MIDROC Investment Group Breaks Ground on 2.6 Billion Birr Luxury Resort in Hawassa

MIDROC Investment Group Breaks Ground on 2.6 Billion Birr Luxury Resort in Hawassa Hawassa is set to welcome a new era of luxury and hospitality as MIDROC Investment Group officially begins construction on its latest landmark project—a 2.6 billion birr resort that promises to redefine tourism in the city. A Grand Vision Takes Shape The highly anticipated resort, Four Points by Sheraton Hawassa, is being developed on a 21,000-square-meter prime location, offering breathtaking views and world-class amenities. The project was officially launched by Sidama Regional State Head, Desta Ledamo, in a ceremony attended by senior officials, business leaders, and esteemed community elders. Speaking at the event, Ato Solomon Zewdu, Deputy CEO of MIDROC’s Hotel and Resort Sector, highlighted the resort’s significance: “This luxury resort is designed to host major national and international events efficiently, boosting Hawassa’s appeal as a premier destination for business and leisure travelers alike.” Transforming Tourism & Job Creation Beyond its architectural and hospitality ambitions, the project brings a significant economic impact. During construction alone, it will generate 500 job opportunities, while once operational, it is expected to permanently employ more than 350 residents from Hawassa and the surrounding region. Sidama Regional State Administrator Desta Ledamo emphasized the resort’s contribution to the region’s growing tourism industry: “This development will enhance the city’s hotel and tourism sector, creating new opportunities and strengthening the local economy.” Hawassa City Mayor Mekuria Mershaye echoed this sentiment, pledging the city’s full support in ensuring the project’s timely completion. A Milestone for Hawassa’s Future As construction gets underway, Four Points by Sheraton Hawassa is poised to become a symbol of progress and luxury, attracting high-profile visitors, international conferences, and leisure seekers to the vibrant city. With MIDROC Investment Group at the helm, this ambitious project signals a new chapter for Hawassa, elevating its status on the national and global tourism map. 1 COMMENT Ittu Aba Farda February 15, 2025 At 10:58 am I just discovered from an earthquake watch website that the area which has been enamored with a series of earthquakes, Awash and Metahara vicinity just got hit with the strongest tremor to-date at 6.0. That is what has been worrying me. 6.0 is very strong that can destroy an entire village or town like Awash and Metahara where houses are built with no quake minded building codes. May The Almighty Save our people!!! I just discovered from an earthquake watch website that the area which has been enamored with a series of earthquakes, Awash and Metahara vicinity just got hit with the strongest tremor to-date at 6.0. That is what has been worrying me. 6.0 is very strong that can destroy an entire village or town like Awash and Metahara where houses are built with no quake minded building codes. May The Almighty Save our people!!! Comments are closed.

