Africa News

Djibouti Confirms: Tajura Port to be Jointly Managed, Not Handed Over to Ethiopia

Djibouti has stated that it will not hand over Tajura Port to Ethiopia but will instead jointly manage it. An agreement has been reached to develop a port where Ethiopia can import fuel. The Minister of Foreign Affairs of Ethiopia has stated that the government of Djibouti did not propose to hand over or sell

September 15, 2024 • By Addis Insight

Business

Ethiopian Airlines Expands African Network with Daily Service to Port Sudan

Ethiopian Airlines is delighted to announce the launch of a daily flight service to Port Sudan, Sudan, commencing on October 15, 2024. This strategic expansion further strengthens Ethiopian’s commitment to enhancing connectivity across the African continent and beyond, fostering regional socio-economic growth and facilitating trade and tourism. The new route will provide seamless travel options

September 14, 2024 • By Addis Insight

Business

Dr. Yohannes Ayalew Appointed CEO of Amhara Bank

Dr. Yohannes Ayalew has been appointed as the new CEO of Amhara Bank , effective September 13, 2024. This announcement came following his voluntary resignation from his previous role as the President of the Ethiopian Development Bank (DBE). Dr. Yohannes’ tenure at the Ethiopian Development Bank began on September 12, 2020. He succeeded Haileyesus Bekele,

September 13, 2024 • By Addis Insight

Business

Ethiopia’s Economic Crossroads: Navigating Reforms Amidst Financial Turmoil

By- Fahad Garba Aliyu Ethiopia has reached a critical juncture, closing its currency at a surprisingly pivotal moment, a decision rooted in decades of economic choices. Over the past twenty years, Ethiopia has financed its development primarily through heavily leveraged capital from international markets. While borrowing in itself is not inherently problematic, the issues arose

September 13, 2024 • By Addis Insight

Business

Ethiopia’s Banking Sector Reaches Trillion-Birr Milestone: A Financial Achievement in 2016

Ethiopia’s financial sector has remained robust by all standards over the last fiscal year, according to recent reports. A few months ago, the National Bank of Ethiopia (NBE) released its first Financial Sector Stability Report, highlighting the sector’s health. However, the report also noted the emergence of certain risks, stressing the need for vigilance and

September 12, 2024 • By Addis Insight

Business

Ethiopia’s Money Market Auctions in Decline: Fewer Banks, Bigger Bids, and What’s Next

Participation in Ethiopia’s open market operation (OMO), the central money market auction introduced by the National Bank of Ethiopia (NBE) in July, has steadily decreased, despite initial enthusiasm from financial institutions. While the ratio of participation grew initially, engagement has since slowed down, highlighting concerns over the effectiveness of the instrument in maintaining liquidity within

September 9, 2024 • By Addis Insight

Business

Rising Costs and Festive Spirits: The Impact of Ethiopia’s New FX Regime

The Ethiopian New Year is a time for family gatherings, new clothes, and fresh starts. Yet this year, the festive mood is marred by financial stress. As families shop for the holiday, they are finding that their birr doesn’t stretch as far, making essentials like food and gifts more expensive. The new market-based foreign exchange

September 8, 2024 • By Addis Insight

Business

Korean Government Commits $2 Billion Financing for Ethiopian Projects

Addis Ababa, Ethiopia – The Korean government has agreed to provide $2 billion in financing for eight key development projects in Ethiopia over the next two years. This funding will be facilitated through Korea’s Economic Development Cooperation Fund (EDCF) via its executive agency, EXIM Bank. The announcement comes after the Ethiopian government, on May 21,

September 8, 2024 • By Addis Insight

Business

Ethiopia’s Upcoming Salary Increase Set to Launch on September 11

A letter from the Ministry of Finance confirms that one of the key promises of the government’s macroeconomic reform—a wage increase—will take effect on September 11, 2024. Over the past few hours, an image of a letter purportedly from the Ministry of Finance, along with a calculation showing the new salary scale, has been widely

September 6, 2024 • By Addis Insight

Business

Ethiopian Development Bank President Dr. Yohannes Ayalew Submits Resignation

Dr. Yohannes Ayalew, who has served as the president of the Ethiopian Development Bank (DBE) for the past four years, has officially submitted his resignation, according to media reports. His departure marks the end of a tenure during which he introduced several reforms aimed at improving the bank’s operations. However, the bank has also faced

September 6, 2024 • By Addis Insight