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Education chiefs in Ethiopia have been left red-faced after dismal national exam results showed an overwhelming majority of 12th grade students failed to make the grade. Only 5.4 percent – around 36,000 out of nearly 674,823 pupils – managed to score 50 percent or more in their leaving certificate tests, Education Minister Birhanu Nega revealed.

The president of Ethiopia’s state development bank has resigned after leading a remarkable four-year recovery at the troubled institution. Yohannes Ayalew is leaving his post at the helm of the Development Bank of Ethiopia (DBE) effective immediately for “health reasons”. When he took over in 2020, the bank was in dire straits with non-performing loans

The National Bank of Ethiopia (NBE) has set aside 100 billion birr (952 million dollars) to back loans aimed at attracting more remittances from the diaspora community, central bank Governor Mamo Mihretu announced today. Speaking at the launch of a new remittance promotion campaign called “Debo” at the Skylight Hotel in Addis Ababa, Mamo said

The National Bank of Ethiopia (NBE) today unveiled a new mobile remittance application at the “Debo” forum aimed at leveraging diaspora flows for development. Dubbed “Unite.et”, the platform was launched at the forum organized by the central bank under the theme “Let’s Deepen Diaspora Engagement”. The event brought together Ethiopian policymakers, bankers and members of

Ethiopia will roll out increases to electricity tariffs starting as of September 11, 2024 as part of a four-year plan to stabilize revenue while protecting lower-income consumers, according to the head of the state utility. Tariffs have long been below cost-recovery levels, weighing on the finances of the state-owned Ethiopian Electricity Utility (EEU). Shiferaw Telila,

Ethiopian Airlines has suspended all flights to and business activities in Eritrea after authorities in Eritrea blocked the airline’s bank accounts, the company said. In a statement, Ethiopian Airlines CEO Mesfin Tassew said the carrier was told by Eritrean banks that its accounts have been frozen and it can only make deposits but no withdrawals.

Ethiopian Airlines has suspended all flights to Asmara, the capital of Eritrea, effective September 3, citing “difficult operating conditions”. In a statement, the airline said it is facing challenges operating flights between Addis Ababa and Asmara that are outside of its control. The move comes just over a month after Eritrea’s Civil Aviation Authority announced

Authorities have begun enforcing a new proclamation that sets third-party car insurance premiums up to five times higher than before, with rates reaching as much as 4,360 birr for private vehicles annually, according to the country’s transport ministry. Car ownership is rising in Ethiopia with over 1.4 million vehicles on the road, as the economy

Four top executives of Purpose Black S.C., an Ethiopian real estate and grocery store investment company, were detained by police in the capital Addis Ababa on Friday over allegations of involvement in a controversial financial scheme. The arrests come after an investigation by Ethiopia’s Ministry of Justice and the Addis Ababa Police Commission into Purpose