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BusinessVodacom Group has completed its acquisition of an additional 20% effective stake in Safaricom, increasing its ownership to approximately 55% and giving it majority control of one of Africa’s largest telecommunications and fintech companies. The transaction, valued at $2.1 billion (R35 billion), was finalized after Kenya’s Court of Appeal stayed a conservatory order on June
BusinessEthiopia has set an ambitious target to double its annual coffee export earnings to $6 billion by 2031 after generating a record $3 billion from coffee exports during the 2025/26 fiscal year, prompting the government to launch a comprehensive five-year national coffee development package aimed at transforming the sector. The announcement was made during a
The African Finance Corporation (AFC) has committed $600 million to support the Dangote Group’s ambitious $7 billion expansion program aimed at boosting fertilizer production across Africa and strengthening the continent’s food security. Announced in Addis Ababa, the financing will be directed through Greenview Fertilizer Corporation, Dangote Group’s fertilizer holding company. The investment is expected to
BusinessThe Commercial Bank of Ethiopia (CBE) and the Ethiopian Insurance Corporation (EIC) have entered into a strengthened partnership agreement aimed at deepening collaboration between banking and insurance services and expanding financial access across Ethiopia. The agreement was signed at CBE headquarters by Dr. Eskinder Asfaw, Vice President of Wholesale Banking at CBE, and Ato Abel
BusinessRide-hailing company Yango has expanded its operations to Hawassa, becoming the first city outside Addis Ababa to host the service in Ethiopia. The company announced that users in Hawassa can now access transport services through its mobile application, including tuk-tuks (locally known as Bajaj), four-wheeled Bajaj vehicles, and motorcycle taxis. To encourage early adoption, Yango
BusinessAfrica Finance Corporation (AFC) has successfully raised a record $2 billion syndicated loan, marking the largest syndicated financing transaction in the institution’s history and highlighting strong international investor confidence in Africa’s long-term infrastructure growth story. The facility was upsized from an initial target of $1.6 billion following strong demand from global lenders. According to AFC,
BusinessSafaricom Ethiopia is negotiating a new local-currency financing facility of between $100 million and $150 million with the International Finance Corporation (IFC), as the telecom operator seeks to accelerate network expansion while reducing its exposure to Ethiopia’s foreign exchange risks. The discussions come at a time when domestic lending restrictions are limiting access to large-scale
BusinessThe National Bank of Ethiopia (NBE) has introduced a new directive governing imports made under the Franco Valuta system, aiming to modernize the framework and strengthen oversight of foreign currency-free imports. The directive officially took effect on May 29, 2026. Franco Valuta refers to the importation of goods without using foreign exchange obtained from Ethiopia’s
BusinessEthio telecom and the African Development Bank are advancing discussions on major strategic financing and infrastructure partnerships aimed at accelerating Ethiopia’s digital transformation agenda. During a high-level meeting held on May 21, Ethio telecom CEO Frehiwot Tamru and AfDB Vice President Solomon Quaynor reviewed ongoing collaboration tied to Ethio telecom’s “Next Horizon: Digital & Beyond
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BusinessAliko Dangote visited the construction site of a fertiliser plant in Gode, in Ethiopia’s Somali region, this weekend alongside Prime Minister Abiy Ahmed, and used the occasion to announce a significant expansion of his group’s commitment to the country. The Dangote Group’s total investment in Ethiopia has now risen from $2.5 billion to more than
BusinessUganda Airlines has officially welcomed the first of two newly leased aircraft into its fleet, marking a strategic move to address growing capacity constraints and strengthen regional operations. The airline announced the arrival of a Boeing 737-800 aircraft registered as ET-APJ, becoming the first phase of a short-term fleet expansion program aimed at supporting increased
BusinessA coalition of U.S. solar manufacturers has asked the U.S. Department of Commerce to investigate solar panel imports from Ethiopia, alleging that Chinese-linked companies are using the country to bypass existing American tariffs on Chinese solar products. According to a filing submitted Tuesday, the group claims that Japan-based Toyo and Origin Solar Manufacturing are importing
