Ethiopian Economy Business News - Ethiopian News

Ethiopian Economy to Grow by 6 Percent Despite Pandemic: PM Abiy Ahmed

By Staff Reporter

PM-Abiy-Ahmed-GrowthJune 8, 2020 (Ezega.com) -- Ethiopian economy is forecast to grow by 6 percent this concluding fiscal year of the country amid global coronavirus pandemic, Prime Minister Abiy Ahmed has said.

Speaking at the 5th extraordinary session of the parliament on Monday, Abiy said Ethiopia is likely to register 6 percent economic growth, down by 3 percent from previous forecast owing to COVID-19 pandemic.

The premier told the MPs that the outbreak COVID-19 pandemic has brought about not only challenges but also opportunities enabling the nation to register 16 percent growth on the export sector. The Ethiopian export

Trust as an Economic Force

By Abel Merawi

Trust-EconomyJune 8, 2020 (Ezega.com) -- Most economic theories begin with the assumption that personal and selfish interests are the primary driving forces of the economy. While there is some truth in this hypothesis, it practically fails since it leaves out a major economic force – trust. As our economic life is the reflection of our social life, assuming we are only interested in gratifying our self-interest cannot explain many areas of our lives. It doesn’t explain why we help strangers or why we even support our family. Such social conduct could be explained when we include trust and other social virtues in the calculation. In the following

88 Percent of Hotels in Addis Ababa Shut down or Reduce Services Due to COVID-19

By Staff Reporter

Addis-Ababa-Hotels-COVID-19April 27, 2020 (Ezega.com) -- Eighty eight percent of hotels in Addis Ababa are forced either to shut down or reduce services due to lack of occupancy arising from coronavirus pandemic.

The remaining 12 percent are being used as isolation centers of COVID-12 suspects who arrived in the capital from different parts of the world.

A survey conducted by the Addis Ababa Hotel Owners’ Association revealed that out of 130 hotels, which are members of the association, 56 percent of them are closed, 32 percent have suspended service partially due to the pandemic.

“Foreign nationals

Determinants of Market Value: Part II

By Abel Merawi

Negadras-Gebrehiwot-BaykedagnFebruary 25, 2020 (Ezega.com) – It is common in Ethiopia, to hear people talk of how they will be successful if only they could go to Dubai and bring items. Well, the things we bring from Dubai or China may bring prosperity to the individual importer, but it harms the domestic market of our country. To illustrate the point with an example, think of the traditional cloth weaver in Ethiopia, and the printed traditional cloth importer from China. Since the imported material is cheaper, thanks to the technological advancements in foreign countries, the local producer will not have a chance

The Benefits and Risks of Ethiopia’s Massive Loans

By Dr. Aklog Birara

“The ugly reality is that most poor people in most poor countries most of the time never receive or even make contact with aid in any tangible shaper or form: whether it is present or absent, increased or decreased, are thus issues that are simply irrelevant to the ways in which they conduct their daily lives.”  --Graham Hancock, Lords of Poverty  

Part II of V

Dr-Aklog-Birara-Part-2December 30, 2019 (Ezega.com) -- In Part I, I expressed my personal

Ethiopia Lifts Import Taxes on 624 Agricultural Machines

By Staff Reporter

Agriculture-Machinery-EthiopiaDecember 14, 2019 (Ezega.com) -- The Ethiopian Ministry of Agriculture has announced the lifting of import taxes levied on 624 types of agricultural machines.

Speaking in a relevant meeting in Adama on Saturday, capital of Oromia region, Minister of Agriculture Umer Hussien said the tax holiday will greatly contribute to the expansion of mechanized farming which currently stands at less than 10 percent in Ethiopia.

“Directive has been prepared on how the tax exemption would be used for intended purposes after consultations between the Ministries of agriculture, finance, and revenues

Ethiopia to Get $3 Billion Additional Development Assistance: PM Abiy

By Staff Reporter

Abiy-Ahmed-DAG-30BDecember 13, 2019 (Ezega.com) -- Ethiopian Prime Minister Abiy Ahmed said Development Assistance Group (DAG) have pledged $3 billion assistance to Ethiopia.

According to the United Nations Development Programme (UNDP) website, the Development Assistance Group comprises of 30 bilateral and multilateral development agencies providing development assistance to Ethiopia. The DAG was established in 2001 as a forum for donors to share and exchange information to foster meaningful dialogue with the Government.

