Economy News - Ethiopian News

Ethiopia Awards GERD Pre-commissioning Work to Chinese Company

EEP-awards-GERD-Project-CGGCFebruary 18, 2019 (Ezega.com) - The Ethiopian government has signed up a contract with a Chinese company to execute the pre-commissioning activities of the Grand Ethiopian Renaissance Dam (GERD) at a cost of 40.1 million US dollars.

The Ethiopian Electric Power (EEP) signed the agreement with China Gezhouba Group Co. Ltd (CGGC), which is expected to work aggressively in partnership with other companies in order to complete the project on schedule.

CEO of EEP Dr Abrham Belay and Representative of China Gezhouba Group Co. Ltd Ethiopia, Mr Wang, signed the agreement in Addis Ababa.

During the occassion, Dr Abrham

Ethiopia to Establish Customs Police to Fight Contraband

Adanech-Abebe-customs-ministerDecember 5, 2018 - Ethiopia announced that it will establish customs police to fight contraband trade, according to Ethiopian News Agency.

The Council of Ministers recently approved a proclamation for the establishment of the customs police as part of the fight against illegal trade that has beenflourishing over the years.

The new customs police will operate under the Federal Police of Ethiopia.

Ethiopian Minister of Revenues, Adanech Abebe, said the new police force will specifically work to control contraband trade, which is significantly affecting the country’s economy and a threat to the country.

Ethiopian GDP to Grow 8 Percent, Foreign Currency Reserves Dangerously Low

World-Bank-Ethiopia-ForecastNovember 14, 2018 - The World Bank Group is forecasting that the Ethiopian economic GDP is projected to grow 8 percent for the current fiscal year 2018/19.

According to the Bank, Ethiopia's GDP grew 7.7 percent for fiscal year 2017/18, and foreigh currency reserves are hovering around dangerously low levels.

Although the forecasted growth rate is a marked decline from previous years, it is still one of highest growth rates in the world.

Earlier this month, the International Monetary Fund (IMF) also forecasted similar growth rates for the Ethiopian economy. The IMF report indicated that Ethiopia's GDP w

Ethiopian Police Raids Shops for Illegal Currency Trade

By Staff Reporter

Black-market-raid-addis-ababaAugust 28, 2018 - The government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.

The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes.

The government in Addis Ababa led by D

Ethiopia Seizes Over One Billion Birr Worth of Contraband Last Year

By Staff Reporter

Coffee-Contraband-EthiopiaAugust 24, 2018 - The Ethiopian Revenue and Customs Authority seized over 1 billion Birr worth of contraband goods as they were being smuggled into and out of the country during the past Ethiopian fiscal year.

In a briefing on Friday, Communication Director of the Authority, Ephrem Mekonnen said 827.4 million worth of the contraband goods were seized while they were smuggled into the country.

Further, 179 million Birr worth of the contraband goods were captured as they were smuggled out of the country via the porous border.

The incoming contraband goods include clothes, different c

Foreign Direct Investment to Ethiopia Reached 4.1 Billion USD Last Year

By Staff Reporter

FDI-Inflow-EthiopiaAugust 22, 2018 - Ethiopia attracted more than $4 billion foreign direct investment (FDI) during the last Ethiopian fiscal year which ended on July 8, 2018.

In a presser on Wednesday, Meles Alem, spokesperson for the country’s Ministry of Foreign Affairs, said the nation had managed to attract 156 big companies during the year with a combined capital of over $4.1 billion.

Despite continued unrest and poor metrics for doing business in Ethiopia, including severe government red tape, FDI inflow to the country has accelerated in recent years, making Ethiopia one of the top performing African countries

Oil Companies Evacuate Personnel from Ethiopian Somali Region

Oil-Companies-EthiopiaAugust 11, 2018 - Oil companies engaged in exploration projects in Ethiopian Somali region have evacuated their staff to Addis Ababa, according to the Reporter.

This follows the deteriorating security situation in the region where conflict erupted in the regional capital, Jigjiga, and other places. Civilians have been killed and houses, business establishment and churches have been looted and torched in Jigjiga and other small towns in the region.

