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Latest Ethiopian News - Ethiopian Economy Business

National Bank of Ethiopia Gets New Governor

Yinager-Dessie-NBE-GovernorJune 19, 2018 - As part of the financial reform of Ethiopia, Prime Minister Abiy Ahmed has appointed Dr Yinager Dessie as governor of the National Bank of Ethiopia (NBE), replacing Teklewold Atnafu.

Prior to his current appointment, Dr Yinager served as Commissioner of the National Planning Commission of Ethiopia.

Ethiopia is currently going through liquidity crisis. The government is believed to have depleted the countries currency reserves, forcing it to plan to partially sell national assets such Ethiopian Airlines and Ethio Telecom.

Ethiopia Facing Liquidity Crisis

Abraham-Tekeste-Ethiopia-FinanceJune 10, 2018 - Ethiopia is said to be facing liquidity crisis due to decline of export earnings and weak tax revenue collection and foreign borrowing coming to a halt due to the country's external debt stress, the Ministry of Finance and Economic Cooperation (MoFEC) indicate according to the Reporter. The Minster of Finance, Dr. Abraham Tekeste, disclosed this to the House of Peoples’ Representatives (HPR) on Thursday.

According to the report, the country's trade balance continues to exhibit a large gap. Last fiscal year, the trade balance showed a USD 13 billion deficit. The c

Ethiopian Airlines Takes Delivery of 100th Aircraft

Ethiopian-airlines-100thJune 6, 2018 - Ethiopian Airlines has taken delivery of its 100th aircraft, Boeing 787 Dreamliner on June 6, 2018, once again leading the way in fleet expansion and modernization in Africa, according to communique sent by the company.

As part of Ethiopian Corporate Social Responsibility commitments, the new aircraft has ferried medical equipment from the Seattle-based NGO, Direct Relief, to St Paulos Hospital in Addis Ababa. The shipment includes surgical stools and other medical supplies to be used for both teaching and patient care.

Group CEO of Ethiopian Airlines, Mr. Tewolde GebreMariam, remarked, “It is an immense ho

Oromia Regional State Hands Over Coal Mine to Organized Youth

METEC-EthiopiaJune 3, 2018 - The Oromia Regional State handed over the mining concession of Yayu Coal Deposit to organized youth in the area, according to the Reporter. A year ago it striped the Metals and Engineering Corporation (METEC) of the rights to extract and market coal minerals from the deposit.

The contested coal mineral site, located in Yayu, Ilu Ababor Zone–previously under METEC–has been operational for the past seven years. Under its ownership, the military industrial complex was using the site to originally use the raw material for Yayu Fertilizer Factory which currently is under construction.

Previous reports to the parliament i

Ethiopian MInistry Suspends MIDROC Gold Mining License

MIDROC-Gold-MiningMay 10, 2018 - Ethiopian Ministry of Mines, Petroleum and Natural Gas has suspended MIDROC's Lega Dembi gold-mining license, according to FBC report.

Residents of Guji zone in Oromia have been complaining about environmental pollution resulting from gold mining activity in the area, which prompted the Ethiopian ministry to suspend the license.

According to the Ministry, the Company won’t produce gold until detailed study is conducted by a neutral body.

Officials from the federal up to kebele levels as well as stakeholders will take part in the study, said Bacha Faji, public relations and communications director at

Oil, Gas Deposits Discovered in Ogaden Region in Ethiopia

Oil-Gas-OgadenMarch 25, 2018 - A Chinese company exploring oil and gas in the Ethio-Somali Regional State, Ogaden basin, has discovered oil and gas deposits, according to the Ethiopian Reporter.

The Chinese company, Poly-GCL, which signed petroleum exploration and development agreement with the then Ministry of Mines in November 2013, has been prospecting for oil and gas reserve in a vast exploration area in the Ogaden basin. The company is also trying to develop the Calub and Hilala gas fields found in the Ogaden basin many years ago. 

Koang Tutlam (MD), state minister of the Ministry of Mines, Petroleum and Natural Gas, told The Reporter that Poly-GCL ha

Habesh Cement Resumes Production

Habesha-Cement-Resumes-OperationNovember 4, 2017 - Habesha Cement factory which suspended operation due to instability has resumed production, reported the Ethiopian English weekly newspaper Reporter. Habesh suspended production on October 24 after young protesters, who demanded permanent jobs, occupied the factory. The youngsters demanded permanent jobs or to be put on the company’s pay roll. The management of the company decided to shut down the cement manufacturing plant due to the protest. The Oromia Police has intervened to calm down the youth. 

