Latest Ethiopian News - Ethiopian Economy Business

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,

Addis Ababa City Seeks Funding for Entoto Tourist Project

Entoto-developmentJune 26, 2017 - The Addis Ababa City Administration will be looking for loans from international financial institutions for the development of a mega tourist destination at Mount Entoto in the northern part of the city at a cost of 4.8 billion birr.

The city administration is planning to build a vast tourist recreation center on 4,200 hectares plot in the Entoto forest. At the third general assembly of the Addis Ababa City Tourism Transformation Council held on Tuesday at Getfam Hotel Heyab Gebreamelak (PhD), director of the Entoto Tourist Destination Development Project, said that the huge project has four major packages – recreation center

Ethiopian Tourism Discloses New Amharic Tagline: Midre Kedemt

March 22, 2017 - Ethiopian Tourism Transformation Council began it 4th regular meeting today. Midre-kedemt-tourism-taglineAt the event, Prime Minister Hailemariam Desalegn, chair of the Council, introduced the Amharic version of the new tourism brand ‘Ethiopia, Land of Origins’ as ‘Midre Kedemt.’

Despite the huge tourism potential, Ethiopia’s is not benefiting more from the sector, said the Premier.

Works have been carried out to remove major impediments of the tourism industry by establishing Tourism Transformation Council, he added.

The Premier further said all stakeholders, including federal and regional state

Addis Ababa City Introduces Ration Coupons at ECA Stores

Retail-store-addis-ababaAddis Ababa City Administration said today that it has introduced a coupon retailing method at Ethiopian Consumers Association branch shops to ensure a fair distribution of basic goods among the city residents, according to Walta.

Following the government salary adjustment made to public servants recently, the private shops across the city have exponentially raised the price tags of consumer goods such as edible oil, sugar and fruits.

The Bureau’s intent to introduce a coupon transaction to make sure that subsidized consumer goods reached to the residents and to avoid ways that these goods channeled to private business, w

Ethiopian Renaissance Dam Generation Capacity Revised Up to 6,450MW

Debretsion-GERDFebruary 25, 2017 - Following generator upgrades, the installed hydropower generation capacity of the Grand Ethiopian Renaissance Dam (GERD) has been increased to 6,450MW, according to FBC.
Initially, the dam was designed to generate 5,250MW. However, due to the upgrades made to the power plant, its generation capacity was raised to 6,000 MW. Six years later, the total installed generation capacity of the dam has been increased by additional 450MW as a result of the improvement made on generators to boost the capacity of the power plant.

Following the upgrading made twice, the electricity generation capacity of the dam has b

Ethiopian Tourism Income Hits USD 1.6B in First Half

Ethiopian-tourism-USD1.6BFebruary 10, 2017 - Ethiopia generated revenues of more than 1.6 billion US dollars from tourism in the first half of this Ethiopian budget year (2016/17), according to ENA report.
A total of 439, 359 foreign tourists visited the country in the reported period, Gezahegn Abate, Public and International Relations Director at Ministry of Culture and Tourism told ENA.

The number of visitors in this first half decreased by 39, 531 tourists, while the revenues declined  by 145  million US dollars compared to same period last fiscal year due to the unrest occurred in some parts of the country, he said.

Ethiopian Exports Fall Short of Expectations

Ethiopian-exports-fall-short-expectationsJanuary 30, 2017 - The Ministry of Industry (MoI) reported to parliament that exports of manufactured products only performed half as well as expected over the last six months of the 2016/17 budget year, according to Capital. The nation earned USD 198.5 million in export revenues which is 56.5 percent of Ethiopia’s goal of USD 349 million. Non major export products rose 3.9 percent.

Manufacturing has been expected to be a staple of Ethiopia’s resurgence.  Textile and leather products along with agro processed products like meat and dairy are major areas, along with import substitutio

Corruption and Waste Plagues AA Condo Development - Report

Corruption-Reported-in-Condo-Development-ProjectsJanuary 30, 2017 - Ethiopian invested billions of birr in construction materials for the 20/80 condos over the last 10 years. However, lack of proper auditing has led to corruption and waste, according to Capital.

Steel bars, cement and bathroom products like toilets have been purchased from many suppliers but no clear auditing has been conducted to indicate which materials were used where, or how many of them were wasted or moved to other places.

According to a source in the Addis Ababa Housing Project Office (AAHPO) the office has been planning an audit but no tangible work has occurred as of yet.

Ethiopia Inaugrates Omo River Hydro Power Plant

Omo-River-DamDecember 16, 2016 - Ethiopia inaugurated on Friday a 1.5-billion-euro ($1.57 billion) hydropower plant along the Omo River in the country's south that will nearly double total electricity output to 4,238 megawatts (MW), according to Reuters.

With a capacity of 1,870 MW, Gilgel Gibe 3 - built by Italian construction firm Salini Impregilo SpA - is expected to boost the Horn of Africa country's nascent manufacturing sector as well as electricity exports to neighbouring nations.