According to the Reporter, Poly GCL Petroleum Investments, the Chinese company engaged in oil and gas exploration and development projects in the Ogaden basin, has evacuate

Ethiopian Government Considers Taking Measures Against Currency Black Market

By Staff Reporter

Ethiopia-Black-MarketJuly 13, 2018 - The government of Ethiopia is considering taking measures against those individuals who are involved in dollar exchange in a black market, sources disclosed to Ezega.

The move comes after the country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.

Following his remark, the dollar exchange rate in Ethiopia’s black market has gone down to almost comparable levels with the exchange rate at the country’s commercial banks.

The exchange rate at the black market had

Ethiopia Anticipates 11% Economic Growth

Ethiopian-Economic-GrowthNovember 10, 2017 - Ethiopia’s government has forecast an overall 11 percent economic growth this Ethiopian fiscal year. The forecast by Ethiopian National Plan Commission is based on the performance of the first quarter of the budget year and an increase by 0.1 percent to that of last year.

In his presentation to HPR Budget and Finance Standing Committee today, National Plan Minister Dr. Yinager Dessie said Ethiopia’s economic growth has resulted in minimizing poverty and expansion of social services.

However, the country has been facing challenges in the export sector since the past four years.

The product mos

Ethiopia Launches 15-Year Cotton Development Strategy

Ethiopian-CottonOctober 14, 2017 - As part of its effort to augment its textile sector, Ethiopia’s government has launched a 15 years National Cotton Development Strategy aimed at positioning Ethiopia as the top cotton producer in Africa.  The implementation of the strategy would enable Ethiopia to become top cotton producer in Africa from the current 10th place.

The strategy was launched with the view of tackling the challenges faced following ever growing demand for cotton in the country. The strategy is designed to increase the size of land cultivated with cotton to 250,000 hectares and one million hectares after five years and in 2032 respectively

Ethiopia Launches Horticulture Development Strategy

Ethiopian-HorticultureOctober 5, 2017 - The government of Ethiopia has launched National Horticulture Development and Transaction Strategy, which aims at creating conducive environment for modernized horticulture development, reports Ethiopian News Agency.  The strategy will play a significant role in improving productivity and quality of horticultural products, said Tesfaye Mengistu, State Minister of Ethiopian Agriculture and Natural Resource.

Improving quality and productivity, as well as modernizing the sector are the priority areas expected to attain through the strategy. The strategy, to be implemented over the next ten years, will allow providing exte

Ethiopia, World Bank Sign $1.3B Loan, Grant Agreement

World-Bank-Ethiopia-LoanSeptember 30, 2017 - The World Bank on Friday signed a $1.3 billion loan and grant agreement with Ethiopia’s government to improve governance and fund an anti-poverty package that provides financial relief for Ethiopians facing food shortages. The WB said a loan of $700 million would be used to "improve equitable access to basic services and strengthen accountability in Ethiopia" in education, health, agriculture and other sectors.

The remaining $600 million was a grant to finance Ethiopia’s "Rural Productive Safety Net" scheme, which is handing out cash or food to 8 million people in exchange

Ethiopian Economy Resilient Despite Weak Global Prices - IMF

Ethiopian-Economy-ResilientSeptember 28, 2017 - Ethiopia's economy has shown a strong resilience in 2016/17 despite weak global prices for its export items and re-emergence of drought, reports ENA.

Ethiopia’s Real Gross Domestic product is estimated to have expanded by 9 percent in 2016/17, according to International Monetary Fund (IMF).

The remark was made by IMF staff team following the visit to Ethiopia from 13 to 26 September 2017 to conduct the '2017 Article IV consultation' discussions with Ethiopia.                     &

Ethiopian Sugar Factories to Start Operation – Officials

Sugar-factoriess-start-operationSeptember 9, 2017 - Sugar factories across Ethiopia will become operational this budget year and fully meet the domestic demand, Ethiopian Government stated. Ethiopia’s Public Enterprises Minister, Dr. Girma Amente said there are encouraging improvements in the production of sugar, though the projects are late by two years in meeting the plan to export sugar.

“Of course we are late, but we are leaping forward,” the Ethiopian official stressed. According to the Minister, the recent export of sugar to Kenya was mainly meant to assess the market for future venture.