Following the protest, the executive management team of Habesha Cement, Woreda an

Grand Ethiopian Renaissance Dam to Start Power Generation

Dr.Debretsion-GERDOctober 18, 2017 - The Grand Ethiopian Renaissance Dam (GERD), being built on the Nile, will start generating hydroelectric power in the current fiscal year, reports Ethiopian news agency. “The remaining 38 percent of the construction will be done while the dam is generating hydroelectric power", Debretsion Gebremichael, Board Chairman of the National Council for the Coordination of Public Participation for the Construction of GERD, said as quoted by the Ethiopian news agency.

The construction of the dam, which will be the largest in the continent and among the top ten in the world in terms of generating capacity, has reached 62

Ethiopia to Raise 1.5 Billion Birr for GERD

GERD-EthiopiaOctober 12, 2017 - The Ethiopian government announced plans to raise 1.5 billion Birr in the current Ethiopian fiscal year for the construction of the Grand Ethiopian Renaissance Dam (GERD), reports Ethiopian News agency. .

The Office of the National Council for the Coordination of Public Participation on the Construction of the Dam announced the plan on Tuesday at a consultation forum being held in Addis Ababa.

The Office planed to realize the target by further strengthening wider public participation, implementing various fundraising mechanisms including lotteries, music concerts, arts and photo exhibitions, among others.

Efforts wi

Ethiopia Unveils National Financial Inclusion Strategy

Ethiopia-Financial-InclusionSeptember 3, 2017 - Ethiopia unveiled a National Financial Inclusion Strategy that envisions providing universal access through innovative and convenient channels by the National Bank of Ethiopia (NBE). Despite the significant expansion of the financial sector in Ethiopia, only 22 percent of adult Ethiopians have account in regulated financial institutions, as compared to 34 percent of Sub-Saharan Africa. The strategy plans to give access to 60 percent adults by 2020, reports Ethiopian news agency.

National Bank of Ethiopia Governor, Teklewold Atnafu attributed the low performance in the sector to lack of finance and related infrastructures, community

Chinese Embassy in Ethiopia Warns Chinese Companies on Labor Abuses

Chinese-companies-warnedSeptember 23, 2017 - The Chinese embassy in Addis Ababa called an unprecedented meeting with all Chinese companies operating in Ethiopia last week, following repeated events such as labor issues and accusations involving Chinese companies working in the country. The Chinese embassy in Ethiopia confirmed such a communication had taken place but refused to go into details.

However, according to sources, the embassy went further and warned some of the companies regarding the consequences of their actions in the country.

Sources also confirmed that recent incidents involving the China State Construction Engineering Corpor

Ethiopian Airlines to Receive the First B787-9 Aircraft

Ethiopian-B787-9September 9, 2017 - Ethiopia’s flag carrier and Africa’s fastest growing airline, Ethiopian Airlines, is going to take delivery of the first of the four Boeing B787-9 aircraft next month. Africa’s largest airline, Ethiopian, was the first in Africa and only the second in the world next to Japan to acquire and operate B787-8 mid-size twin engine aircraft in 2012.

In 2015, Ethiopian placed firm orders for four B787-9 aircraft, an extended version of B787-8 Dreamliner aircraft. Today the airline operates 19 B787-8 aircraft. Sources told The Reporter that Ethiopian will take delivery of the first B787-9 direct from Boeing in October 2017.

Ethiopia: Bahir Dar City to Get Special Economic Zone

Lake-Tana-bahir-DarAugust 27, 2017 - Chinese Maxtor International Financial Services inked a memorandum of understanding with Ethiopia’s Amhara Regional State to build a Special Economic Zone in Bahr Dar city. The company’s officials stated that Maxtor chose its investment in Ethiopia after conducting comprehensive business and economic feasibility studies among various African countries.

During the signing ceremony it was announced that the new project was unique for being the first of its kind to have come to Ethiopia. It was also noted that the new project is expected to lie by the side of Lake Tana, Africa’s second largest lake. Similarly,

Six Ethiopian Towns to Get Power Upgrade

Ethiopian-Electric-UtilityAugust 23, 2017 - The Ethiopian Electric Utility (EEU) is to going to rehabilitate and upgrade electric power distribution lines in six Ethiopia towns. The rehabilitation will be undertaken with 1.7 billion Br financing from the World Bank's (WB) International Development Association (IDA) and the Ethiopian government coffer.

