Business

How’s Your Business Impacted by the New Excise Tax Amendment?

By Tsegamlak Solomon What Impact Will the New Excise Tax Amendment Proclamation Have on Your Company? The parliament convened last week to ratify the proposed new excise tax amendment proclamation (Amendment Proclamation). Once enacted, the Amendment Proclamation will significantly impact the business community in general. Whether you are an investor with a duty-free privilege, a

February 1, 2023 • By Addis Insight

Business

CBE Introduces Digital Foreign Currency Remittance Service: EthioDirect

The Commercial Bank of Ethiopia (CBE) has unveiled a new digital foreign currency remittance service named EthioDirect. This move by the CBE is aimed at modernizing the process of money transfers and making it more accessible and convenient for customers. According to Ato Abe Sano, the President of CBE, the platform has been designed to

January 30, 2023 • By Addis Insight

Business

Ethiopian Airlines Ups Accra Schedule As Part Of Wide African Expansion

Ethiopian Airlines is in expansion mode. Not just in terms of long-haul routes to Copenhagen, returning after two decades, or Addis Ababa to Atlanta. Crucially, it has boosted flights on various sub-Saharan African routes. This is primarily part of its third-wave growth, increasing connectivity, choice, and competitiveness. The Star Alliance airline has also enhanced service on routes that leave

January 27, 2023 • By Addis Insight

Business

2.5 Billion Birr Hotel: Haile Hotels and Resorts Inaugurates New Addis Ababa Hotel

The Haile Grand Addis Ababa Hotel, built by the Haile Hotels and Resorts Group, was officially inaugurated in October. The hotel, which is located in Addis Ababa and is the group’s eighth hotel, faced obstacles during construction, including the cost of equipment and the challenging topography of the site. Despite these challenges, the hotel was

January 26, 2023 • By Addis Insight

Business

Ethiopia and the World Bank signed Financing Agreements amounting to a total of 745 million US Dollars

Ethiopia and the World Bank signed Financing Agreements amounting to a total of 745 million US Dollars Today January 26, 2023, the Ministry of Finance and the World Bank signed two Financing Agreements amounting to a total of 745 million US Dollars (approximately 39.8 billion ETB) both in the form of grants. The first Grant Agreement amounting

January 26, 2023 • By Addis Insight

Business

NORFUND INVESTS 21 Million USD TO INCREASE PRODUCTION OF EDIBLE OILS IN ETHIOPIA

Norfund and a consortium of private investors managed by 54 Capital announce $21 million growth capital investment into Ethiopia’s largest FMCG platform SAMANU. Increased local production of edible oil will create jobs, increase food security, and provide income for up to 200,000 smallholder farmers. SAMANU is a platform company with well-established brands operating in Ethiopia’s

January 24, 2023 • By Addis Insight

Business

Is Mamo Mihretu’s appointment as Governor of the National Bank of Ethiopia a risky move?

Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) has raised concerns among experts and economists in the country. Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed to replace Dr. Yinager Dessie. Despite his achievements in other fields, Mihretu’s

January 21, 2023 • By Addis Insight

Business

Mamo Mihretu Named Governor of National Bank of Ethiopia as Part of Government Reshuffle

Mamo Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed as the new Governor of the National Bank of Ethiopia (NBE). He replaces Dr. Yinager Dessie, who had held the position since June 2018. Mihretu recently served as the Chief Executive Officer of Ethiopian

January 20, 2023 • By Addis Insight

Business

Japanese Venture capitalist to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund

Japanese Venture capitalist gears up to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund January 18, 2023, Addis Ababa, Ethiopia – The Tokyo-based venture capital firm Inclusion Japan (ICJ) in partnership with the early-stage startup investor Kazana Fund, calls on Ethiopian startups with pitch-ready ideas looking to secure significant capital

January 18, 2023 • By Addis Insight

Business

Ethiopia’s Banking Industry Gets a Boost with Abyssinia Bank’s Apollo App

Abyssinia Bank, one of Ethiopia’s leading financial institutions, is known for its unique virtual banking services. The bank’s latest release, the Apollo mobile banking app, is no exception. The app is the first of its kind in Ethiopia, allowing customers to open bank accounts without the need for a physical presence at a bank branch.

January 14, 2023 • By Addis Insight