38th African Union Summit Concludes
The 38th African Union Summit, held in Addis Ababa, brought together African heads of state, diplomats, and institutional leaders to discuss key issues, including AU reforms, restorative justice, Africa’s push for a UN Security Council seat, peace and security, AfCFTA implementation, climate change, human rights, and youth empowerment.
On the sidelines, Prime Minister Abiy Ahmed engaged in bilateral consultations.
Djibouti’s Foreign Minister, Mahmoud Ali Yusuf, was elected as the new AU Commission Chairperson after six rounds of voting, replacing Moussa Faki. Algeria’s Ambassador to Ethiopia, Salma Haddadi, won the Vice-Chairperson position. Tikvah Ethiopia
Dangote Expands Cement Production in Ethiopia
Dangote Group is set to expand its operations in Ethiopia, doubling its Mugher cement plant’s capacity to 5 million tons per year and establishing a new 3 million-ton grinding unit near Addis Ababa. The company also plans to invest in Ethiopia’s sugar industry and is considering a Urea production plant, pending natural gas development. Chairman Aliko Dangote emphasized Africa’s economic potential, while Ethiopian Investment Holdings CEO Dr. Brook Taye hailed the move as a boost for industrialization and job creation. This expansion reinforces Ethiopia’s position as a key investment destination and strengthens Dangote’s status as Africa’s leading cement producer. Read more
Ethiopia Attracts $1.2B in FDI Amid Business Reforms
Ethiopia’s pro-business reforms have driven $1.2 billion in FDI in four months, a 6.4% increase from last year. Over 80 reforms have streamlined investment, liberalized key sectors, and enhanced foreign exchange access. The country’s strategic focus on manufacturing, agriculture, ICT, mining, and tourism, along with special economic zones and AfCFTA membership, is boosting investor confidence. Read more
EED Disburses Over Birr 5.3B to SMEs, Creating 60,000+ Jobs
The Ethiopian Enterprise Development (EED) has provided Birr 5.3 billion in loans to 712 small and medium-sized enterprises (SMEs) in the first half of the 2024/25 fiscal year, generating 60,320 jobs. Of the total, Birr 823.5 million went to 455 small enterprises, while Birr 4.56 billion was allocated to 257 medium-sized enterprises. EED also supplied Birr 2.9 billion worth of production equipment and facilitated 116,000+ tons of raw materials to support manufacturing growth. Additionally, 1,527 new enterprises were launched, and 7,446 existing businesses were strengthened. With Birr 4.4 billion in new domestic investments, Ethiopia’s manufacturing sector is set for continued expansion. Read more
Ethiopia Loses 11,500 Jobs, $45M Revenue After AGOA Suspension
Ethiopia has lost 11,500 jobs and 18 foreign companies following its suspension from the African Growth and Opportunity Act (AGOA) in 2022, according to a new National Bank of Ethiopia (NBE) report. Industrial parks suffered $45 million in revenue losses, with Hawassa, Mekelle, and Bole Lemi among the hardest hit. The textile and leather industries, previously reliant on duty-free US market access, have seen declining exports and disrupted supply chains. Some companies have shifted focus to the domestic market, while many industrial park facilities remain vacant. The report highlights the need for Ethiopia to diversify export markets and reduce dependence on AGOA. Read more
Ethiopia Earns $1.16B from Coffee & Spice Exports
Ethiopia generated $1.16 billion from 233,340 tons of coffee and spice exports in the first seven months of the fiscal year, exceeding its $805.56 million target, according to the Ethiopian Coffee and Tea Authority (ECTA). Coffee dominated exports, contributing $1.11 billion from 223,046 tons, with top buyers including Saudi Arabia ($180.82M), Germany ($176.58M), and Belgium ($95.67M). The U.S., South Korea, UAE, Japan, China, Jordan, and Italy also ranked among the top importers, collectively accounting for 77% of total revenue. Exports saw a 61% revenue increase and 71% volume growth compared to last year. Read more
Ethiopian & Rwanda Stock Exchanges Sign MoU
The Ethiopian Securities Exchange (ESX) and the Rwanda Stock Exchange (RSE) have signed a Memorandum of Understanding (MoU) to enhance collaboration and strengthen regional capital markets. The agreement focuses on knowledge exchange, capacity building, and market development, including staff exchanges, professional development, and joint seminars. Both exchanges will explore strategic partnerships to boost investment opportunities and financial market growth. ESX CEO Tilahun Esmael Kassahun (PhD) emphasized the MoU’s role in advancing regional financial integration, while RSE CEO Pierre Celestin Rwabukumba highlighted its potential for knowledge sharing and innovation. This partnership marks a significant step in creating a more interconnected and dynamic securities market in Africa. Read more
Nib International Bank Launches New Digital Payment Systems
Nib International Bank has introduced Nib Amber Pay and Nib Paystream, two new digital payment solutions aimed at enhancing business transactions and online payments. Nib Amber Pay allows businesses to securely receive payments and monitor transactions via mobile devices, while Nib Paystream facilitates seamless online payments. CEO Henok Kebede emphasized that these innovations align with the bank’s digital transformation strategy to modernize financial services and improve customer convenience. Nib Bank plans to continue expanding its digital offerings to further enhance Ethiopia’s financial ecosystem. Read more
