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Governor of Central Bank to Chart Course in BRICS Negotiations

Jan 9 , 2024

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As Ethiopia officially joins the BRICS team, Mamo Mihretu, governor of the National Bank of Ethiopia (NBE), has been appointed as Sherpa, and Mesganu Arega, the State Minister for Foreign Affairs, as Sous Sherpa. They are expected to represent Ethiopia and engage in high-level discussions and negotiations within the BRICS framework, promoting national interests and contributing to the partnerships. The invitation to join BRICS came during the BRICS Summit in August 2023. A national ministerial and a senior official coordination committee is established to lay the groundwork to ensure Ethiopia's active participation in BRICS. Ethiopia's commitment to South-South cooperation was accentuated in a statement released by the Ministry of Foreign Affairs.

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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

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Export Recovery Gains Ground, Industry Still Lags Potential

The Ministry of Industry (MoI) has reported a modest rebound in Ethiopia's manufacturing exports, with revenues climbing eight percent in the 2025 fiscal year to reach 318 million dollars. Minister Melaku Alebel attributed the growth to a gradual sectoral recovery but acknowledged the figures remain well below the country's industrial potential. Speaking at a forum held with 60 top-performing manufacturers, Melaku said the ministry is working to unlock bottlenecks and improve coordination. Th...

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