Ethiopian Economy Business News - Ethiopian News

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

Ethiopian Government to Privatize 13 Sugar Projects

Sugar-corp-ethiopiaApril 13, 2019  (Ezega.com) -- The Ethiopian government intends to privatize 13 sugar projects, according to FBC new report.

The government is in initial stages of consultantions with the private sector to assess the market for the projects.

The Ministry of Finance (MoF) and the Ethiopian Sugar Corporation have invited responses to request for information (RFI) to finalize preparation for the privatization of sugar projects.

In a joint press conference, the MoF and the Sugar Corporation said, "this is to complete the necessary pre-privatization activities to fully or partially privatize the 13 sugar projects that ar

Completing Grand Renaissance Dam Key Priority - PM Abiy Ahmed

GERD-completion-priorityMarch 30, 2019 (Ezega.com) -- Ethiopian Prime Minister Abiy Ahmed emphasized that finalizing the Grand Ethiopian Renaissance Dam (GERD) is a key priority of his government.

The Prime Minister made this remark following a meeting with GERD Project Manager, Kifle Horo, who briefed him about the current status of the dam, according to ENA report.

The meeting was also attended by Deputy Prime Minister Demeke Mekonnen and other officials.

The GERD manager disclosed that the GERD is 66% complete at this point. The progess of the various projects within the GERD was also discosed: GERD civil work is 83% complete, electromechanical work 25%

Foreign Direct Investment in Ethiopia Reached 4 Billion USD in 2018

EICMarch 25, 2019 (Ezega.com) -- Foreign Direct Investment has been growing in Ethiopian during the last four years, reaching four billion USD in 2018, according to the Investment Commissioner, Abebe Abebayehu.

The Ethiopian Investment commissioner attributed this growth to the reform agenda going on in Ethiopia right now, according to Ethiopian News Agency report.

“Recently, huge number of new investment interests has come from France and about 80 Emirati investors are attracted by  opportunities in Ethiopia,” the commissioner said.

According to Abebe, decisions to privatize state-owned companies, institutional reforms, and the construction of

Ethiopia Vows to Improve Business Climate in the Country

Doing-Business-EthiopiaFebruary 27, 2019 (Ezega.com) - Ethiopia has vowed to continue improving the ease of doing business in the country as part of its wider economic reform agenda under the leadership of Prime Minister Abiy Ahmed.

According to the premier’s office, the goal is to promote an enabling environment for businesses and also to make funds accessible to entrepreneurs.

Despite Ethiopia being Africa’s second most populous country, it suffers from among other issues, high unemployment rates. The premier is adamant that a conducive business climate, coupled with the availability of funds will help solve that.

“The res

The Ambitious Riverside Venture of Ethiopia

Addis-Ababa-Riverside-ProjectFebruary 24, 2019 (Ezega.com) - Capital cities are important to all nations. Governments invest in improving entire countries, but the capitals enjoy a sizeable chunk of this investment, not only by the state but also by private investors.

The prime minister is advocating for a modern face for the capital of Africa’s second most populous country.

The Addis Ababa Riverside project is a three-year initiative by the premier. The development will be along two most notable rivers in the capital city, Addis Ababa-stretching 27.5 and 23.8 kilometers correspondingly. The starting point is the mountain of Entoto via Ak

Ethiopia's Investment in Agriculture is Paying Off

Ethiopia-Investment-in-agriculture-paying-offJanuary 18, 2018 (Ezega.com) - Agriculture is the backbone of Ethiopia’s economy. It accounts for about 42% of the country’s GDP and employs an estimated 80% of the population. With a 10% economic growth rate per annum, Ethiopia is emerging as a force to reckon with in terms of development in the continent.

And with an ambitious prime minister like Abiy Ahmed in office, there are no signs that Ethiopia’s determinations for further growth will fade any time soon .It is clear from the government’s development blueprint, Ethiopia intends to achieve middle-income status by 2025.

Ethiopia Awards GERD Electro-Mechanical Work to Chinese Firms

GERD-electro-mechanical-projectJanuary 13, 2019 (Ezega.com) - The Ethiopian government made two separate agreements worth USD 200 million to complete the hydraulic steel structures and electromechanical work that has delayed the completion of the Great Ethiopian Renaissance Dam (GERD), according to the Ethiopian Reporter.

The Ethiopian Electric Power (EEP) awarded Voith Hydro Shanghai Ltd, a chinese firm based in Germany, to supply and install six turbine generators. According to the agreement, the firm will receive USD 77.9 million. Abraham Belay (PhD), CEO of EEP, and Voith deputy, Tang Xu, signed the agreement on Thursday.

The EEP also made

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