Business

Import Substitution: The Key to Ethiopia’s Economic Resilience Amid Floating Exchange Crisis?

On Tuesday, fuel prices surged, a sharp reminder of the turbulent waves unleashed by Ethiopia’s shift to a floating exchange rate. This unshackled currency now dances to the unpredictable tune of market forces, sending shockwaves through industries and households alike. Importers grapple with relentless cost hikes, while exporters cautiously savor the promise of a level

January 10, 2025 • By Addis Insight

Business

House of Representatives Passes Law to Close Legal Loophole in Government and Public Property Restitution

The House of People’s Representatives has approved a new Property Restitution Law, designed to close legal loopholes in the recovery of government and public assets. During its 14th regular session held today, the House reviewed the draft law and considered the report and recommendations presented by the Standing Committee on Legal and Justice Affairs. Following

January 9, 2025 • By Addis Insight

Business

Ethiopia Faces Fuel Distribution Crisis with Fewest Gas Stations Per Capita in Africa

The House of Peoples’ Representatives has approved a draft proclamation aimed at regulating the trade of petroleum products in Ethiopia. The report, presented by the Standing Committee on Trade and Tourism Affairs, was reviewed and passed with two votes in favor and one against. During the session, Sahrela Abdulahi, Director General of the Petroleum and

January 9, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia Reports 5.3 Trillion Birr in Digital Transactions in Six Months

The Commercial Bank of Ethiopia (CBE) has announced that it processed 5.3 trillion Birr through its digital banking services in the first half of the current fiscal year, highlighting the growing adoption of digital financial solutions in the country. According to the bank, 79 percent of all money transfer transactions are now conducted via digital

January 8, 2025 • By Addis Insight

Business

Air Arabia Introduces Direct Flights to Addis Ababa

Air Arabia has announced the launch of its latest direct flight service to Addis Ababa, Ethiopia’s capital, further expanding its global network. Starting January 30, the airline will operate three weekly flights between Sharjah International Airport and Addis Ababa Bole International Airport, with departures scheduled on Tuesdays, Thursdays, and Saturdays. Adel Al Ali, Group Chief

January 8, 2025 • By Addis Insight

Business

Ethiopia Adjusts Retail Fuel Prices Amid Market Changes

Addis Ababa, Ethiopia – January 7, 2025 The Ethiopian Ministry of Trade and Regional Integration has announced an adjustment in the retail prices of petroleum products, effective from January 7, 2025 (Tahsas 29, 2017 Ethiopian Calendar), at midnight (12:00 AM). The revised prices apply to Addis Ababa and will remain in effect for the next

January 8, 2025 • By Addis Insight

Business

WIDU.Africa: Unlocking Entrepreneurial Potential in Ethiopia through Diaspora Collaboration

In a world increasingly focused on harnessing technology to bridge economic divides, WIDU.Africa stands out as an innovative platform transforming how diaspora communities contribute to the development of their countries of origin. Launched in Ethiopia in August 2021, WIDU.Africa connects Ethiopian entrepreneurs with members of the African diaspora in Europe, creating a collaborative framework that

January 6, 2025 • By Addis Insight

Business

Eight Public Development Organizations Officially Join Ethiopian Investment Holding

Eight public development organizations have officially joined Ethiopian Investment Holding. The newly added companies include Ethio Post, Ethio Engineering Group, Ethiopian Industrial Resources Development Corporation, Ethiopian Railways Corporation, Industrial Parks Development Corporation, Ethiopian Development Bank, Ethiopian Electric Power, the National Animal Health Institute, and ShieldVax, which is part of the Ethio Pharma Group. The official

January 4, 2025 • By Addis Insight

Business

MIDROC Investment Group to Build $200 Million Gold Processing Plant in Benishangul-Gumuz, Ethiopia

MIDROC Investment Group, owned by Ethiopian-born Saudi billionaire Mohammed Al-Amoudi, is investing over 26 billion Ethiopian birr (approximately US $200 million) to build a modern gold processing factory in Ethiopia. This move is aimed at enhancing the country’s gold production capabilities and supporting the broader economic growth of the region. The factory will be located

January 4, 2025 • By Addis Insight

Business

Ethio Telecom Claims Company is World’s Cheapest Service Provider 

Frehiwot Tamiru, CEO of Ethio Telecom, took the spotlight at Parliament yesterday, answering over 200 questions from lawmakers about the company’s growth and its role in Ethiopia’s digital revolution. She proudly shared how Ethio Telecom’s commitment to cost-effective services has positioned it as the world’s cheapest telecom provider. “Over the last five years, our focus

January 2, 2025 • By Addis Insight