Ethiopia’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
Ethiopia’s capital market has cleared one of its most anticipated regulatory milestones after the Ministry of Justice today registered and approved the Collective Investment Schemes Operation Directive No. 1150/2026, the Ethiopian Capital Market Authority (ECMA) announced. The directive, issued under the Capital Market Proclamation No. 1248/2021, sets out the legal framework for how collective investment
Awash Bank (AWAB) dominated trading on the Ethiopian Securities Exchange (ESX) on Wednesday, with 16,522 shares changing hands, nearly 17 times the 986 shares traded in the previous session. The surge lifted total mainboard volume to about 22,014 shares, up from 4,009 on Tuesday. AWAB alone accounted for roughly 75% of the day’s traded volume,
Gadaa Bank reported a pre-tax profit of Br1.05 billion for the 2025/26 financial year, more than doubling from Br444 million a year earlier, according to figures reported by Birrmetrics. The bank’s profit increased by more than 120 percent as its balance sheet expanded rapidly during the year. Total assets rose 64 percent to Br16.5 billion
Wegagen Bank S.C., the first company to list on the Ethiopian Securities Exchange (ESX), reported a 13.6 percent rise in net profit for the 2025/26 financial year. A sharp expansion in its capital base, however, pushed per-share earnings down. For shareholders in one of the market’s reference stocks, that gap now matters most. The bank
The Ethiopian Securities Exchange (ESX) has granted approval in principle to 11 companies seeking to list their shares, a pipeline that would nearly triple the size of the market if every one of them completes the process. The first of the approved firms, a financial-services company that the exchange declined to name, is scheduled to
Ethiopia 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.
Ethiopia 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
Africa’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
Kifiya 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
Ethiopia’s annual inflation rate edged down to 15.1% in August from 15.3% in July, the first slowdown after four consecutive monthly increases, but prices are still rising faster than a year ago as a rebound that began in the spring shows little sign of fading, data from the Ethiopian Statistical Service (ESS) showed. The August
KEFI Gold and Copper shares fell about 40% in London on Monday after the company suspended all development work at its Tulu Kapi gold project in western Ethiopia following a fatal security incident at the site. The company said the incident happened on Friday, 4 September, and killed several people, including security personnel, members of
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