Business

Ethiopia’s Banking Reform Bill: Set to Be Ratified in Weeks, Opening Doors to Foreign Banks

Ethiopia is preparing to open its banking sector to foreign competition for the first time in its history, marking a significant shift in the country’s economic landscape. A new law, currently under review by the Ethiopian Parliament, is expected to be approved next month, ushering in this landmark change. This decision is part of the

December 7, 2024 • By Addis Insight

Business

Ethiopia’s Capital Market Hits a Milestone with the Launch of the First Securities Exchange

Addis Ababa, Ethiopia – December 7, 2024 – The Ethiopian Capital Market Authority (ECMA) has officially licensed the Ethiopian Securities Exchange S.C. (ESX), marking a historic milestone in Ethiopia’s economic transformation. This move is a key component of the country’s ongoing efforts to modernize its financial systems and support sustainable economic growth. The ESX, which

December 7, 2024 • By Addis Insight

Business

Petroleum Prices Unchanged for December, Ministry Confirms

The Ministry of Trade and Regional Cooperation has announced that retail prices for petroleum products will remain unchanged for December, maintaining the same rates as November. The ministry emphasized the importance of compliance, urging gas stations and petroleum companies to avoid unnecessary stockpiling or price hikes. It called on all stakeholders to adhere to the

December 6, 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

Politics

Ato Taye Dandaa Released from Detention and Reunites with Family

Former State Minister for Peace, Ato Taye Dandaa, was released from the Criminal Investigation Center in Mexico at noon, as confirmed by his wife, Ms. Ntayehu Alemayehu, during an interview with Deutsche Welle. Ms. Sentayehu explained that earlier in the day, the family had brought food for Mr. Taye and confirmed his safety. They were

December 5, 2024 • By Addis Insight

Business

Ethiopian Parliament Approves Real Estate Development and Property Valuation

November 26, 2017 (Ahadu Radio) – During its 9th regular meeting of the 6th House of People’s Representatives in its 4th year of office, the Ethiopian Parliament approved three significant proclamations. These include the Real Estate Development and Immovable Property Marketing and Valuation Proclamation. Real Estate Development and Property Valuation Proclamation The Ethiopian Buildings Proclamation,

December 5, 2024 • By Addis Insight

Business

Ethiopian Investment Holdings Expands Its Portfolio with Eight Key Additions

Addis Ababa, Ethiopia – December 4, 2024 – Ethiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has announced a major portfolio expansion with the addition of eight state-owned enterprises (SOEs). This move underscores EIH’s commitment to enhancing economic productivity and positioning itself as a pivotal driver of growth across key sectors

December 4, 2024 • By Addis Insight

Business

Government’s Bold Tax Reform: Can Ethiopia Meet Its Revenue Targets Amid Challenges?

Ethiopia is navigating a moment of profound change, driven by the urgent need to address challenges that have slowed growth for years. One of the boldest steps in this journey is a sweeping economic reform aimed at revitalizing the country’s financial system. These efforts, launched after the political shift in 2018, are intended to bring

December 4, 2024 • By Addis Insight

Business

BIT Mining to Acquire 51-Megawatt Ethiopian Crypto Mining Centers for $14.28 Million

BIT Mining Limited (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, has announced a landmark acquisition aimed at expanding its operations into Ethiopia, one of the world’s emerging Bitcoin mining hubs. The company will acquire 51-megawatt crypto mining data centers and 17,869 high-performance Bitcoin mining machines in Ethiopia for a total of US$14.28 million, marking

December 4, 2024 • By Addis Insight

Business

Ethiopia, Djibouti, and Sudan Forge Groundbreaking Telecom Partnership to Boost Africa’s Digital Future

In a significant step toward advancing Africa’s digital transformation, telecom giants Ethio Telecom, Djibouti Telecom, and Sudatel have announced a strategic partnership aimed at revolutionizing the region’s digital infrastructure. The partnership, dubbed the “Horizon Fiber Initiative,” was officially unveiled on November 24, 2017, and promises to bridge Africa’s connectivity gaps while establishing a cutting-edge fiber

December 4, 2024 • By Addis Insight