Yet, Dr. Girma said, meeting the

Ethiopia’s Reppie Waste Energy Facility To Be Commissioned in December 2017

Reppie-Waste-Energy-FacilitySeptember 1, 2017 - The 50-megawatt (MW) Reppie Waste to Energy facility, which Ethiopia claims to be the first of its kind in Africa, will be commissioned in December, according to Ethiopian government officials. “The facility in the Ethiopian capital Addis Ababa is 94.3-percent complete as of July,” said Bizuneh Tolcha, minster at Ethiopia’s Ministry of Water, Irrigation and Energy (MoWIE). 

The project is being built on Ethiopia's largest landfill commonly called "Koshe" (meaning dirty in Ethiopia's official working language Amharic), lying on 5.3 hectares of land. The landfill in recent ye

Ethiopia Announces Plan to Build 51M USD Ethanol Plant

Wonji-Sugar-Factory-EthanolAugust 29, 2017 - An ethanol plant is to be built at Wonji Shoa sugar factory at a cost of 51 million US dollars, Fana broadcasting corporate reported. The construction of the first phase of the plant will be commenced in early upcoming Ethiopian New Year, which starts next month, and the second phase after next year.

Once completed, the new Ethiopia’s ethanol plant will produce 60,000 liters of ethanol per day using molasses, a by-product of sugar, from Wonji Shoa sugar factory, the report noted.  Fincha and Metehara are the two sugar factories in Ethiopia that are currently producing ethanol from molasses.

Ethiopia Registers Progress in Foreign Remittance Inflow

Ethiopia-increases-remittance-inflowAugust 26, 2017 - A study funded by the European Union and supported by Caribbean and Pacific Group of States revealed that Ethiopia has made fast progress in remittance flow in recent years. Presenting the study in Ethiopia, DMA Chief Executive Officer Leon Isaacs said the growth over the years represents more than 5.3 percent of the Ethiopia's GDP.

He said subsequent directives such as zero charge tariff on transfer services issued by the National Bank of Ethiopia (NEB) to improve remittance flow has supported Ethiopia to increase remittance flow.

Despite the success, 78 percent of the t

Ethiopia to Revive Tourism Sector Following Lift of State of Emergency

Land-of-originsAugust 23, 2017 - Ethiopia, which was under emergency rule for the most part of last year, is working to compensate for last year’s tourism sector performance by increasing tourist inflow, Ethiopian News Agency reports. Ethiopia’s plans aims at boosting the sector’s performance so as to fill the gap in terms of revenue.

The plan for the current Ethiopian fiscal year, being developed with the participation of stakeholders, has been drafted with this consideration, said Gezahegn Abate, PR Director at the Ministry.
 
Last year, the country has earned over 3.3 billion USD revenue, 88 percent of the plan, despite the interl

Ethiopia Obtains 3.4 Billion USD in Grants, Loans

Ethiopia-Grants-Loans-3.4BAugust 19, 2017 - During the 2016/17 Ethiopian Fiscal, Ethiopia has obtained 3.4 billion U.S. dollars in grants and loans from multilateral and bilateral partners, Xinhua reports.  According to Haji Ibsa, Communications Director at Ethiopia Ministry of Finance and Economic Cooperation said the financial assistance will be used to execute new or ongoing projects. The foreign loans and grants covered 18 percent of the 12.7 billion U.S. dollars Ethiopia’s budget for the 2016/17 fiscal year.

In recent years Ethiopia has been able to mobilize greater amount of tax and non-tax revenue, allowing it to cover more than 80 percent of its

Newly Discovered Gemstones Generate Millions of Dollars for Ethiopia

Sapphire-mining-EthiopiaAugust 9, 2017 - Newly discovered precious gemstones in Ethiopia, sapphire and emerald, generated over 7.8 million dollars, reports Addis Fortune. The two gemstones were discovered in Oromia and Tigray regional states, according to the report.

Geological surveys proved that Ethiopia has abundant mineral resources.  As a result, the mining sector remains one of the priority sector in GTP II, with main strategic directions of attracting sizable foreign direct investment (FDI) for exploration and extraction of minerals, increase (tenfold) foreign exchange earnings of the sector and focus on production of mineral inputs for the manufact

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