Safaricom Ethiopia has reported a significant improvement in its performance for the fiscal year ending March 31, 2025, citing increased service availability, expanded infrastructure, and stronger community integration as key drivers. Despite short-term macroeconomic challenges, the company posted solid growth across its telecom and mobile money operations. Customer Growth and Network Expansion The telecom operator
Ethiopia’s Council of Ministers held its 44th ordinary meeting and came out swinging with a series of important decisions that touched everything from green economy funding to tariff regulations, air agreements, and even foreigners buying land — yes, that last one raised some eyebrows too. 1. Money Talks: Italy and IDA Loans Get the Green
After a year-long delay and years of speculation, Boeing Co., the world’s largest aerospace company, has officially opened its first dedicated Africa office in Addis Ababa — a historic move that not only underscores Ethiopia’s rising status in global aviation but also signals a new chapter in Boeing’s African strategy. The inauguration ceremony, held at
Ethiopian Investment Holdings (EIH) announced a remarkable performance in the first nine months of the current fiscal year, generating revenues of 1.5 trillion birr—an 86% increase compared to the same period last year. The state-owned sovereign wealth fund, which manages a growing portfolio of 40 public enterprises, plays a central role in the national economy.
Kenya and Ethiopia have officially signed a Memorandum of Understanding (MoU) to enhance collaboration and fast-track the implementation of the African Continental Free Trade Area (AfCFTA) under a Simplified Trade Regime (STR). The agreement aims to boost cross-border trade and foster economic integration between the two neighboring countries. The bilateral deal was formalized during a
Ethiopia has set a new benchmark in its coffee export history, generating a record-breaking US$1.5 billion in revenue during the first nine months of the current Ethiopian fiscal year. The announcement came during a press briefing held on April 15 by H.E. Dr Adugna Debela, Director General of the Ethiopian Coffee and Tea Authority. Dr
The Ethiopian Deposit Insurance Fund (EDIF) has gathered a total of 5.2 billion Birr in premiums from banks and microfinance institutions over the past nine months, showing an 11.1% increase compared to last year. At a press conference, EDIF CEO Desalegn Ambaw said the fund currently protects up to 100,000 Birr per depositor per institution.
Ethiopia has officially entered the digital lottery era with the launch of its first-ever digital lottery system. The historic event took place at Skylight Hotel and brought together a wide range of stakeholders, including CEOs, board members, lottery agents, previous winners, and key government representatives. The digital lottery was launched by Ethiopian Lottery Service CEO
Ethiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has achieved a significant milestone, securing its position as the largest sovereign wealth fund in Africa and ranking 34th globally, according to the latest data from the Sovereign Wealth Fund Institute (SWFI). With nearly $45 billion in assets, EIH surpasses the Libyan Investment
The Commercial Bank of Ethiopia (CBE) has officially launched a MasterCard payment system in collaboration with global payments giant MasterCard. The new system is set to revolutionize digital payment services across the country by providing CBE customers with access to secure, convenient, and globally recognized electronic payment solutions. This development also expands international transaction capabilities,
The Grand Ethiopian Renaissance Dam (GERD) has unlocked significant fish production potential, exceeding 14,000 KGs per day, according to Fasil Dawit, Head of the Fisheries Development Desk at the Ministry of Agriculture. Despite Ethiopia’s rich fisheries resources, various challenges have hindered full utilization. However, Fasil noted that targeted efforts are now being made at the
Fuel prices in Ethiopia surged, with gasoline rising to 112.67 birr per liter, while both diesel and kerosene reached 107.93 birr, and jet fuel hit 113.20 birr. These new rates are effective immediately and reflect the latest in a series of price adjustments as the government reduces fuel subsidies, bringing prices closer to market rates
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