Business

Phoenix Group Signs 80MW Power Deal in Ethiopia to Expand Bitcoin Mining Operations

Abu Dhabi-listed blockchain and cryptomining conglomerate Phoenix Group (PHX.AD) has secured an 80-megawatt (MW) power purchase agreement (PPA) with Ethiopian Electric Power (EEP) as part of its global strategy to diversify operations. This milestone marks the company’s entry into the African market, with energy supplies expected to commence in the second quarter, according to a statement released on Wednesday. The agreement

January 23, 2025 • By Addis Insight

Business

OVID Holding: Aspiring to Become Ethiopia’s Second Vessel Operator Under Ambitious Five-Year Plan

OVID Holding, a rapidly expanding conglomerate, has announced its intention to become Ethiopia’s second vessel operator as part of an extensive five-year investment plan. This initiative, aimed at diversifying its business portfolio, complements a broader strategy encompassing mining, real estate, construction, agriculture, and logistics. Five-Year Investment Strategy The conglomerate’s USD 20 billion investment plan aligns

January 22, 2025 • By Addis Insight

Business

Koderlab: Empowering Ethiopia’s Next Generation of Digital Innovators

In a rapidly evolving digital world, the need to equip the next generation with tech skills is more urgent than ever. Koderlab, an innovative EdTech startup founded in September 2023, is redefining education in Ethiopia by empowering young learners with essential coding, digital literacy, and soft skills to prepare them for the challenges of tomorrow.

January 22, 2025 • By Addis Insight

Business

IMF Calls for More Increases in Ethiopia’s Electricity Tariffs Amid Economic Reforms

Partners are calling for additional revisions to address currency rate fluctuations, despite the government’s recent implementation of a long-awaited electricity tariff adjustment in June 2024. On June 20, 2024, the Council of Ministers approved a new power rate adjustment during its 36th regular meeting, which came into effect on September 11, coinciding with the Ethiopian

January 22, 2025 • By Addis Insight

Africa News

From Birthrights to Aid Freezes: Ethiopia Caught in Trump’s Policy Crossfire

On January 20, 2025, President Donald Trump issued a series of executive orders that have significant implications for both domestic and international affairs. Two notable actions include the termination of birthright citizenship for children of non-citizens and a 90-day freeze on foreign aid to all countries. These measures are poised to impact nations like Ethiopia,

January 21, 2025 • By Addis Insight

Culture

Marcus Samuelsson’s Latest Creation, The Adwa Dish, Redefines the Global Food Scene

Marcus Samuelsson’s upcoming addition to the Marcus Addis menu, Adwa, is more than just a culinary creation—it’s a powerful statement of cultural pride and historical triumph. Named after Ethiopia’s iconic victory at the Battle of Adwa in 1896, where Ethiopian forces defeated Italian invaders, the dish symbolizes resilience, ingenuity, and the celebration of Ethiopian identity.

January 21, 2025 • By Addis Insight

Market

Ethiopia’s Debt Reaches $68.86 Billion: What’s Next

Ethiopia’s Debt Reaches $68.86 Billion: Insights from the Ministry of Finance Ethiopia’s public debt has reached a total of $68.86 billion by June 2024, according to the Ministry of Finance’s recently released Public Sector Debt Portfolio Analysis No. 25. This figure represents 32.9% of the nation’s GDP, marking a decline from 57.2% in 2019, signaling

January 21, 2025 • By Addis Insight

Business

Ethiopia’s Coffee Exports Hit $988 Million in Six Months, Powered by Nekmet’s Global Surge

Key Takeaways Ethiopia’s Coffee Boom Ethiopia’s coffee industry is enjoying a remarkable run, posting robust gains in both export volume and earnings over the past six months. According to the Ethiopian Coffee and Tea Authority, the country shipped 240,260 tons of coffee—far outpacing the official target of 133,063 tons—and generated $988 million in revenue, well

January 21, 2025 • By Addis Insight

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

Business

Ethiopian Airlines Honors Visionary Leaders Behind Its Success

Ethiopian Airlines, Africa’s largest and most successful airline, hosted a grand recognition and award ceremony to honor the distinguished former leaders who have significantly contributed to shaping its legacy. These leaders, who served as General Managers and CEOs, were instrumental in transforming Ethiopian Airlines into a globally recognized carrier. The honorees included Colonel Semret Medhane,

January 18, 2025 • By Addis Insight