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October 1 , 2022

Safaricom Ethiopia Pushes Network Pilot Forward

The executives of Safaricom Ethiopia Plc have expanded their large-scale network pilot to Awoday and Gonder towns in the Oromia and Amhara regional states, respectively. The expansion brings the number of towns testing the operator's network services to 10 since it first launched in Dire Dawa in...

October 1 , 2022

Trade Ministry Pulls ECX into Contract Farming Procedures

A new directive issued by officials at the Ministry of Trade & Regional Integration instructs that all cash crops produced under investment or contract farming schemes go through the Ethiopian Commodity Exchange (ECX) for weighing. Investors engaged in contract farming are compelled to weigh their cash crops at the Exchange before having them registered by the Trade Ministry and made ready for market. They retain the privilege to sell their commodities on the ECX trading floor. The ECX is mandated to validate the weight of oilseeds and cereals produced through the two schemes, conduc...

October 1 , 2022

State Telco Unveils New Strategy as Competition Looms

Frehiwot Tamiru, chief executive officer (CEO) of Ethio telecom, has introduced a new business strategy as the state-owned operator buckles up for its first taste of competition in the form of Safaricom Ethiopia Plc. Dubbed "LEAD", the strategy looks to drive growth through a focus on digital and financial services. Ethio telecom has increasingly turned its attention to digital services, beginning with the launch of Telebirr as the first non-bank entity to obtain a payment instrument issuer's license from regulators at the central bank. Two months ago, it launched loan and savings ser...


October 1 , 2022

American Leather Manufacturer Lands Space in Capital

Parker Clay Plc has inaugurated a leather products manufacturing facility in Addis Abeba Industrial Village. The development comes two months after the company received a 1,150sqm plot in the Village from the Industrial Parks Development Corporation (IPDC). The US-based firm retails leather products made in Ethiopia. It started operations a few years ago with a small space and a few employees. It has since seen its workforce grow to more than 200, 80pc of whom are women. The company retails leather bags for as much as 350 dollars on its website. The inauguration comes as the leathe...

October 1 , 2022

Gas Prices Shoot Up, Again

Vehicle owners and drivers were met with higher prices at pumping stations this morning as the federal government moves ahead with plans to end fuel subsidies. As with the last price adjustment in July, diesel saw the steeper increase – a litre retails for 59.90 Br, up 22.2pc. Benzene goes for 57.05 Br, close to 20pc higher than drivers were paying earlier in the week. The new prices mark the second adjustment since the authorities began lifting subsidies three months ago, and the fourth since last December. They plan to phase out subsidies at gas pumps by June next year, sparing the p...


Radar

October 1 , 2022

Horticulture Exports Hit $628m Despite Hurdles

The export of horticultural products brought in 628 million dollars in revenues last year, according to the Ministry of Trade & Regional Integration. Cut flowers accounted for the vast majority a...

September 24 , 2022

World Bank Funds $210m Groundwater Project as Drought Intensifies

A sustainable groundwater project in drought-prone lowland areas of Ethiopia, Kenya and Somalia was launched last week with 210 million dollars in funding from the World Bank. The six-year initiati...

September 24 , 2022

Chinese Textile Manufacturer Joins Adama Industrial Park

A Chinese textile manufacturer has signed a 216 million Br deal for a lease at Adama Industrial Park. The managers of Lighthouse Garment Manufacturing Plc say they expect to invest close to one bil...

September 24 , 2022

Ethiopian, Italian Firm Open Blanket Manufacturing Facility

The national carrier has inaugurated a facility for the manufacturing of insulation blankets for Boeing 737-MAX aircraft at its hub in Addis Abeba Bole International Airport. The facility is part o...

September 24 , 2022

Election Board Request 541m Br for Latest Southern Referendum

The National Electoral Board of Ethiopia (NEBE) has submitted a budget request of over half a billion Birr to Parliament to organise a referendum scheduled to be held in the Southern Regional State. ...

September 24 , 2022

Ethiopian Airlines Consortium Wins Nigeria Carrier Bid

A consortium with the Ethiopian Airlines Group as one of the major shareholders has won a bid to control Nigeria's national carrier – Nigeria Air. The other members of the consortium are Nigerian...

September 24 , 2022

RedFox Latest to Roll out Data Centre

A privately-owned modular data centre in Addis Abeba's ICT Park has gone operational nearly two years after RedFox Solutions Group secured land in the Park. RedFox executives, led by General Manage...

September 18 , 2022

AGRA Launches $550m Africa Farming Fund

The Alliance for a Green Revolution in Africa (AGRA) has announced a half billion dollar catalytic fund to back efforts to improve food security on the continent over the next five years. The organisa...

September 17 , 2022

Damot Bank Promoters Opt for Dissolution

The promoters of Damot Bank have decided to dissolve the would-be financial institutions after struggling to raise enough equity to meet the central bank's minimum paid-up capital threshold. Only t...

September 17 , 2022

MIDROC Embarks on Mega Real Estate Project

MIDROC Investment Group has kicked off construction on a luxury residential development project in Addis Abeba. A launch ceremony last week saw the attendance of Mayor Adanech Abiebie and Jamal Ahm...

September 17 , 2022

Electric Vehicles Catch Tax Break

Drivers have an added reason to go electric as the import and sale of electric vehicles is no longer subject to value added tax (VAT) or excise tax, according to the Ministry of Finance. Officials...

September 17 , 2022

Revenues Ministry Transfers 41b Br in Proxy Taxes to Regional Admins

Officials of the Ministry of Revenues have transferred a little over 41 billion Br in proxy and other taxes collected on behalf of regional administrations. Proxy taxes account for 6.3 billion Br o...

September 17 , 2022

National ID Office Launches Official Registration

A Project Office under the Prime Minister's Office has officially begun an enrollment programme for a National Digital ID project that looks to register 70 million citizens over the coming three years...

September 10 , 2022

Dashen Bank Grants Funding to Development Projects in Southwest

Dashen Bank has granted five million Birr in funding towards development works in the country's youngest regional state. Over one million people in six zones of the Southern Regional State voted in...

September 10 , 2022

Authentication Agency Latest to Strike Telebirr Deal

The Document Authentication & Registration Agency (DARA) is the latest government institution to ink sign up for an electronic payment system under Ethio telecom's Telebirr mobile money platform....

September 10 , 2022

World Bank Arm to Acquire $160m Stake in Safaricom Ethiopia

The International Finance Corporation (IFC), an arm of the World Bank Group, has announced plans to acquire shares valued at 160 million dollars in Safaricom Telecommunications Ethiopia Plc. The ac...


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