Ethiopia’s Inflation Declines as Exports and Foreign Exchange Flows Increase

Ethiopia’s Inflation Declines as Exports and Foreign Exchange Flows Increase Addis Ababa, Ethiopia – Ethiopia’s economic landscape is undergoing significant changes, with inflation rates reaching a five-year low, exports witnessing record growth, and foreign exchange availability improving. The latest data from the National Bank of Ethiopia (NBE) and the Ethiopian Statistical Service indicate a shift in key economic indicators, reflecting ongoing policy adjustments and market responses. Inflation Declines to 15.5%, Lowest in Five Years Ethiopia’s inflation rate dropped to 15.5% in January 2025, down from 29.4% in January 2024, representing a 13.9 percentage point decline. This marks the lowest inflation level recorded in the last five years. The reduction in inflation is attributed to a combination of monetary policy measures, stabilized supply chains, and improved domestic production. Food inflation, which has historically been a major contributor to overall inflation, fell significantly from 32.3% in January 2024 to 15.7% in January 2025—a decline of 16.6 percentage points. Non-food inflation also saw a 10.2 percentage point reduction, dropping from 25.3% to 15.1% over the same period. These trends suggest a decrease in consumer price pressures, particularly in essential goods. However, the sustainability of this decline will depend on factors such as global commodity prices, agricultural performance, and policy execution in the coming months. Exports Experience Strong Growth, Imports Adjust Ethiopia’s exports have experienced a historic surge, reaching $3.27 billion in the July–December 2024 period, more than doubling from $1.60 billion in the same period of 2023—an increase of 104.3%. This growth is largely driven by gold and coffee exports, which have seen substantial gains: Gold exports rose from $161 million in July–December 2023 to $1.36 billion in July–December 2024, an increase of 735.2%. The sharp rise reflects improved gold production, higher global prices, and stronger export facilitation policies. Coffee exports, a key sector for Ethiopia, grew by 60%, increasing from $574 million to $918 million over the same period. The rise in coffee exports aligns with improved international demand and government incentives for agribusiness exports. Meanwhile, total imports declined by 4%, falling from $8.99 billion in July–December 2023 to $8.63 billion in July–December 2024. This decline in imports is partly due to foreign exchange constraints, local production increases, and government policies aimed at reducing dependency on imported goods. Foreign Exchange Market Strengthens as Remittances and FX Sales Increase Remittance inflows and foreign exchange sales by banks have both increased, signaling greater foreign currency availability in the market. Private individual remittances through banks grew by 23.3%, reaching $1.83 billion in July–December 2024, up from $1.48 billion in the same period of 2023. This increase may be linked to improved financial sector regulations, diaspora engagement programs, and higher trust in formal banking channels. Foreign exchange (FX) sales by banks have risen significantly, with the daily average FX sales increasing from $22 million in August 2024 to $42.9 million in January 2025. This sharp rise suggests an easing of FX shortages, which could help businesses access foreign currency for imports and investment. While these developments are positive, analysts note that sustained foreign exchange stability will depend on factors such as export performance, foreign direct investment (FDI) inflows, and government reserve policies. Financial Market Adjustments: Interest Rates Align with Market Trends The Ethiopian financial sector is also undergoing adjustments, with key interest rates moving closer to market levels. Treasury bill (T-bill) rates for 364-day securities increased from 10% to 15.7%, reflecting growing investor demand and alignment with the NBE’s policy rate of 15%. Interbank money market rates have risen, with the weighted average interest rate reaching 17.7%, surpassing the NBE’s 15% policy rate. The lowest interbank lending rate stood at 17.0%, indicating increased liquidity competition among financial institutions. These interest rate adjustments suggest a shift toward a more market-driven financial system, potentially enhancing credit availability and overall economic stability. Economic Outlook and Key Considerations The current economic trends suggest a shift in Ethiopia’s economic landscape, with declining inflation, rising exports, and growing foreign exchange availability. However, several challenges remain: Sustaining Inflation Control – While inflation has declined, external shocks such as global food prices and fuel costs could influence future inflation trends. Maintaining Export Growth – The sharp increase in exports, particularly in gold and coffee, needs to be sustained through policy support and market diversification. Foreign Exchange Stability – The rise in remittances and FX sales is promising, but long-term stability depends on expanding foreign investment and increasing reserves. Interest Rate Policy Adjustments – As interest rates align with market conditions, financial sector reforms may be needed to support businesses and consumers. As Ethiopia navigates these economic adjustments, policymakers, investors, and businesses will be monitoring developments closely to assess long-term stability and growth potential. 2 COMMENTS Jemal Seid Abdi February 16, 2025 At 8:35 pm Clear some money and legal action on the results of Jemal Abdi category is better than the other. Clear some money and legal action on the results of Jemal Abdi category is better than the other. Jemal Seid Abdi February 16, 2025 At 8:37 pm Direct on really Mooney to transfer money from online mobile money to deliver account. Direct on really Mooney to transfer money from online mobile money to deliver account. Comments are closed.

Ethiopia’s Gold Exports Surge 735%, Foreign Currency Inflows Jump 23.3%

Ethiopia’s Gold Exports Surge 735%, Foreign Currency Inflows Jump 23.3% The National Bank of Ethiopia (NBE) has announced significant economic changes, with inflation dropping to 15.5% in January 2024, down from 29.4% a year ago—a 13.9 percentage point decline. Food inflation fell by 16.6 percentage points, while non-food inflation dropped by 10.2 percentage points. Meanwhile, Ethiopia’s export sector has reached record highs, with gold exports surging by 735.2% compared to last year and coffee exports rising by 60%. In contrast, total imports have fallen from $8.99 billion (July–December 2023) to $8.63 billion in the same period of 2024, reflecting adjustments to the exchange rate. Foreign currency inflows are also strengthening, with private individual transfers via banks increasing by 23.3%. Additionally, the daily average of foreign exchange sales by banks has nearly doubled, rising from $22.0 million in August to $42.9 million in January. Interbank market activity continues to grow, with trading volumes increasing in both the money and foreign exchange markets. The interbank money market’s cumulative transactions peaked at ETB 183.3 billion in week 12, indicating improved liquidity and market confidence.

