Ethiopia is planning to float its currency, the Ethiopian birr, as part of its second homegrown economic reform agenda in order to access a loan from the International Monetary Fund (IMF) and the World Bank. This move comes in response to sustained pressure from the IMF and World Bank to address the country’s foreign exchange […]
Ethiopian Government Bets on Currency Float to Boost FX Inflow, Economy Read More »
Safaricom Ethiopia’s subscriber base has expanded to 2.8 million by the middle of this month, less than six months after its entrance into the populous country where it is vying for a large market share. The information was disclosed by Christopher Karanja, who serves as the public relations manager for the telecommunications company. Karanja gave
Safaricom Ethiopia Garners 2.8 mln Subscribers in Half Year Read More »
The narrative that China is a predatory creditor out to trap African countries under a mountain of debt is inaccurate and at odds with reality, experts said. The hyperbole of a debt trap awaiting China is being rejected by credible Western academics. China restructured or refinanced over 15 billion dollars in African debt between 2000
Experts Dispute China Debt Trap Policy Claim Read More »
A staggering 33.5 million people in Ethiopia, Kenya, and Somalia—nearly 20 percent of the region’s population—do not have access to clean water due to the region’s ongoing drought. By May, it is expected that this drought will have lasted for a record-breaking six straight seasons. The price of water has increased by 400 percent in
One in five persons don’t have enough water in Ethiopia, Kenya, Somalia Read More »
The year-on-year inflation in Ethiopia is three times higher than the average rate in the developing countries, according to a new report by the World Bank. Average inflation in developing countries doubled from 5.4 percent in 2019 to 10.8 percent in 2022. The figure is staggeringly high in case of Ethiopia, where inflation surged from
Inflation in Ethiopia Three Times Higher Developing Countries Average Read More »
On Friday, the Kenyan shilling hit a new record low due to increased dollar demand from oil retailers and general goods importers, traders reported. At 07:39 GMT on Friday, commercial banks quoted the shilling at 123.80/124.00 per dollar, compared to 123.70/90 on Thursday. Refinitiv data showed that the shilling reached a new all-time low of
Kenyan Shilling All-time Low Against Dollar Read More »
Ethiopian businesses lost USD 145.7 million last year because of the internet shutdown in Tigray, according to a recent research by Top10VPN, a London-based VPN review organization that assesses online privacy, security, and freedom. Affected were more than a million people online. Internet outages cost the nation USD 100 million in 2020 and USD 164.5
Internet outage cost Ethiopia 145.7 million dollars Read More »
Ghana is preparing to request debt relief through the G20 Common Framework program and has sought assurances that the negotiations can be accelerated before proceeding. The crisis-stricken country, which secured a $3 billion staff-level agreement with the International Monetary Fund (IMF) in mid-December, has been hesitant due to the lengthy delays experienced by other countries,
First Ethiopia, now Ghana requests G20 debt relief Read More »
Just three months after its start on October 6, Safaricom Ethiopia has expanded to five additional cities, increasing its national presence to 21. To begin, it aims to reach 25 cities by April. The company, which is largely owned by Safaricom Kenya, has now turned on service in Hawassa, a city to the south of
Safaricom connects 21 Ethiopian cities, aims for 25 Read More »
Thousands of passengers are left stranded and more than twenty flights have been canceled as a result of the pilot strike at Kenya Airways. Before the strike, the company declared it illegal, stating that it could lose at least 300 million shillings (2.5 million dollars) per day and jeopardize its capacity to recover from the
Passengers Stranded, flights canceled, Pilots on Strike, Kenya Airways in deep trouble Read More »
