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The Chief Executive of Ethiopian property developer and wholesale firm Purpose Black appealed this week for authorities to lift a weeks-long freeze on the company’s bank accounts, saying it is violating the law and crippling its operations amid lingering funding questions. “We are calling on them to lift this measure so we can resume normal […]

Ethiopia’s Finance Ministry has proposed new rules to tax social media and e-commerce sales under the country’s value-added tax regime. Ethiopia is considering taxing its burgeoning online commerce sector, joining a growing number of African nations facing lost revenue as more business shifts to digital platforms untapped by existing tax regimes. The proposed rules, part

Lofty ambitions for a trade bonanza between Africa and the Caribbean collided with hard practical realities at an ongoing high-level meeting in the Bahamian capital of Nassau. Government and business leaders from both sides gathered dreaming big of catapulting commercial flows. But their flashy target belies deep paradoxes lurking beneath the surface that could derail

Proposed new proclamation pave the potential introduction of a central bank digital currency in Ethiopia, if approved by lawmakers. The Council of Ministers endorsed draft revisions to the National Bank of Ethiopia Establishment Proclamation. A key amendment establishes a legal groundwork enabling the central bank to issue a digital currency “as necessary”, giving it leeway

As African nations work to turn the promise of open borders into shared prosperity, a key bank’s analysis delivers both promise and warnings. The African Export-Import Bank’s (Afreximbank) fresh reports reviewed here uncover the staying power of regional commerce under the young African Continental Free Trade Area in a stormy 2023. But the studies also

The Council of Ministers approved adjustments to banking regulations that will allow for increased foreign ownership in Ethiopia’s financial industry. This builds on reforms from two years ago to further open the sector. The existing policy sets caps on overseas ownership of local banks. Foreign entities can hold up to 30 percent of an Ethiopian

The annual meetings of the African Export-Import Bank (Afreximbank) kicked off in Nassau, Bahamas on June 5th, 2024. In his opening remarks, Denys Denya, Senior Executive Vice President of Afreximbank, welcomed over 500 delegates from across Africa, the Caribbean, Europe and North America. He highlighted the significance of leveraging unity through the concept of “Global

The National Bank of Ethiopia has taken major steps to overhaul the country’s banking regulations in a major move said to strengthen financial stability and align with international standards.   NBE has revised five key directives governing areas such as risk management, governance and financial reporting in line with global best practices as outlined by

The Council of Ministers has approved a budget of nearly one trillion birr (USD 17.4 billion) for the next fiscal year starting July 2024. This represents an increase of around 25 percent from last year’s budget. While the new budget is significantly higher than last year, the year-on-year growth rate of 25 percent is a