Economy News - Ethiopian News

Addis Ababa Closes over 600 Businesses to Fight Inflation

By Staff Reporter

grain-addis-ababaSeptember 19, 2019 (Ezega.com) -- The Addis Ababa City Government’s Trade and Industry Bureau has shut down more than 609 businesses and warned 2000 others allegedly for contributing to soaring inflation in the capital city.

In a briefing on Thursday, the head of city bureau, Engineer Emdaweq Abate, said shortage of basic goods, involvement of illegal brokers and businesses, as well as soaring contraband trade have caused galloping inflation in the metropolis.

According to the bureau, the contraband trade is widely going on in Addis Ababa where fruits and vegetables are sold at the heart of the city from tru

Ethiopia Launches First Ever Bamboo Development Strategy

By Staff Reporter

Bamboo-EthiopiaSeptember 3, 2019 (Ezega.com)-- Ethiopia has launched the first ever well-organized bamboo development and utilization strategy to exploit its bamboo resources, discloses an official and expert in the field.

Ashebir Wondimu, Senior Forestry Expert and Bamboo Focal Person of the Ethiopian Environment, Forest and Climate Change Commission told Ezega.com during a relevant meeting, the strategy aims to reduce poverty by creating job opportunities, ensuring green economic development and restoring degraded lands due to climate change.

The International Bamboo and Rattan organization (INBAR) has been implementing a bamboo d

Ethiopia Introduces New Economic Reform to Rectify Macroeconomic Imbalance

By Staff Reporter

Eyob-TekalegnAugust 30, 2019 (Ezega.com) -- The Ethiopian government has introduced a home-grown economic reform as part of a solution to rectify the macroeconomic imbalance the nation has faced for some time.

Officials from the Ministry of finance and cooperation have disclosed that the country has faced critical macro-economic imbalance which is being exhibited through record high debt burden, critical shortage of foreign currency and rising inflation.

The ruling Ethiopian People’s Revolutionary Democratic Front (EPRDF) claimed that the Ethiopian economy has been growing by double digits annually for about a decade now, a figu

Should Ethiopia Sell Ethio Telecom?

By Staff Reporter

ethio-telecomAugust 23, 2019 (Ezega.com) – Last year, the government of Ethiopia announced plans to sell some key sectors of the economy, including Ethio Telecom, Ethiopian Airlines, and 13 sugar factories.

Following the announcement, some foreign companies have shown interest in these ventures, especially in Ethio Telecom. They include Vietnam's state-owned telecom company, Viettel, Johannesburg-listed MTN, and France's Orange.

The state-owned telecom monopoly has been earning the government hundreds of millions of dollars annually, contributing to the lion’s share of the country’s annual budget, which has

Ethiopia to Import Four Million Quintals of Wheat to Ease Soaring Inflation

By Staff Reporter

Inflation-EthiopiaAugust 17, 2019 (Ezega.com) -- Ethiopia is set to import four million quintals of wheat until the first week of September 2019 as part of an effort to ease the burden of souring inflation on the public, an official has said

Briefing journalists on Saturday, Public Relations Director of the Ministry of Finance and Economic Cooperation Haji Ibsaa said prices of food items, mainly wheat and other grains, have soared since June this year.

According to the Director, inflation rate on food items was reported 19.6 in June and 20.1 percent in July 2019. Similarly, the prices of food oil and sugar have increased for no

Ethiopia Awards GERD Pre-commissioning Work to Chinese Company

EEP-awards-GERD-Project-CGGCFebruary 18, 2019 (Ezega.com) - The Ethiopian government has signed up a contract with a Chinese company to execute the pre-commissioning activities of the Grand Ethiopian Renaissance Dam (GERD) at a cost of 40.1 million US dollars.

The Ethiopian Electric Power (EEP) signed the agreement with China Gezhouba Group Co. Ltd (CGGC), which is expected to work aggressively in partnership with other companies in order to complete the project on schedule.

CEO of EEP Dr Abrham Belay and Representative of China Gezhouba Group Co. Ltd Ethiopia, Mr Wang, signed the agreement in Addis Ababa.

