Uncategorized

Ethiopia’s GDP Drops to $100 Billion Following Currency Devaluation

Ethiopia’s nominal GDP, measured in US dollars, fell drastically from $207 billion in June 2016 E.C. (2024 G.C.) to $100 billion by September 2017 E.C. (2024 G.C.), according to the Ministry of Finance’s quarterly government debt report. This significant decline is attributed to the introduction of a market-based foreign exchange trading system in Hamle 2016

January 19, 2025 • By Addis Insight

Uncategorized

Ethiopian Athletes Haile Gebrselassie and Feyisa Lilesa: A Clash of Perspectives on the Country’s Economic Hardship

Ethiopia’s economic condition has become a growing concern for its citizens, with rising inflation, soaring fuel prices, and an overall increase in the cost of living. Two of Ethiopia’s most renowned athletes, Haile Gebrselassie and Feyisa Lilesa, have recently voiced their perspectives on the issue, but their views stand in stark contrast to each other.

January 8, 2025 • By Addis Insight

Uncategorized

Mandatory National Digital ID for Banking Services in Addis Ababa Applies Only to New Customers—for Now

In Addis Ababa, possessing the Fayda Digital ID is becoming a necessity for accessing various services, including banking. However, banks operating in the city have so far mandated its use only for new customers, according to the National Digital ID Program. Growing Significance of the National Digital ID The adoption of digital identification systems is

January 8, 2025 • By Addis Insight

Uncategorized

Earthquake Measuring 5.5 on the Richter Scale Strikes Awash Fentale and Surrounding Areas

An earthquake measuring 5.5 on the Richter scale struck Awash Fentale and surrounding areas at 2:01 AM tonight, according to the United States Geological Survey (USGS). Many residents in the region reported feeling the tremors, indicating the quake was widely experienced. This earthquake is the strongest recorded in recent days among a series of seismic

January 3, 2025 • By Addis Insight

Uncategorized

The Grand Palace Museum Officially Opens for Public Visits

Addis Ababa, December 29, 2024 – The Prime Minister’s Office has officially announced the opening of the Palace Museum for public visits, marking a significant milestone in the preservation of Ethiopia’s historical and cultural heritage. The Grand Palace,has undergone extensive renovations initiated under the leadership of Prime Minister Abiy Ahmed. The restoration project aimed to

December 29, 2024 • By Addis Insight

Uncategorized

Macron’s €25M National Palace Renovation: Ethiopia’s New ‘Let Them Eat Cake’ Debate

French President Emmanuel Macron’s recent visit to Addis Ababa to inaugurate the €25 million renovation of a national palace has sparked widespread controversy. Framed as an effort to preserve Ethiopia’s rich cultural heritage, the project has come under fire for its timing and priorities. In a country struggling with the devastating effects of war, famine,

December 24, 2024 • By Addis Insight

Uncategorized

Ethiopia to Introduce Guidelines for Cryptocurrency Transactions, Following NBE’s New Proclamation

The National Bank of Ethiopia (NBE) is poised to introduce regulations concerning cryptocurrencies and digital assets following today’s approval of the National Bank of Ethiopia Amendment Proclamation. This significant step reflects Ethiopia’s response to the rapid global developments in central banking and digital finance. The amended proclamation includes a provision that allows the NBE to

December 17, 2024 • By Addis Insight

Uncategorized

Ethiopia Opens Doors to Foreign Banks: Landmark Proclamation Paves the Way for International Investment

In a significant move to modernize Ethiopia’s financial landscape, the National Bank of Ethiopia (NBE) has secured approval for its draft proclamation, introducing transformative reforms aimed at ensuring economic stability, fostering innovation, and strengthening governance. At the heart of the proclamation is a recalibrated monetary policy framework, empowering the NBE to prioritize its objectives and

December 17, 2024 • By Addis Insight

Uncategorized

Addis Ababa City Administration Implements Mandatory Fayda National ID Registration System

The mandatory registration number system has been established for all government institutions under the Addis Ababa City Administration. The Director General of the Addis Ababa Civil Registration Authority, Ato Yonas Alemayehu, told Bisrat Radio and Television that the registration number system is mandatory for all government institutions under the Addis Ababa City Administration. Accordingly, detailed

December 6, 2024 • By Addis Insight

Uncategorized

Deloitte Reopens Office in Ethiopia After Six Years, Strengthening Commitment to Local Growth

Deloitte has officially reopened its office in Addis Ababa, Ethiopia, after a six-year absence, marking a significant step in the firm’s renewed focus on the Ethiopian market. The move underscores Deloitte’s commitment to supporting Ethiopia’s development agenda and capitalizing on the opportunities the country offers. Anne Muraya, CEO of Deloitte East Africa, expressed enthusiasm about

December 2, 2024 • By Addis Insight