“I am pleased to announce that the Government of Ethiopia is finalizing additional funding for the on-going econ

More Than 70 People Arrested for Stealing Over 60 Million Birr

By Staff Reporter

Addis-Ababa-Police-CommissionNovember 8, 2019 (Ezega.com) -- The Addis Ababa Police have arrested more than 70 individuals on suspicion of stealing over 60 million birr using stolen and fake bank cheques as well as forged documents.

The commission in a statement said the suspects were apprehended by the joint operation of the federal and Addis Ababa police members following tips received from the National Information and Intelligence Service.

Yared Alemayehu, the head of Severe Robbery and Theft Investigation Department with the Addis Ababa Police Commission said the suspects are accused of stealing cheques from different private compan

Ethiopia to Build Integrated Agricultural Processing Industrial Parks in Four States

By Staff Reporter

Fetlework-GebregziabherOctober 8, 2019 (Ezega.com) – Ethiopia is to build Integrated Agricultural Processing Industrial Parks in four states at a cost of $84.22 million.

The project fund was originally pledged during an event organized by Ethiopian Ministry of Trade and Industry on October 8, 2019 in Bishoftu’s Pyramid Resort. The event was organized by the Ministry of Trade and Industry after African Development Bank pledge for project funding.

Minster of Trade and Industry, Fetlework G/Egziabher, the state minster, higher level regional officials and project managers were present during the pledging ceremony.

Ethiopia Looking for Transaction Advisor to Partially Privatize Ethio Telecom

By Staff Reporter

Eyob-Tekalegn-state-ministerSeptember 26, 2019 (Ezega.com) -- Ethiopia has issued expression of interest for a transaction adviser which will be controlling the privatization process for state-run Ethio Telecom, says Ethiopian official.

In a press briefing on Thursday September 26, 2019, State Minister of Finance and International Cooperation Eyob Tekalegn said “We are working on hiring a capable and neutral transaction advisory firm to lead the partial privatization of the Ethio Telecom.”

Among other things, the advisory team will be involved in the pricing of the partial privatization of the ethio-telecom

Ethiopian Mining Sector Registers Dismal Performance

By Staff Reporter

Mining-Revenue-EthiopiaSeptember 7, 2019 (Ezega.com) -- Mineral exports which Ethiopia considers as one of its main foreign currency earners has registered a dismal performance this past budget year, which ended in July 2019, an Ethiopian official has said on Friday.

The country earned only $50 million against projected earnings of $450 million in the stated period, according to the Public Relations Head of the Ministry of Mines and Petroleum.

Michael Mengesha, Public Relations Director at the Ministry said only 11.1 percent of the target amount was attained. He blamed contraband trade in the mining business as the main reas

Why Is Ethiopia Not Producing Basic Goods at Home?

By Seble Teweldebirhan

Import-EthiopiaAugust 11, 2019 (Ezega.com) -- The Ethiopian market has been flooded with imported goods for decades. The country imports almost everything these days, from construction materials, to fuel, to medicine, and to commodities like clothing and cosmetics. Most things processed or value-added are likely to be made outside the country. From the street vendors to supermarkets, large and small stores, all sell goods that are imported. Even those who manufacture things inside the country, they import many inputs or ingredients, and even as small as packaging labels. This has made foreign exchange needs for the country extremely high. The rece

Deteriorating Security in Hawassa City Threatens Foreign Businesses - PM Abiy

By Staff Reporter

Hawassa-Industrial-ParkJuly 24, 2019 (Ezega.com) -- The deteriorating security situation in Hawassa city, the seat of South Nations, Nationalities and Peoples State of Ethiopia has badly affected businesses of foreign companies in one of the largest industrial parks in the country, Prime Minister Abiy Ahmed has said.

While evaluating performance of a national committee in charge of improving doing business in Ethiopia on Tuesday, PM Abiy Ahmed said foreign companies are insisting on leaving the industrial park as employees have been staying away from work due to political problems in the state where protesters are demanding for stateh

Bottled Water Manufacturing Companies to Discontinue Putting Neck Seal

By Staff Reporter

Bottled-water-Ethiopia-Neck-SealJuly 21, 2019 (Ezega.com) -- Bottled water manufactures in Ethiopia are set to supply thier products without neck seal as of Tuesday July 23rd, 2019.

