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BusinessEthiopia’s annual headline inflation rate eased to 14.9% in September 2026 from 15.1% in August, although it remained above the 13.2% recorded in September last year, according to data released by the Ethiopian Statistical Service (ESS). The latest figure represents a 1.7 percentage-point increase year on year, indicating that inflationary pressures remain elevated despite a
The National Bank of Ethiopia (NBE) sold USD 140 million to commercial banks on Tuesday at Foreign Exchange Auction No. 30. It was the first sale under the central bank’s enlarged second-quarter programme, and bank demand came in above the amount on offer, after two straight auctions that fell short. Banks bid a total of
BusinessKEFI Gold and Copper has resumed development activities at its flagship Tulu Kapi Gold Project in Ethiopia following a temporary suspension triggered by a fatal incident in September 2026. The company said development was halted after the incident, which it called the “Genji Incident,” began on September 4 and was resolved on September 10 following
BusinessThe International Coffee Organization (ICO) has launched the Coffee Market Intelligence Platform, an interactive data tool that brings global coffee prices, trade flows, production and consumption statistics together in one place. Free dashboards are open to the public. The platform was unveiled during the 142nd Session of the International Coffee Council in Geneva, Switzerland. It
Banking & FinanceEthiopia’s largest private bank adds roughly 32 billion Birr in deposits in the three months since closing its books, as it prepares a regional push and faces a market still dominated by the state-owned CBE Awash Bank’s total deposits have surpassed half a trillion Birr, a first for an Ethiopian private bank, cementing its position
AWAB-2.78%
BusinessEthiopian Airlines has signed an agreement to purchase 10 Boeing freighter aircraft, with an option to acquire eight additional planes, as the airline continues to expand its cargo operations. The agreement, signed in Addis Ababa on September 30, includes eight Boeing 777-8F freighters and two Boeing 777F aircraft, Ethiopian Airlines CEO Mesfin Tasew said at
BusinessEthiopia’s Council of Ministers has approved a package of decisions covering tax reform, digital governance, energy financing and the federal executive structure, according to the decisions from its 59th regular meeting. The most immediate economic measures involve Federal Income Tax and VAT regulations. The Council approved amendments to improve tax administration and transparency, while changes
BusinessEthiopia’s state investment arm has signed a memorandum of understanding with Nigeria’s Dangote Industries Limited and Djibouti’s Great Horn Investment Holding S.A. to develop petroleum storage and pipeline infrastructure linking the two countries, with the foundation stone laid on Thursday in Djibouti. Prime Minister Abiy Ahmed, Djiboutian President Ismail Omar Guelleh and Dangote Group President
BusinessEthiopia is negotiating with three Italian banks for €400 million in financing to complete the 1,800-megawatt Koysha Hydroelectric Power Project, one of the country’s largest ongoing infrastructure projects. The government is also seeking to raise an additional €100 million domestically to support the project, according to Ashebir Balcha, chief executive officer of Ethiopian Electric Power.
BusinessEthiopia has cut electricity supplied to Bitcoin-mining companies by 75% as declining water inflows into hydropower reservoirs put pressure on the country’s electricity supply. The reduction was announced as Ethiopian Electric Power (EEP) seeks to prioritize electricity for households and manufacturers amid worsening water shortages. EEP Chief Executive Officer Ashebir Balcha said water inflows into
BusinessAfrica’s richest man, Aliko Dangote, saw his net worth rise to $51.3 billion on September 14, 2026, as shares in Dangote Petroleum Refinery and Petrochemicals opened for public subscription on the Nigerian Exchange (NGX). According to Forbes’ Real-Time Billionaires tracker, Dangote’s fortune increased by $7 million on the day, placing him 36th among the world’s
BusinessKifiya Financial Technologies says its AI-native financial infrastructure has enabled more than ETB 100 billion in uncollateralized credit through partner banks, reaching more than 815,000 MSMEs, smallholder farmers and agri-MSMEs in Ethiopia. Kifiya said its platform combines alternative data with AI-driven risk assessment to help financial institutions identify borrowers who may otherwise remain outside the