During the occassion, Dr Abrham

Ethiopia to Establish Customs Police to Fight Contraband

Adanech-Abebe-customs-ministerDecember 5, 2018 - Ethiopia announced that it will establish customs police to fight contraband trade, according to Ethiopian News Agency.

The Council of Ministers recently approved a proclamation for the establishment of the customs police as part of the fight against illegal trade that has beenflourishing over the years.

The new customs police will operate under the Federal Police of Ethiopia.

Ethiopian Minister of Revenues, Adanech Abebe, said the new police force will specifically work to control contraband trade, which is significantly affecting the country’s economy and a threat to the country.

Ethiopian GDP to Grow 8 Percent, Foreign Currency Reserves Dangerously Low

World-Bank-Ethiopia-ForecastNovember 14, 2018 - The World Bank Group is forecasting that the Ethiopian economic GDP is projected to grow 8 percent for the current fiscal year 2018/19.

According to the Bank, Ethiopia's GDP grew 7.7 percent for fiscal year 2017/18, and foreigh currency reserves are hovering around dangerously low levels.

Although the forecasted growth rate is a marked decline from previous years, it is still one of highest growth rates in the world.

Earlier this month, the International Monetary Fund (IMF) also forecasted similar growth rates for the Ethiopian economy. The IMF report indicated that Ethiopia's GDP w

Ethiopian Police Raids Shops for Illegal Currency Trade

By Staff Reporter

Black-market-raid-addis-ababaAugust 28, 2018 - The government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.

The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes.

The government in Addis Ababa led by D

Ethiopia Seizes Over One Billion Birr Worth of Contraband Last Year

By Staff Reporter

Coffee-Contraband-EthiopiaAugust 24, 2018 - The Ethiopian Revenue and Customs Authority seized over 1 billion Birr worth of contraband goods as they were being smuggled into and out of the country during the past Ethiopian fiscal year.

In a briefing on Friday, Communication Director of the Authority, Ephrem Mekonnen said 827.4 million worth of the contraband goods were seized while they were smuggled into the country.

Further, 179 million Birr worth of the contraband goods were captured as they were smuggled out of the country via the porous border.

The incoming contraband goods include clothes, different c

Foreign Direct Investment to Ethiopia Reached 4.1 Billion USD Last Year

By Staff Reporter

FDI-Inflow-EthiopiaAugust 22, 2018 - Ethiopia attracted more than $4 billion foreign direct investment (FDI) during the last Ethiopian fiscal year which ended on July 8, 2018.

In a presser on Wednesday, Meles Alem, spokesperson for the country’s Ministry of Foreign Affairs, said the nation had managed to attract 156 big companies during the year with a combined capital of over $4.1 billion.

Despite continued unrest and poor metrics for doing business in Ethiopia, including severe government red tape, FDI inflow to the country has accelerated in recent years, making Ethiopia one of the top performing African countries

Oil Companies Evacuate Personnel from Ethiopian Somali Region

Oil-Companies-EthiopiaAugust 11, 2018 - Oil companies engaged in exploration projects in Ethiopian Somali region have evacuated their staff to Addis Ababa, according to the Reporter.

This follows the deteriorating security situation in the region where conflict erupted in the regional capital, Jigjiga, and other places. Civilians have been killed and houses, business establishment and churches have been looted and torched in Jigjiga and other small towns in the region.

According to the Reporter, Poly GCL Petroleum Investments, the Chinese company engaged in oil and gas exploration and development projects in the Ogaden basin, has evacuate

Ethiopian Government Considers Taking Measures Against Currency Black Market

By Staff Reporter

Ethiopia-Black-MarketJuly 13, 2018 - The government of Ethiopia is considering taking measures against those individuals who are involved in dollar exchange in a black market, sources disclosed to Ezega.

The move comes after the country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.

Following his remark, the dollar exchange rate in Ethiopia’s black market has gone down to almost comparable levels with the exchange rate at the country’s commercial banks.

The exchange rate at the black market had

Ethiopia Anticipates 11% Economic Growth

Ethiopian-Economic-GrowthNovember 10, 2017 - Ethiopia’s government has forecast an overall 11 percent economic growth this Ethiopian fiscal year. The forecast by Ethiopian National Plan Commission is based on the performance of the first quarter of the budget year and an increase by 0.1 percent to that of last year.