Neb Bank Launches New Digital Payment Systems

Neb Bank Launches New Digital Payment Systems Neb International Bank has officially launched its latest digital service applications, Neb Amber Pay and Neb Paystream, designed to streamline financial transactions and enhance payment convenience for customers. The launch event took place on February 5, 2017, at the bank’s headquarters. Speaking at the ceremony, Neb Bank CEO Ato Henok Kebede highlighted the significance of these new digital solutions in simplifying business transactions and improving financial accessibility. Neb Amber Pay, one of the newly introduced platforms, enables businesses to receive payments securely and efficiently while providing real-time monitoring of financial activities via mobile devices. This application supports multiple payment methods and is particularly beneficial for businesses with multiple sales personnel, as it allows them to process transactions from a single account using a mobile application. The second product, Neb Paystream, is designed to facilitate online transactions, allowing businesses to receive digital payments for the services they provide. Ato Henok emphasized that this innovation caters to the growing demand for seamless online financial solutions in the business community. The CEO further noted that the launch of these digital services aligns with Neb International Bank’s commitment to technological advancement and customer convenience. By embracing innovative financial solutions, the bank aims to enhance operational efficiency and drive digital transformation. Neb International Bank reaffirmed its dedication to continuously integrating new technologies to improve its services, ensuring customers have access to cutting-edge digital banking solutions. 1 COMMENT Alemayehu Erjabo February 13, 2025 At 10:29 pm Very well and amazing service through technology .this what expected from Ethiopian government ,Ethiopian telecom and Ethiopian banks .go ahead with current global technology . Very well and amazing service through technology .this what expected from Ethiopian government ,Ethiopian telecom and Ethiopian banks .go ahead with current global technology . Comments are closed.

Ethiopian Airlines Takes Action Over Unauthorized Video Shoot by Artist Piplone

Ethiopian Airlines Takes Action Over Unauthorized Video Shoot by Artist Piplone Legal Implications Being Assessed Ethiopian Airlines has taken administrative action regarding an unauthorized video shoot by artist Piplone within its premises. The airline’s legal department is currently reviewing the situation to determine if there are grounds for legal proceedings. According to Ethiopian Airlines’ CEO Mesfin Tasew and Chief Commercial Officer Lemma Yadecha, the incident came to light during a press briefing held at the airline’s headquarters on February 12, 2025. They clarified that while the airline had granted permission for promotional content creation within its premises under formal procedures, the specific video in question did not follow the required process. Administrative Measures Taken It was revealed that employees from the Addis Ababa sales office, who were involved in granting permission for the shoot, are facing administrative action. The airline’s executive team was reportedly unaware of the video production until after its release. The officials emphasized that Ethiopian Airlines follows strict procedures for granting access to its premises for photography and videography. Typically, such approvals come through either the public relations or the promotional and marketing departments. However, in this case, the request was directed to the Addis Ababa sales office, bypassing the usual channels. Legal and Internal Investigations Underway Addressing concerns regarding potential legal repercussions, CEO Mesfin stated:“If our legal team determines that there are legal grounds for pursuing action, we will proceed accordingly.” He also acknowledged internal procedural lapses, stating that necessary corrective measures are being taken, both administratively and operationally, to prevent similar incidents in the future. Ethiopian Airlines has already initiated an internal audit to investigate how the approval was granted and has taken disciplinary action against those involved. Unauthorized Use of Airline Premises The video, filmed in a restricted maintenance area, was allegedly shot with permission obtained through unofficial channels. A request was submitted to the Addis Ababa sales office on December 6, 2024, and approval was granted two days later without involvement from the appropriate departments. Although the request cited “promoting Ethiopian Airlines and Ethiopian tourism,” no official approval was provided for the actual content before it was released. According to internal sources, neither images nor videos were shared with the airline prior to publication. Ethiopian Airlines’ Commitment to Security and Compliance The airline emphasized its commitment to maintaining its operational and security standards. In response to this incident, the management is reinforcing its internal approval procedures to prevent unauthorized content creation within its facilities. CEO Mesfin concluded by stating:“The issue arose due to internal procedural gaps. We have taken and will continue taking administrative actions. Ethiopian Airlines leadership is addressing this matter seriously. Those responsible will face disciplinary measures, and we are working to establish stronger controls to prevent future occurrences.” This incident has highlighted the importance of stringent internal processes and the necessity of clear communication between departments to ensure compliance with Ethiopian Airlines’ policies.

