FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


Mar 2 , 2025

Addis International Convention Centre Inaugurates

The much-anticipated Addis International Convention Centre, spanning 40 hectares, was officially inaugurated last week. It is set to become the country's largest conference venue, designed to host both national and international events. The centre features two large halls, each accommodating 3,0...

Mar 3 , 2025

Central Bank's Auction Sends Dollar Soaring to 135 Br

A dollar value against the Birr exceeds 135 during an auction the Central Bank held last week, offering 60 million dollars. Close to 27 banks made their bid where the weighted average was 135.61 Br for a dollar. The National Bank of Ethiopia (NBE) announced the results of the special foreign exchange auction, the second since monetary authorities floated the forex regime in early August last year. Last week's result reflects a weaker Birr than in the first when the average rate was 107.9 Br. According to a statement the Central Bank issued following the auction, it “supports its ongoin...


Mar 2 , 2025

Ethio Telecom Bids to Dominate Ethiopia's Digital Future

An array of services from digital livestock tracking, push-to-talk/video communications to cloud-based banking, an education management system (EMS), and enterprise resource Planning (ERP) are available from the state-owned Ethio telecom. Ethio telecom has introduced seven new cloud-based digital services last week at the Skylight Hotel, on Africa Avenue (Bole Road), pledging to transform business operations, financial services, and education management. The company said that these solutions will help organisations cut costs, improve efficiency, and grow without investing heavily in physica...


Mar 2 , 2025

Communications Authority Reports Surge in Licensing

In the first half of the current fiscal year, the Ethiopian Communications Authority (ECA) issued three communications investment licences, 184 telecommunications service licences, 23 postal service licences, and 27 express mail (courier) service licences. For licence renewals, the ECA processed 248 telecommunications service renewals, 23 postal and express mail service renewals, and two thousand telecommunications customer premises and network equipment renewals. The Authority also issued 13 new spectrum (frequency) licences and renewed 97 spectrum licences. The ECA body collected 304 m...

CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private sector. Also, 58.5 billion Br of the total loans were provided through CBE's Sharia-compliant service...

Feb 10 , 2025

Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting requests for QR code-bearing invoices has been extended for 30 days. It was revealed that 88,717 tax pa...


Feb 10 , 2025

Capital Market Authority Demands Share Data from Public Companies

The Ethiopian Capital Market Authority (ECMA) issued a public notice last week, requiring all publicly held companies with more than 50 shareholders to submit detailed information about their existing shares. This order, which is in line with last year's Public Offer & Trading of Securities Directive, aims to facilitate the integration of existing securities into the regulated capital market system. The deadline for submission is March 10, 2025. Required information includes the total number of shares, a list of all shareholders with their contact information and shareholdings, the valu...

Feb 2 , 2025

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correct any inappropriate audit decisions. The unit will re-audit decisions made from July 2024 onwards. A...


Radar

Feb 2 , 2025

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling ...

Feb 2 , 2025

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the pl...

Feb 2 , 2025

Italy Boosts Ethiopian Tech Innovation

A 4.69-million-dollar (4.5 million Euro) grant to establish an incubation centre for high-technology innovation enterprises has been availed by the Italian government. Minister of Finance, Ahmed Shide...

Feb 2 , 2025

President Taye Aspires for Lofty Universal Electricity by 2028

The government has set an aggressive goal to achieve universal electricity access by 2028, which requires electrifying 3.4 million households annually. The Mission 300 Africa Energy Summit in Dar es S...

Feb 2 , 2025

Electric Utility Progresses with Rehabilitation Ambitions

The Ethiopian Electric Utility's project to upgrade the power distribution infrastructure in Addis Abeba and its surrounding areas within a 50km radius is 88pc completed. It includes replacing old woo...

Jan 25 , 2025

Railway Corp Launches Online Booking, Mandates Fayda ID for Travel

Ethio Djibouti Railway (EDR) SC announced the online booking platform starting in February for public passenger transport services. The EDR also announced that all travel bookings are mandated to prov...

