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Prime Minister Abiy Ahmed reiterated Ethiopia’s ability to manage its debt during questioning in parliament over the country’s recent default. Abiy told lawmakers his administration aims to reduce external debt to less than 10 percent of GDP. Currently at 17 percent of GDP, Ethiopia owes international creditors over 28 billion dollars, according to the Premier. […]

The Ministry of Trade and Regional Integration has announced that retail fuel prices will stay the same in February as they were in January. This marks the third successive month of stable rates since the government’s latest fuel price adjustment on October 1, 2023. That October adjustment represented part of ongoing efforts to reduce costly

Moha Beverage Industries has announced that it has reached an agreement with PepsiCo to retain its partnership and production of PepsiCo brands in Ethiopia. The announcement was made at a press briefing held at the Sheraton Addis Hotel in Addis Ababa on January 31, 2023. The company management said that five of Moha’s eight production

Addis Ababa has suspended all land-related services until the completion of reorganizing its structure and staff, according to an announcement by the city’s Land Development Administration Bureau. The restructuring process introduced a new organizational structure for the city administration and required an exam for over 15,000 public servants. The suspension of land services will remain

The Ethiopian government has implemented a firm ban on the importation of fuel-powered cars for private use. Under the leadership of Alemu Sime, the Ministry of Transport and Logistics unveiled this groundbreaking policy as a key pillar of the country’s efforts to reduce carbon emissions and curb its reliance on fossil fuels. The ban does

The Ethiopian Capital Market Authority (ECMA) announced yesterday on January 27, 2023 that it will begin accepting applications for investment banking licenses in two weeks’ time. The goal is to inform potential licensees ahead of opportunities in the expanding industry. Officials at the Authority aim to facilitate a smooth licensing process once the portal is

Ovid Mortgage Bank officially launched its initial public share offering yesterday, January 23, 2024, looking to raise 20 billion birr in capital through the sale of 20 million shares. The share sale is aimed at establishing the paid-up capital required for the bank to commence operations. Speaking at the launch event held at Skylight Hotel

Addis Chamber and Sectoral Associations have signed an agreement with UAE-based ICRA Rating LLC to introduce credit rating services in Ethiopia. The partnership is the result of seven months of negotiations between the two organizations. Through this collaboration, Addis Chamber will leverage ICRA’s expertise to evaluate the financial profiles of local companies seeking credit ratings.

State-owned telecom provider Ethio Telecom has announced its financial results for the first half of 2023, reporting a net profit of 11.3 billion birr (USD 202 million) for the period. Revenues for July to December 2023 stood at 42.9 billion birr (USD 764 million), an increase of 26 percent compared to the same period last