Business

Parliament to Review New Urban Land Leasing Decree Allowing Negotiations

A bill allowing the transfer of urban land through lease will be submitted to Parliament. In addition to auctions and allocations of urban land, a draft decree will be submitted to Parliament to permit the transfer of urban land through negotiations and leases. This new decree mandates that at least 20% of the land cities

October 29, 2024 • By Addis Insight

Business

How Ethiopia’s Floating Birr is Reshaping Trade for Exporters and Importers

Post Floating: Are Businesses Staying Ahead of the Curve? The recent shift to a market-based exchange regime is affecting businesses across all sectors, from small enterprises to large corporations. Exporters and importers are particularly feeling the impact as they navigate a new system where the birr’s value is determined by market forces, not the central

October 29, 2024 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Credit Rating Amid Economic Reforms and Eased Financial Pressures

October 28, 2024 – Fitch Ratings has raised Ethiopia’s Long-Term Local-Currency (LTLC) Issuer Default Rating to ‘CCC+’ from ‘CCC-‘, citing easing financial pressures and enhanced macroeconomic stability. This marks a positive shift, as the country’s Long-Term Foreign-Currency rating remains at ‘RD’ (Restricted Default). Key Drivers of the Upgrade Fitch’s decision reflects Ethiopia’s continued efforts to

October 28, 2024 • By Addis Insight

Business

Ethiopian Shipping and Logistics Eyes Six New Ships to Meet Ethiopia’s Rising Import-Export Needs

Executives at Ethiopia’s state-owned Ethiopian Shipping and Logistics Services Enterprise (ESLSE) are advancing plans to add six bulk cargo ships to their fleet as the enterprise aims to bolster its capacity and support the nation’s growing import-export needs. According to The Reporter Wondimu Daba, ESLSE’s Deputy CEO for Corporate Services, confirmed that the ESLSE board

October 27, 2024 • By Addis Insight

Business

The Impact of Government Regulations on Ethiopia’s Real Estate Market

Is Ethiopia’s Real Estate Losing its Balance?With a series of impactful economic reforms, Ethiopia’s business environment is undergoing a significant transformation, impacting virtually all sectors. One of the most affected is the real estate sector, which is navigating a complex landscape marked by both opportunity and constraint. The recent shift to a market-based foreign exchange

October 26, 2024 • By Addis Insight

Business

New VAT Proclamation No. 1341/2024 Set to Increase Chicken and Egg Prices, Warns Industry Expert

During a press conference leading up to the 13th Ethio Poultry Expo (ETHIOPEX), the 9th Africa Livestock Exhibition and Congress (ALEC), the 4th Apiculture and Aquaculture Ethiopia Trade Show, and the newly launched Bio-Energy Trade Show, Dr. Demeke Wondimagegn, Technical Sales Manager of Turow Nutrition, raised concerns about an imminent rise in chicken meat and

October 23, 2024 • By Addis Insight

Business

Ethiopia’s Betting Ban: Physical Shops Shutter, but Digital Doors Open

Ethiopia’s ambitious crackdown on sports betting, which saw over 6,000 betting shops shut down across Addis Ababa and other cities, has been in effect for some time now. This effort has led many to abandon betting, easing some of the related social issues. While the physical outlets may have closed, the betting culture remains resilient,

October 21, 2024 • By Addis Insight

Business

New Salary Scale to Take Effect Nationwide Starting October, Says Finance Minister Ahmed Shide

Ahmed Shide, the Minister of Finance, has announced that October salary payments will commence using the newly revised pay scale. “The new salary structure, effective from October, has been approved by the cabinet. Over the past few weeks, the Ministry of Finance and the Civil Service Commission have completed the necessary preparations, including the implementation

October 19, 2024 • By Addis Insight

Business

Ethio Foreign Exchange Bureau Goes Operational: A New Era in Currency Trade

Unveiling Ethiopia’s First Independent Forex BureausThe National Bank of Ethiopia (NBE) has recently granted operational licenses to five new independent foreign exchange bureaus, marking a significant development in the country’s financial landscape. This milestone marks a crucial step in the country’s transition to a market-based exchange regime, following the recent floatation of the Ethiopian birr.

October 19, 2024 • By Addis Insight

Business

Ministry of Finance Greenlights Entry of Fuel Vehicles Stuck at Djibouti and Dire Dawa Ports

Addis Ababa, October 19, 2024 – The Federal Democratic Republic of Ethiopia’s Ministry of Finance, in collaboration with the Customs Commission, has issued a new directive regarding the import of fuel-powered vehicles stored at Djibouti and Dire Dawa Dry Port. The directive is aimed at resolving the issue of vehicles that have been restricted from

October 19, 2024 • By Addis Insight