopian Deposit Insurance Fund (EDIF), is undertaking a major step to enhance its operational efficiency vying to deploy an automatic payout system for...

Sep 22 , 2024

FAMILY BUSINESSES STRUGGLE FRAGILE LEGACIES

When her father died suddenly in 2008, Heleanna Georgalis found herself at the helm of Moplaco Trading Plc, a venerable coffee company founded in 1897 during Emperor Menelik's reign. Thrust into leade...

Sep 22 , 2024

Getu Gelete, Family Takes an Unlikely Leap into Forex Frenzy

Get-As International Plc, a recognised conglomerate under the family of business magnate Getu Gelete, is positioning itself to become one of the three pioneer non-bank foreign exchange bureaus. Operat...

Sep 22 , 2024

Fed Calls Finance Sector to Foot Wollega Development Bill

Federal authorities are urging banks and insurance companies to contribute hundreds of millions of Birr to pay for a major development project in the Wollega region, in Oromia Regional State, a develo...

Sep 22 , 2024

Public Transporters in Crosshairs

Public transporters are facing financial constraints following the order of transport authorities to undergo a transition from associations to commercial entities. Last month, leaders of the Addis Abe...

Sep 22 , 2024

Fed Unveils New Tool for Tourism’s True Economic Impact

Ethiopia has taken a significant step in tourism data analysis by introducing the Tourism Satellite Account (TSA), a framework for quantifying the sector's contribution to GDP, investment, and employm...


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Nine months ago, Worku Hailu found himself in India, thousands of kilometres from home, un...

Featured | Oct 6 , 2024 . By HAWI LEGESSE

Coffee Exporters Left Steaming as Central Bank's Forex Grind Brews Trouble

A recent directive is roiling the coffee industry, following the Central Bank's requiremen...

Agenda | Oct 13 , 2024 . By AKSAH ITALO

COFFEE EXPORTERS ROAST CURRENCY RULES

A new directive by the Central Bank requiring coffee exporters to convert half of their fo...

Fortune News | Oct 13 , 2024

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