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Kenyan telecoms giant Safaricom has announced plans to tap into Ethiopia’s local bond market in a bid to fund its expansion across the East African nation. Safaricom entered the Ethiopian market in 2021 after winning a license through an international bidding process worth 850 million dollars. This marked its first foray outside of Kenya, as […]

KEFI Gold and Copper has launched construction of its Tulu Kapi Gold Project in Ethiopia, projecting 375 million dollars in annual exports and 69 million dollars in yearly royalties and taxes once operational based on current global market prices for gold. KEFI’s projections for Tulu Kapi’s annual gold exports would significantly surpass what Ethiopia’s largest

BGI-Ethiopia and Purpose Black Trading have reached an agreement resolving their legal dispute over a cancelled land sale, with BGI agreeing to repay the 1.15 billion birr deposit it had received. The dispute began in March 2024, when BGI terminated negotiations to sell its longtime brewery headquarters property in Bole to Purpose Black. BGI claimed

Just as Cuba’s once-mighty sugar industry suffers its worst declines in over a century, experts from the island nation have traveled thousands of miles in hopes of helping another nation reverse fortune. Seeking to stem plummeting harvests at home, eight specialists from Cuba’s state-run sugar company have arrived in Ethiopia with decades of combined experience. 

The Petroleum and Energy Authority has drafted a new directive outlining plans to leverage existing fueling station facilities for electric vehicle charging infrastructure development. The draft policy details specifications, permitting processes, and pricing models to establish EV charging stations. In discussions with fuel distributors, Authority Director General Sahrela Abdullahi said growing electric vehicle imports require

Dubai-based Emirates airline has posted its “highest ever profit”, earning AED 17.2 billion (4.7 billion dollars) for the financial year ending 31 March 2024. This represents a substantial 63 percent increase over the profit reported for the previous year. However, this trails the 6.1 billion dollars profit reported by rival Ethiopian Airlines, whose earnings jumped

Inflation fell sharply to 23.3 percent in April 2024, down from a peak of 37.3 percent in May 2022. According to figures released by the Ethiopian Statistics Service, the overall year-on-year inflation rate declined by 10 percentage points from 33.5 percent in April 2023.  Food inflation dipped slightly to 27 percent but non-food inflation plunged

Safaricom has set its sights on achieving breakeven for its loss-making Ethiopian operations by the end of the financial year 2026. The telco anticipates hitting profitability as it targets an active customer base of 15-20 million and a network footprint of over 4,000 sites across Ethiopia. Currently, after a year of operations, Safaricom Ethiopia has

Ethiopia’s National Fuel Reform Committee has reaffirmed the ban on constructing new petrol stations, going against Prime Minister Abiy Ahmed’s recent directive on the issue. At its latest meeting, the committee headed by Trade Minister Gebremeskel Chala endorsed continuing the restriction and tightening monitoring measures. However, PM Abiy recently had told city administrators in Addis

The Ethiopian government has relaxed rules that previously limited the sale of products manufactured in industrial parks within the domestic market. The new policy announced by the Ethiopian Investment Commission in April allows companies operating in industrial zones to sell up to half of their annual production locally. Previously, exports were the only permitted destination