FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




University Autonomy Proclamation Endorsed by Parliament

May 27 , 2023


[ssba-buttons]

The autonomy of universities which was a hot topic amongst Parliamentarians for months was ratified with only four opposing votes and 13 abstentions last week. With Addis Abeba University leading the way, all eight universities will be accountable for securing their own funding, with minimal financial assistance from the federal government. Students who can afford to finance their own education will be subjected to tuition fees. The Minister of Education, Birahanu Nega (Prof), highlighted the flimsy budgetary structure universities have been operating under for the past three decades, citing a meagre budget of 22 Br per student. He indicated that government will prioritise quality over quantity in the future. The Ministry of Education is expected to issue directives to regulate the implementation of the proclamation due to the dismal results of this year's university entry exams, with a 97pc failure rate. This has highlighted the insufficiency of qualified teachers and educational institutions.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...