Telebirr Hits 51.5 Million Users, Facilitating 1.03 Trillion ETB in Transactions

Telebirr Hits 51.5 Million Users, Facilitating 1.03 Trillion ETB in Transactions Telebirr Hits 51.5 Million Users, Facilitating 1.03 Trillion ETB in Transaction Ethio Telecom’s financial performance in the first half of the 2024 fiscal year has been robust, highlighted by an EBITDA of 32.82 billion ETB, reflecting a profitability margin of 55.6%. The company also reported 61.9 billion ETB in total revenue, achieving 90.7% of its target. In addition to solid revenue from its core operations, Ethio Telecom generated $72.6 million in foreign exchange earnings—$67.36 million from international services and $5.24 million from Telebirr’s international remittance services. The company demonstrated fiscal responsibility by paying 23.74 billion ETB in taxes and repaying $15.4 million in foreign loans. As part of its cost optimization strategy, Ethio Telecom’s DO2SAVE initiative saved 3.5 billion ETB, exceeding its target by 44%. The company also made significant strides in cybersecurity, blocking 266,162 attempted cyberattacks through advanced control mechanisms. Its human resource development efforts were notable, with 26,505 employees receiving training, achieving a 93% success rate in training goals—demonstrating its commitment to building a skilled workforce aligned with its growth objectives. On the operations side, Ethio Telecom achieved substantial growth in its subscriber base, reaching 80.5 million users, a 7.9% increase compared to the same period last year. This includes: 77.7 million mobile voice subscribers 77.7 million mobile voice subscribers 43.5 million mobile data and internet users 43.5 million mobile data and internet users 784,100 fixed broadband users 784,100 fixed broadband users 765,600 fixed voice subscribers 765,600 fixed voice subscribers The company’s telecom density in Ethiopia now stands at 72.2%, signaling progress in expanding connectivity nationwide. Ethio Telecom continued investing in infrastructure to enhance service quality and accessibility. The company deployed 202 new mobile stations, bringing its total mobile network capacity to 90.7 million. Its 4G and 5G networks expanded, with 4G services reaching 67 new cities and 5G connectivity arriving in 10 cities. Additionally, the company established 81 rural mobile network sites across 71 woredas, extending services to underserved areas and bridging the digital divide between urban and rural communities. The company’s optical distribution network (ODN) capacity also grew, adding 133,672 new customer connections, bringing the total to 769,932. As part of its Copper Switch-off Initiative, 18,300 customer connections were migrated from copper to fiber, advancing Ethiopia’s digital transformation. During the reporting period, Ethio Telecom introduced 171 new and revamped products and services, including 62 new offerings and 109 upgrades. These innovations aim to enhance customer experience, simplify enterprise operations, and support Ethiopia’s digital economy. The company also expanded its service network by opening 68 new service centers, bringing the total to 1,000—with 513 franchised and 487 company-owned locations. Its distribution network also strengthened, comprising 64 main distributors, 43 virtual top-up distributors, 12,700 sub-distributors, and 290,600 retailers engaged in sales activities. Ethio Telecom remained committed to corporate social responsibility, contributing 287.2 million ETB to education, healthcare, environmental protection, and national projects. Additionally, it planted 446,000 seedlings as part of its Green Legacy program, reinforcing its commitment to environmental sustainability. The company also earned international certifications, including ISO 27001:2022, PCI DSS, and Cloud Security Alliance (CSA) for its Telebirr and Telecloud services, reaffirming its leadership in digital solutions. Ethio Telecom’s impressive performance in the first half of the fiscal year underscores its pivotal role in Ethiopia’s digital transformation. The company’s continued investment in infrastructure, service expansion, and innovation positions it as a driving force in the country’s journey toward a digital economy. With its ongoing contributions to social and economic development, Ethio Telecom remains a key player in Ethiopia’s progress.