In his presentation to HPR Budget and Finance Standing Committee today, National Plan Minister Dr. Yinager Dessie said Ethiopia’s economic growth has resulted in minimizing poverty and expansion of social services.

However, the country has been facing challenges in the export sector since the past four years.

The product mos

Ethiopia Launches 15-Year Cotton Development Strategy

Ethiopian-CottonOctober 14, 2017 - As part of its effort to augment its textile sector, Ethiopia’s government has launched a 15 years National Cotton Development Strategy aimed at positioning Ethiopia as the top cotton producer in Africa.  The implementation of the strategy would enable Ethiopia to become top cotton producer in Africa from the current 10th place.

The strategy was launched with the view of tackling the challenges faced following ever growing demand for cotton in the country. The strategy is designed to increase the size of land cultivated with cotton to 250,000 hectares and one million hectares after five years and in 2032 respectively

Ethiopia Launches Horticulture Development Strategy

Ethiopian-HorticultureOctober 5, 2017 - The government of Ethiopia has launched National Horticulture Development and Transaction Strategy, which aims at creating conducive environment for modernized horticulture development, reports Ethiopian News Agency.  The strategy will play a significant role in improving productivity and quality of horticultural products, said Tesfaye Mengistu, State Minister of Ethiopian Agriculture and Natural Resource.

Improving quality and productivity, as well as modernizing the sector are the priority areas expected to attain through the strategy. The strategy, to be implemented over the next ten years, will allow providing exte

Ethiopia, World Bank Sign $1.3B Loan, Grant Agreement

World-Bank-Ethiopia-LoanSeptember 30, 2017 - The World Bank on Friday signed a $1.3 billion loan and grant agreement with Ethiopia’s government to improve governance and fund an anti-poverty package that provides financial relief for Ethiopians facing food shortages. The WB said a loan of $700 million would be used to "improve equitable access to basic services and strengthen accountability in Ethiopia" in education, health, agriculture and other sectors.

The remaining $600 million was a grant to finance Ethiopia’s "Rural Productive Safety Net" scheme, which is handing out cash or food to 8 million people in exchange

Ethiopian Economy Resilient Despite Weak Global Prices - IMF

Ethiopian-Economy-ResilientSeptember 28, 2017 - Ethiopia's economy has shown a strong resilience in 2016/17 despite weak global prices for its export items and re-emergence of drought, reports ENA.

Ethiopia’s Real Gross Domestic product is estimated to have expanded by 9 percent in 2016/17, according to International Monetary Fund (IMF).

The remark was made by IMF staff team following the visit to Ethiopia from 13 to 26 September 2017 to conduct the '2017 Article IV consultation' discussions with Ethiopia.                     &

Ethiopian Sugar Factories to Start Operation – Officials

Sugar-factoriess-start-operationSeptember 9, 2017 - Sugar factories across Ethiopia will become operational this budget year and fully meet the domestic demand, Ethiopian Government stated. Ethiopia’s Public Enterprises Minister, Dr. Girma Amente said there are encouraging improvements in the production of sugar, though the projects are late by two years in meeting the plan to export sugar.

“Of course we are late, but we are leaping forward,” the Ethiopian official stressed. According to the Minister, the recent export of sugar to Kenya was mainly meant to assess the market for future venture.

Yet, Dr. Girma said, meeting the

Ethiopia’s Reppie Waste Energy Facility To Be Commissioned in December 2017

Reppie-Waste-Energy-FacilitySeptember 1, 2017 - The 50-megawatt (MW) Reppie Waste to Energy facility, which Ethiopia claims to be the first of its kind in Africa, will be commissioned in December, according to Ethiopian government officials. “The facility in the Ethiopian capital Addis Ababa is 94.3-percent complete as of July,” said Bizuneh Tolcha, minster at Ethiopia’s Ministry of Water, Irrigation and Energy (MoWIE). 

The project is being built on Ethiopia's largest landfill commonly called "Koshe" (meaning dirty in Ethiopia's official working language Amharic), lying on 5.3 hectares of land. The landfill in recent ye

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