Business

Awash Bank Announces Pre-Tax Profit of Nearly 11 Billion Birr

Awash Bank, Ethiopia’s first private bank, held its 29th Annual General Meeting (AGM) today and announced plans to celebrate its 30th anniversary in January. Presenting the 2023/24 fiscal year report at the meeting, the bank’s board chairman, Ato Gure Kumsa, told Bisrat Radio and Television that the bank’s total income for the fiscal year reached

November 24, 2024 • By Addis Insight

Africa News

Ethiopia’s Government Bans Two Prominent Human Rights Organizations

The Civil Society Organizations Authority (ACSO) confirmed on Wednesday that it has banned two organizations known for their human rights work, the Center for the Advancement of Rights and Democracy (CARD) and the Association for Human Rights in Ethiopia (AHRE). This action has sparked significant concern among legal experts, civil society, and the broader international

November 22, 2024 • By Addis Insight

Business

ADvTECH Expands into Ethiopia with $7.5 Million Acquisition of Flipper International School

In a significant move to expand its presence across Africa, JSE-listed private education provider ADvTECH Group has announced the acquisition of Flipper International School, a well-established Ethiopian school group based in Addis Ababa. The $7.5 million deal brings five campuses and approximately 3,000 students into ADvTECH’s growing portfolio of private education institutions. ADvTECH CEO Geoff

November 22, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned with recent regulatory changes aimed at fostering growth in Ethiopia’s financial sector. This initiative is being coordinated with the involvement of Mr. Zemedeneh Ngatu, an experienced investment consultant and managing director of Fairfax Africa Fund. Regulatory Changes

November 21, 2024 • By Addis Insight

Business

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy trade within East Africa. According to Bloomberg, Ethiopia plans to supply 100 megawatts of electricity to Tanzania once all agreements between the countries are finalized. Key Developments in the Agreement Strategic Importance of the Deal This arrangement

November 21, 2024 • By Addis Insight

Business

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range of pivotal issues that aim to shape the country’s socio-economic and environmental landscape. Here’s a breakdown of the key discussions and decisions: 1. Adoption of Medium-Term Macroeconomic and Fiscal Framework (2017-2021) The council approved a comprehensive macroeconomic

November 21, 2024 • By Addis Insight

Business

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of Representatives. Members voiced varied opinions on the bill and its accompanying amendment report, focusing on its implications for federal employees, particularly regarding working hours and operational dynamics. Key Points Raised by Members of the House Criticism of

November 20, 2024 • By Addis Insight

Business

PM Dr. Abiy Inaugurates Ethno Mining Gold Factory

Prime Minister Abiy Ahmed (Dr.) today inaugurated the Ethno Mining Gold Factory, constructed in the Gambella Regional State. In a post on his social media page, the Prime Minister highlighted that Ethno Mining serves as the parent company of Akobo Minerals. He further noted that the company is collaborating with the Ethiopian government through the

November 20, 2024 • By Addis Insight

Business

Importers Face Delays and Risks in Ethiopia’s New Forex Regime

Floating Exchange Rate Sparks Concerns Over Exchange Rate Risk in Ethiopia Ethiopia has recently launched a comprehensive macroeconomic reform program to tackle long-standing economic challenges and transition to a more stable and competitive economy. A central aspect of this reform is the adoption of a Floating Exchange Rate System, intended to address foreign exchange distortions.

November 20, 2024 • By Addis Insight

Business

Ethio Telecom Launches Digital ID Printing Service

Addis Ababa, November 10, 2017 (FBC) – Ethio Telecom has introduced a new service enabling the printing of National Digital IDs, making it more convenient for customers to access their identification cards. This innovative service allows customers to submit their ID print requests online through the Telebirr SuperApp or the official website https://teleprint.fayda.et/. Once the

November 19, 2024 • By Addis Insight