Business

Crisis in Merkato: Fear of Government Crackdown Drives Merchants to Close Shop

Mercato Merchants in Crisis: Fear of Property Seizures Drives Shop Closures In Addis Ababa’s bustling Mercato, a wave of confusion and fear has swept through merchants as rumors of government property confiscation circulate widely. Concerns are mounting about sudden and ambiguous government actions enforcing receipt-based trading requirements, sparking a wave of shop closures and a

November 11, 2024 • By Addis Insight

Uncategorized

Addis Ababa Introduces 50,000 Birr Fine for Dress Code Violations in Hotels and Restaurants

Addis Ababa Introduces 50,000 Birr Fine for Dress Code Violations in Hotels and Restaurants In Addis Ababa, a new draft regulation has been approved, introducing a fine of up to 50,000 birr for hotels and restaurants whose staff wear short skirts above the knee. The Addis Ababa Culture, Arts, and Tourism Office has outlined that

November 11, 2024 • By Addis Insight

Business

Ethio Telecom and MwareTV Launch IGADO+: A New Affordable, Localized Streaming Service in Ethiopia

MwareTV, a Dutch provider of cloud-based TV platforms, has introduced IGADO+, a new video streaming service specifically developed for the Ethiopian market. In collaboration with Ethio Telecom, the country’s primary telecommunications provider, IGADO+ aims to make diverse streaming options widely accessible. The service, available over both broadband and mobile networks, provides Ethiopian audiences with a

November 11, 2024 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Domestic Credit Rating Amid Economic Reforms

In a significant development for Ethiopia’s financial landscape, Fitch Ratings announced an upgrade of the country’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to ‘CCC+’ from ‘CCC-‘ on October 25, 2024, signaling a cautious optimism toward Ethiopia’s economic restructuring. While the Long-Term Foreign-Currency IDR remains at ‘Restricted Default’ (RD), Fitch’s upgrade of the local currency

November 11, 2024 • By Addis Insight

Business

Ethiopian Airlines Partners with South Sudan to Launch National Carrier

Ethiopian Airlines Takes Bold Step in Regional Aviation by Partnering with South Sudan to Establish National Carrier In a historic move for regional connectivity and economic growth, Ethiopian Airlines has secured a management deal with the government of South Sudan to establish and operate a national carrier. This collaboration, formalized during a meeting between South

November 10, 2024 • By Addis Insight

Business

Wegagen Bank Celebrates Landmark Birr 9.8 Billion Profit, Outpacing Last Year’s Growth by 40%

Wegagen Bank has achieved record-breaking financial performance for the 2023/24 fiscal year, reporting a net income of Birr 9.8 billion and a gross profit of Birr 2.2 billion, marking a historic milestone. This impressive financial achievement was presented during the bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly, held at the Hilton Addis

November 9, 2024 • By Addis Insight

Business

Ahadu Bank has announced a pre-tax profit of more than 119 million birr.

At its 3rd Ordinary General Meeting of Shareholders held on October 30, 2017, the chairman of the bank’s board of directors, Mr. Anteneh Sebsbe, shared that Ahadu Bank reported a pre-tax profit of 119.96 million birr for the fiscal year. Mr. Sebsbe highlighted that the bank achieved this strong financial performance within a relatively short

November 9, 2024 • By Addis Insight

News Wire

Devastating Drone Attack in North Gojjam Leaves Dozens Dead, Including Women and Children

In the early hours of November 6, 2024, a deadly drone attack struck the South Achefer district in North Gojjam, Amhara region, Ethiopia, killing at least 50 people, including pregnant women and children. The incident, described by witnesses as one of the deadliest in recent memory, unfolded in the small town of Arge (Zebst), about

November 9, 2024 • By Addis Insight

Business

Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end of the Franco valuta import system for specific commercial goods. This decision affects imports of goods like oil and other food products previously allowed under this system, which was introduced to mitigate potential inflation during the implementation

November 8, 2024 • By Addis Insight

Business

Ethiopia Aims for Cashless Economy with Interoperable QR Code Payment System

Ethiopia’s New Interoperable QR Code Standard Sets the Stage for a Digital Payment Revolution Ethiopia is taking a significant step in digital finance with the rollout of an interoperable QR code payment standard, promising to unify the country’s fragmented payment ecosystem and deliver seamless, accessible, and secure transactions. Spearheaded by EthSwitch, Ethiopia’s national payment switch,

November 8, 2024 • By Addis Insight