staff writer

The Ethiopia Capital Market Authority (ECMA) announces the formation of a Capital Market Integrity Task Force to oversee the country’s nascent capital markets. ECMA Director General Brook Taye (PhD) unveiled the task force at a press briefing today, saying it aims to protect investors as Ethiopia’s financial system continues developing. “The task force aims to […]

The National Bank of Ethiopia issues new directives aimed at regulating foreign currency holdings in the East African nation. Officials believe the measures are necessary to strengthen Ethiopia’s financial system and promote stability. The directives establish timelines for converting foreign cash into the local Birr currency. Ethiopian residents now have 30 days to exchange any

Global Bank has announced an investment of ETB 50 million in the Ethiopian Securities Exchange (ESX), becoming the third financial backer of the growing bourse. Meaza Wondimu, Global Bank’s Chief Officer of Corporate Strategy and Transformation, highlighted the crucial role capital markets play in fostering development. The investment comes as ESX works to raise a

Ethiopia’s largest insurer Awash Insurance announced today the sudden passing of its CEO Gudissa Legesse. In a statement, the company said Gudissa passed away on February 26th after receiving medical treatment both abroad and locally. He was 55 years old. Gudissa had served as CEO of Awash for the past four years, overseeing significant growth

The International Monetary Fund (IMF) has announced its intention to conduct another mission visit to Ethiopia in the coming weeks, responding to a request for financial assistance from the Ethiopian authorities. The request seeks to address significant challenges facing the country, including food security, humanitarian needs, post-conflict reconstruction, and high inflation. It also aims to

IFC, a member of the World Bank Group, has signed an agreement with Zemen Bank, welcoming the Ethiopian financial institution as the newest member of its Global Trade Finance Program (GTFP). The deal includes a $30 million trade finance facility guarantee aiming to strengthen Zemen Bank’s trade financing operations and support Ethiopian businesses engaged in

Two cryptocurrency mining companies operating in Ethiopia have delivered two million dollars in foreign exchange earnings to the country from their export activities, according to Ethiopian Electric Power (EEP). Hiwot Eshetu, Director of Marketing and Business Development at Ethiopian Electric Power (EEP) said that a total of 25 foreign companies have applied to EEP seeking

Hilton Addis Ababa has reported a significant increase in revenue and profit margins for the first half of 2023/24. In a performance briefing with the Ethiopian Investment Holding (EIH) last week, Hilton Addis Ababa revealed its revenue for July through December reached 400 million birr, up 19 percent over the same period last year. EIH

Ethiopian citizens visiting Kenya will no longer need to pay the 30 dollars electronic travel authorization (ETA) fee, the Ethiopian Ambassador to Kenya has announced. President William Ruto of Kenya had declared last year that citizens of African countries would be granted visa-free entry to promote intra-African travel. However, Kenya later clarified that visitors still

Ghanaian President Nana Akufo-Addo called on African heads of state to collectively invest 30% of their foreign reserves into African financial institutions. He made the remarks in a keynote address at the 37th African Union Assembly in Addis Ababa, Ethiopia. Currently, Akufo-Addo noted that African countries hold 100 percent of their reserves in foreign banks