Jan 25 , 2025

Ethiopost Embraces Space Technology to Revolutionize Mail Delivery

Ethiopost, the national postal service, signed a Memorandum of Understanding (MoU) with the Ethiopian Space Science & Geospatial Institute (SSGI) to modernize its delivery services, aiming to inte...

Jan 25 , 2025

Land Allocation Surpasses Target, Parliament Urges Timely Project Completion

The Ministry of Urban & Infrastructure provided over 11,000hct of land through allocation and bidding in regional and city administrations, surpassing the planned 7,000hct, according to the Minist...

Jan 25 , 2025

Ethiopia, Tanzania Power Deal Signed, Kenya to Transmit

A power sales agreement has been inked for 100 megawatts of electricity by Ethiopia to Tanzania, after a three-way negotiation between Ethiopian Electric Power (EEP), the Tanzania Electric Supply Comp...

Jan 25 , 2025

Ministry Reports Fuel Market Clean-up, Cement Prices Halved

The Ministry of Trade & Regional Integration reported that 325,000 litres of fuel were removed from the market following government action to address issues in fuel distribution and marketing, inc...

Jan 19 , 2025

Yirgalem Hospital Inaugurates New Oxygen Production Plant

A new oxygen production plant has been inaugurated at Yirgalem Hospital Medical College in Sidama Regional State. The launch was attended by the regional state's chief administrator Desta Ledamo and H...

Jan 19 , 2025

Corridor Develops with Parking, Recklessness Concerns, Research Finds

Research involving 400 respondents across four first-round corridor development routes revealed major challenges to the initiative. The study, conducted by Shaka Analytics and ETC Institute in coll...

Jan 19 , 2025

Digitalisation Spreads to the Court System

Ethio telecom and the Amhara Regional State Supreme Court have agreed to implement a Smart Court project in Bahir Dar to modernize court operations using digital technology. This agreement includes bu...

Jan 19 , 2025

Awash Insurance Taps M-PESA for Digital Payment Solutions

Safaricom M-PESA has entered a strategic partnership with Awash Insurance to integrate its services into the M-PESA payment platform. This collaboration would present customers with secure, efficient...

Jan 19 , 2025

Convergence Initiative Seeks to Integrate Climate Action into Food Systems

Authorities are pursuing the integration of climate action into food systems and nutrition strategies through a national workshop held last week at Skylight Hotel on Africa Ave. The workshop gathered...

Jan 19 , 2025

Parliament Enacts Sweeping Property Tax, Dividing Lawmakers Over Fairness, Economic Impact

Federal legislators passed a landmark property tax law last week, granting regional states and municipal authorities new powers to levy taxes on land-use rights and housing. The bill, with four votes...


Most read

Columns

Commentaries | Mar 02, 2025

Health Policy Reforms Walk a Tightrope of Bitter Pills, Bold Cures

Life Matters | Mar 02, 2025

Online Toxicity Hijacks Social Media

My Opinion | Mar 02, 2025

In Carbon Market, Corporations Buy Guilt, Not Change

Sunday with Eden | Mar 02, 2025

The Emotional Toll of Worry

Agenda | Mar 02, 2025

False Overseas Job Promises Leave Seekers Bankrupt

Editorial | Mar 02, 2025

Mismanaged, Trade Liberalisation Could Pour Cold Water on Local Hopes


         ADVERTISEMENT

Read More

Mismanaged, Trade Liberalisation Could Pour Cold Water on Local Hopes

The domestic economy has endured a punishing half-decade. A global pandemic throttled trad...

Editorial | Mar 2 , 2025

Publishing Industry Contends with Soaring Costs, Shifts Digital

Walelgn Ayele, an aspiring young author, faced a harsh reality when he attempted to publis...

Featured | Feb 9 , 2025 . By KALKIDAN NEGASH

False Overseas Job Promises Leave Seekers Bankrupt

Masresha Alebel, 37, hoped to improve his family's circumstances by seeking employment in...

Agenda | Mar 2 , 2025 . By BEZAWIT HULUAGER

Wegagen Breaks Ground as First Bank to Issue Shares on Capital Market

Wegagen Bank has taken a pioneering step in the emerging capital market, releasing a prosp...

Fortune News | Mar 2 , 2025 . By BEZAWIT HULUAGER