Ethiopia’s Inflation Drops to 15.5%
Ethiopia’s inflation rate has dropped from 29.4% to 15.5%, marking its lowest level in five years. Food inflation fell from 32.3% to 15.7%, while non-food inflation declined from 25.3% to 15.1%, reflecting a sharp economic shift. Exports surged, driven by gold (+735%) and coffee (+60%), pushing total exports to $3.3 billion (+104%). Meanwhile, imports fell by 4%, and private remittances rose by 23%. Market rates fluctuated, with Treasury bills ranging from 10% to 17% and interbank FX transactions reaching $148 million in January. The National Bank of Ethiopia has maintained its policy rate at 15%, supporting private sector growth. Read more
Ethio Telecom Reports 61.9 Billion Birr Revenue
Ethio Telecom has generated 61.9 billion birr ($491.57 million) in revenue for the first half of the fiscal year, marking a 40% increase from last year. EBITDA surged by 60%, reaching 32.8 billion birr. The company’s mobile money platform, Telebirr, now has 51 million users and has processed 1 trillion birr in transactions. As part of its privatization plan, Ethio Telecom launched an IPO to sell a 10% stake, with plans for further offerings. Read more
Ethio Telecom Launches Ultra-Fast EV Charging Station in Addis Ababa
Ethio Telecom has opened an ultra-fast EV charging station on Bole-Megenagna Road in Addis Ababa, marking a significant step towards supporting Ethiopia’s electric vehicle ecosystem. The facility features eight ultra-fast chargers (up to 600 kW), twelve super-fast chargers (up to 500 kW), and smart pole chargers integrated into the city’s infrastructure. The station operates 24/7 and offers AI-powered charging to optimize speed based on vehicle requirements. Payments are facilitated via Telebirr, providing a cashless and convenient transaction experience. Read more
First Ethiopian Appointed Managing Director at Coca-Cola Beverages Africa
Melkamu Abebe has been appointed as the Managing Director of Coca-Cola Beverages Africa (CCBA) in Ethiopia, making history as the first Ethiopian to hold the position. With over 16 years of experience within the Coca-Cola system, including his role as General Manager at Coca-Cola Beverages Uganda, Melkamu brings extensive leadership expertise. He holds a BSc in Mechanical Engineering from Addis Ababa University and has completed leadership programs at the Georgia Institute of Technology and Nelson Mandela Metropolitan University. He succeeds Daryl Wilson and will oversee CCBA-Ethiopia’s four plants, including the largest one in Sebeta, producing 352,000 cases daily. Read from source
NBE to Reevaluate Non-Performing Loan (NPL) Regulations Amidst Growth in Mobile Lending
The National Bank of Ethiopia (NBE) is set to revise the maximum ratio of non-performing loans (NPLs) for financial institutions, particularly those involved in digital lending programs. Dashen Bank, a leader in mobile lending via Telebirr, is awaiting approval to launch mobile lending on its new platform. Currently, Ethiopian banks must maintain NPLs below 5% of their loan portfolio, but industry experts argue this cap should be relaxed to foster financial inclusion. Yohannes Million, Chief Digital and Information Officer at Dashen Bank, emphasized that mobile lending plays a key role in expanding access to credit and driving economic development. Dashen Bank has disbursed over 14 billion birr in loans via Telebirr and launched its own Super app, which aims to boost digital banking adoption. With increasing public familiarity with digital credit systems, Yohannes believes a higher NPL threshold could encourage responsible borrowing, benefiting the wider economy. Read more
Ethiopia to Welcome Third Telecom Operator by 2025-2026
Ethiopia’s telecom market is set for further expansion with the introduction of a third telecom operator, expected by late 2025 or early 2026. The Ethiopian Communications Authority (ECA) paused new licenses in mid-2023 to reassess the market and improve investment conditions. This move is aimed at enhancing competition, service quality, network coverage, and reducing costs for consumers. Since the 2021 licensing of Safaricom, Ethiopia’s first private operator, the sector has been gradually liberalizing, moving away from the state-owned Ethio Telecom monopoly. Read more
Ethiopia Nears Completion of Debt Restructuring Talks
Ethiopia is in the final stages of negotiations to restructure its sovereign debt, with Finance Minister Ahmed Shide confirming that talks are nearing completion. The country has been working under the G20 initiative to resolve its debt crisis, which includes a $28.9 billion external debt. Last year, Ethiopia defaulted on a $1 billion Eurobond. IMF chief Kristalina Georgieva emphasized that debt restructuring remains a top priority and is in its “final stretch.” Ethiopia’s efforts are supported by a $3.4 billion financing agreement with the IMF secured in July 2023. Read more
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