Taye Atske Selassie was sworn in today as Ethiopia’s new President, replacing Sahlework Zewde whose term has come to an end. The new head of state brings with him decades of experience in diplomacy and international relations. Taye most recently served as Foreign Minister since February 2024, spearheading Ethiopia’s engagement with other nations. Prior to […]
Ethiopia Swears in New President Read More »
Property owners in Addis Ababa traditionally relied on modest rental incomes from small units as their sole livelihood. Annual property taxes previously represented a manageable portion. However, abrupt changes this year resulted in tax bills three times higher with no warning. Owners had budgeted based on prior tax levels assuming no changes, not realizing bills
Burgeoning Tax Burden Strains Residents, Businesses Read More »
Rapid rent hikes threaten viability of small shops across Addis Ababa By Yared Seyoum Beyenech Getahun was working behind the counter of her small store located in the Sheger Grandmall shopping complex in Addis Gebeya. Business had been slow that morning as customers were few and far between. She stared blankly at the shelves stocked
By Yared Seyoum When 18-year-old Abel Shiferaw first came across an advertisement on social media offering him free bitcoin just for signing up, he was understandably skeptical. As a high school student living in Ethiopia’s capital, Addis Ababa, cryptocurrencies were not something he knew much about. However, his curiosity got the better of him, and
How Crypto Trading is Booming in Ethiopia Read More »
How Ethiopia’s Failure to Develop Edible Oil Supply Chains is Leaving Factories — and Consumers — High and Dry Ethiopia’s domestic edible oil processing industry has ground to a halt over the past year, severely disrupting local supply of cooking oil across the country. Major factories that once produced over a million liters of oil
Edible Oil Refineries Caught in the Crack Read More »
Global inflation remained rampant last year, but the rate of headline price growth is anticipated to drop in the coming months, reports suggest. Inflation rates have doubled in 37 of 44 advanced economies over the past two years, according to Pew Research Center analysis. Global inflation is forecast to rise from 4.7 percent in 2021
Global Inflation Remain Rampant, despite expectations for a slowdown Read More »
Despite facing stiff competition from its competitor, Safaricom, the new entrant, the state-giant ethio telecom still hopes to see an increase in its profit this year. It targets to earn 75.05 billion birr (1.3 billion dollars) this year, a 22.4 percent increase from last year. A part of its new strategy, dubbed LEAD, the moves
Ethio telecom Targets to Make $1.3 B in Profit, Despite Stiff Competition Read More »
The Ethiopian government owes 56.4 billion dollars to domestic and external lenders, a new report by the Ministry of Finance shows. Of the total amount, the share of external lenders reached 28.4 billion dollars. The remaining is borrowed from the central bank and other lenders in the form of treaurey bill and other debt instruments.
Ethiopia’s total debt surpasses $56.4 billion Read More »
Outstanding deposit of commercials banks surpasses 1.6 trillion birr, the macroeconomic committee announced. It is a 200 billion birr jump from last year. The increase is witnessed at the time when banks struggle to mobilze deposit because of falling appetite to save money due to the inflationary pressure in the country. Experts say the real
Banks Customers’ Deposits Surpasses 1.6 trillion birr Read More »
The federal government adjusted profit margin for businesses involved in the distribution and sales of petroleum products.
Gov’t Adjusts Profit Margins for Oil Suppliers, Dealers Read More »