Adigrat, Debre Marqos, Gondor, Shashamane, Wolaita Sodo and Harar towns are the beneficiaries of this rehabilitation program. Out of the total amount, IDA will cover 1.4 billion Br. The project is expected to avoid the recurrent blackouts in these Ethiopian towns.

For the project, the Ethiopian gov

Ethiopia’s Car Import Grows by 14Pct

Ethiopian-car-import-growsAugust 19, 2017 - Ethiopian Transport Authority disclosed that Ethiopia imported a total of 117,032 vehicles in the just concluded fiscal year. Commenting on the development, Ethiopian Transport Authority Public Relation Head, Yigzaw Dagne, said the number might be higher as there might be cars in different states of Ethiopia  that are not registered within the national database.

According to Yigzaw the number of cars being imported to Ethiopia has been increasing every year. Following last year’s vehicles import, the number of cars in Ethiopia increased to 825,448 from 708,416, he explained.

Nevertheless, the Author

Ethiopia, Reykjavik Geothermal (RG) Resolve Differences over Largest Geothermal Project in Africa

Corbetti-GeothermalAugust 13, 2017 - The much delayed two billion dollars Ethiopian geothermal development project, Corbetti Geothermal, near Shashemene town is finally to take off the ground. Corbetti Geothermal, a multi-national energy company that has been working to develop 500 MW of electric power from geothermal sources in the Corbetti Caldera in East Arsi Zone, and the Ethiopian government have resolved their differences on the implementation of the project through negotiations to resurrect the pending project. Corbetti Geothermal, the Ethiopian Ministry of Water, Irrigation (MoWIE) and Electricity and the Ethiopian Ministry of Finance and Economic Cooperation are fina

Ethiopian Arabica Coffee Faces Threat of Extinction - Study

Ethiopian-Arabica-Coffee-facing-extinctionBy Seble Teweldebirhan

August 12, 2017 - According to a new study by KEW and Environment and Coffee Forest Forum (ECFF), titled Coffee Farming and Climate Change in Ethiopia, Arabica Coffee, one of the highest quality coffees in the world, might be absolutely extinct by the end of this century. The report states that, unless immediate actions are taken to reverse the current trend of climate change, Ethiopia is on the verge of losing its status as one of the top five countries in the world

Ethiopia to Allow Private Roads

Private-investment-roads-allowedJuly 19, 2017 - Ethiopian Minster of Finance and Economic Cooperation, Abraham Teksete (PhD), announced the country’s plan to offer shares to private investors in its road-building and maintenance projects

The move by the Ethiopian government has been considered by many as a latest step to open up and modernise the state-led economy.

"We do not have private-run roads. Through public-private partnerships, the private sector is interested to develop roads through this arrangement," Ethiopian Minister of Finance and Economic Cooperation Abraham Tekeste, quoted by Reuters, as saying. 

"We could wo

Coffee Export Performance Shows Improvement – Ethiopian Officials

Coffee-export-improvesJuly 12, 2017 - Ethiopian Coffee & Tea Development and Marketing Authority announced that the country has accomplished 92 per cent of its set goal to increase coffee exports. According to officials at the authority, Ethiopia earned 866 million USD exporting 221,000 tons of coffee during its last fiscal year. Comparing to Ethiopia’s coffee export volumes of 2015/16, there had been 11.5 Per cent growth in the coffee exports during the just concluded fiscal year 2016-17. Plus, the foreign earning from coffee has raised by 20 percent due to the global coffee price hikes.

In a recent exclusive interview with The Ethio

Ethiopia, World-Bank Sign New 5-Year Parnership Agreement

Ethiopia-World-Bank-partnershipJune 29, 2017 - Ethiopia, World Bank agreed on a new five-year partnership to build on development gains achieved over the past decade and boost institutional accountability.

The renewed partnership stresses sustainable and inclusive growth, placing a focus on education, increased access to markets and job creation for young people.Improved governance and social accountability to help tackle corruption make up another important plank of the agreement.

“The Country Partnership Framework intensifies our support for poverty reduction in Ethiopia and seeks to address key challenges facing the country,” said Carolyn Turk,

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