With registered capital of over $2 billion Birr, a total of 85 bottled water producing plants with varying brands have been operating in Ethiopia.

Since the introduction of the product to the country through the Highland Springs brand by Appex Bottling Company in 1999, the sector has seen tremendous growth and almost all have been supplying their products with neck seal.

In a meeting it held in Addis Ababa, the Ethiopian Bottled water

Ethiopia Shuts Down the Internet to Prevent Exam Leaks

Internet-shutdownJune 13, 2019 (Ezega.com) -- Ethiopia has shut down the internet once again, this time to prevent exam papers from leaking out.

Internet has been largely inaccessible all over Ethiopia for the last three days now.

Access to the web was “totally cut off” on Tuesday morning, and there’s been only an intermittent restoration of services since then, according to NetBlocks, an advocacy group that monitors cybersecurity, and as reported by Bloomberg.

Internet is considered an extremely vital part of life and business in much of the world these days. However, in Ethiopia and in some parts of Africa, internet is somethi

Ethiopia Avoiding International Commercial Loans - Ministry

Ahmed-ShideJune 5, 2019 (Ezega.com) -- Ethiopian Ministry of Finance has disclosed the country is avoiding commercial loans due to worries of accumulated debt.

Finance Minister Ahmed Shide said the country stopped borrowing commercial loans the past ten months of the fiscal year.

According to the report, Ethiopia's external and domestic accumulated debt has hit 27 billion US dollars or 731 billion birr.

In his performance report to the HPR, Ahmed Shide said the country has paid 9.4 billion USD of its external debt.

Ethiopia's Gross Domestic Product (GDP) to debt ratio is currently 44 percent, which is modest. The government wants to li

Land Grabbing, Illegal Constructions on the Rise in Addis Ababa

By Staff Reporter

Takele-UmaMay 23, 2019 (Ezega.com) -- The Addis Ababa city administration on Thursday said it has gathered  pertinent evidences that land grabbing and construction of illegal houses are on the rise in the city and will take legal actions against the perpetrators.

In a stakeholders meeting in which members of the Addis Ababa police commission participated, it was disclosed that organized and armed groups were grabbing land illegally.

Deputy mayor of Addis Ababa city administration, Engineer Takele Uma, said his adminstration will re-arrange the necesssary documents and evidences to take actions in two weeks time if the alleged i

Commercial Bank to Offer Interest-Free Mortgages to Diaspora Community

Commercial-Bank-EthiopiaMay 18, 2019 (Ezega.com) -- The Commercial Bank of Ethiopia (CBE) has announced that it has started offering interest-free mortgage loans to non-resident Ethiopians, and foreign nationals of Ethiopian origin.

The program was designed to cater to Ethiopian Diaspora Muslims and others from the diaspora who want interest free banking service.

The loan is meant to be used for the purshase or construction of residential homes. The loan is expected to paid in 20 years.

Borrowers are expected to deposit at least 20% of the mortgage amount in advance in British Pound, USD or Euro.

Emebet Melese, Vice President of Qu

Ethiopia Hit by Power Shortages, Reintroduces Rationing

By Staff Reporter

Power-shortage-EthiopiaMay 18, 2019 (Ezega.com) -- Ethiopia has begun electric power rationing on an hourly basis after its power generating dams could not fill sufficient water, according to the Ethiopian government.

The country has been going through severe power shortages for several months now, affecting factories, businesses, hotels, banks, and internet and communications users.

Briefing journalists on Friday,Minister of Water, Irrigation, Dr Engineer Seleshi Bekele said lack of sufficient water at the dams resulted in 460 MW power deficit which in turn forced the governmnt to introduce power rationing until July 7, 201

Fossil Energy Sources Discovered in Tigray, Says Regional Chief

Tigray-state-EthiopiaMay 14, 2019 (Ezega.com) -- Ethiopia’s Tigray Regional State has announced discovery a fossil fuel energy sources having special quality in the state’s mountainous areas.

Deputy Chief of the regional state Dr. Debretsion Gebremichael broke the news on Monday during the official inaugural ceremony of KPR Mill Ltd, an integrated textile manufacturing factory from India in Mekelle Industrial Park.

“A study has proved that a unique fossil fuel energy resource is abundantly available at Emba Alaje, Neblet and Adigrat mountainous areas,” Debretsion has said.

The Tigray region, located in the north most par

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