Work on the plant began in 2006 but its completion was delayed partly due to funding constraints. In the end, China's Export-Import Bank stepped in to fund 60 p

Unrest Threatens Ethiopian Airlines Success Story

Ethiopian-AirlinesDecember 12, 2016 - Ethiopia, indelibly linked with images of grinding poverty and famine, has quietly built one of Africa’s rare corporate success stories with the continent’s only consistently profitable airline shuttling passengers from around the world through its hub in Addis Ababa, reports Bloomberg.

Yet just as state-owned Ethiopian Airlines starts to vie with the likes of Dubai-based Emirates, outbreaks of violence around ethnic and human-rights protests have claimed an estimated 500 lives since June, threatening to deter travelers and undermining the political stability that helped it flourish. It’s also grappling with the

Huawei, CET to Build Intelligent Power Grid in Ethiopia

HuaweiDecember 12, 2016 - Chinese telecom giant Huawei and China Electric Power Equipment and Technology (CET) have signed a Memorandum of Understanding (MoU) with the Ethiopian Electric Utility to build better connected intelligent grid in Ethiopia.

As part of the agreement inked on Tuesday in Ethiopia’s capital Addis Ababa, the two Chinese companies will share their experiences with the EEU, and help the East African country build a smart grid system.

The two Chinese companies also made a donation to the EEU of a smart power distribution pilot project, which will be tested and verified so as to check its competence in the Ethiopian context.

Speaking o

Ethiopia Vows to Protect Foreign Companies

Damaged produce thrown out in EthiopiaOctober 26, 2016 - Ian Derry was shocked when he got the news. A group of men had ransacked his company’s factory and burned down several buildings. A decade of work, tonnes of produce, tens of millions of dollars invested in equipment – it was all gone in the span of a few hours.

Derry is the director of africaJUICE, a Dutch company whose fruit processing plant in Ethiopia was one of almost a dozen factories attacked during the most recent outburst of protests by the Oromo ethnic group. Now foreign agri-businesses like his face a tough choice: stay, despite the risk, or leave and lose their investment.

A Joyous Day in East Africa as the Ethiopia-Djibouti Rail Connection Is Inaugurated

The Ethiopian and Djibouti governments have inaugurated the first and the longest electric railway line in East Africa, built with the help of two Chinese firms and a Chinese bank.Oct. 10, 2016 — Railway Gazette reports today on the inauguration of the 756-kilometer standard-gauge Chinese-built railway linking Ethiopia with Djibouti. Ethiopia’s Prime Minister Hailemariam Desalegn and Djibouti President Ismail Omar Guelleh officially inaugurated the linking of t

Ethiopia to overtake Kenya as Eastern Africa’s top economy

ethiopia-to-overtake-kenyaOctober 10, 2016 - Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years.

The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from 61.62 billion US dollars in 2015 to 69.21 billion US dollars th

Ethiopia Losing Foreign-Investment Appeal as Attacks Spread

Ethiopian protesters cross their wrists above their heads as a symbol for the Oromo anti-government movement.October 10, 2016 - Ethiopia’s attraction as a favorite new destination for foreign investors is fast dissipating as businesses owned by Nigerian billionaire Aliko Dangote and Dutch fruit processors come under attack in growing political unrest.

The government declared a six-month state of emergency Sunday to deal with the violence accompanying protests by ethnic Oromo and

Ethiopian Horticulture Exporters Eye Seoul Market

DreamlinerJune 20, 2013 - Ethiopian vegetable and fruit exporters are considering expanding into the South Korean market, with the launch of direct flights to Seoul by Ethiopian Airlines, according to Capital. The export market for Ethiopian produce is currently limited to Europe and the Middle East, while there is huge demand in other parts of the world.

Direct flights between Addis Ababa and the Korean capital are scheduled to begin tomorrow, Monday 17th of June. Market experts see it as a great opportunity for Ethiopian exporters.

“Some prod

Ethiopian Economy to Grow 6.5% This Year, Projects IMF

IMFMay 13, 2013 - The International Monetary Fund (IMF) projected that Ethiopia’s Gross Domestic Product (GDP) will grow around 6.5 percent for 2013/14 with inflation continuing its downward trend, contesting the government’s official projection of 11.4 percent, according to Capital.

The report entitled ‘Regional Economic Outlook: Sub-Saharan Africa - Building Momentum in a Multi-Speed World’ was released this week at the headquarters of the IMF Ethiopia regional office. 

The report states that with 5 percent growth in 20

Ethiopia to Resume Tantalum Production

tantalumMay 17, 2013 - Ethiopian Minerals Development Enterprise (EMDE) recently asked its board of directors and the Privatisation and Public Enterprises Supervisory Agency permission to resume production and export of tantalum concentrate from its Kenticha tantalum mine, according to the Reporter.


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