EthioTelecom Inaugurates Ultra-Fast Electric Vehicle Charging Station

EthioTelecom Inaugurates Ultra-Fast Electric Vehicle Charging Station Addis Ababa, Ethiopia – EthioTelecom has launched an ultra-fast electric vehicle (EV) charging station at the Bole Road junction, developed in collaboration with various partners. The initiative is part of efforts to support Digital Ethiopia and contribute to the country’s transition toward sustainable transportation. Ultra-Fast Charging Technology Introduced The newly inaugurated station features an ultra-fast charging system capable of providing 1 km of driving range in just one second. This technology is expected to improve the efficiency of EV charging, making it more convenient for users and supporting the adoption of electric vehicles in Ethiopia. 24/7 Availability and Digital Payment System The charging station will be accessible 24/7, allowing EV users to charge their vehicles at any time. Payments will be made through Tele Birr, EthioTelecom’s digital financial service, with a set rate of 10 birr per kilowatt. Expansion Plans Underway EthioTelecom has also announced that two additional charging stations are currently under construction and will be operational soon. These stations aim to expand access to EV charging infrastructure as part of broader efforts to support the country’s growing electric mobility sector. The launch of this charging station is seen as part of ongoing efforts to enhance digital and energy infrastructure, supporting both technological advancements and environmental sustainability.

Ethiopia E-Mobility Sector on the Upswing

Ethiopia E-Mobility Sector on the Upswing In a significant development for Ethiopia’s burgeoning e-mobility sector, the country’s first Electric Motorbike Owners Association has been established, marking a pivotal step toward fostering a supportive ecosystem for electric vehicle (EV) adoption. With over 280 members already onboard, the association aims to streamline licensing processes, provide resources for riders, and promote compliance with city traffic regulations, ensuring a smoother transition to sustainable urban mobility. The formation of the association comes at a critical time as Ethiopia seeks to embrace greener transportation solutions. Hilina Legesse, President of the Addis Ababa E-Mobility Association, highlighted the importance of this initiative, stating, “The launch of Addis Ababa’s first e-mobility association is a crucial step in addressing the challenges faced by riders, particularly in the absence of a dedicated support network. Beyond facilitating better communication among riders, this platform will work toward resolving key sector challenges in the coming years.” The association’s establishment has been spearheaded by Dodai Manufacturing PLC, Ethiopia’s leading electric motorbike (e-motorbike) manufacturer and distributor. Dodai has been at the forefront of the country’s e-mobility revolution, and its latest initiative to cover license plate costs for its first 250 customers further underscores its commitment to making e-motorbike ownership more accessible and affordable. Yuma Sasaki, Founder and CEO of Dodai, emphasized the company’s broader vision: “Today marks a milestone for Dodai and for Ethiopia. By covering license plate costs and supporting the formation of this association, we are not just simplifying ownership—we are accelerating Ethiopia’s electric mobility revolution. Our goal is to make sustainable transportation accessible to all.” Dodai’s efforts extend beyond financial incentives. The company is also investing in critical infrastructure, such as battery swap stations and charging facilities, to support the growing demand for electric vehicles. These initiatives align with Dodai’s mission to transform Ethiopia’s urban transportation landscape through innovative, environmentally friendly solutions. However, challenges remain. Some riders have raised concerns about stringent requirements even after obtaining licensing approvals from relevant authorities. In response, Hilina assured that the association would actively engage with stakeholders to address these issues. “We will engage in further discussions with the concerned bodies to address these challenges and work towards practical solutions,” she said. The establishment of the Electric Motorbike Owners Association and Dodai’s proactive measures signal a promising future for Ethiopia’s e-mobility sector. As the country continues to prioritize sustainable transportation, these efforts are expected to play a crucial role in driving adoption, improving infrastructure, and addressing the evolving needs of electric vehicle users.

IMF Managing Director Kristalina Georgieva Arrives in Ethiopia for Official Visit

IMF Managing Director Kristalina Georgieva Arrives in Ethiopia for Official Visit Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has arrived in Addis Ababa for a two-day official visit aimed at strengthening economic cooperation between Ethiopia and the global financial institution. During her visit, Ms. Georgieva is scheduled to meet with Prime Minister Abiy Ahmed and senior government officials to discuss Ethiopia’s economic policies, ongoing reforms, and potential areas of collaboration with the IMF. The discussions are expected to cover key financial and structural policies, debt sustainability, and macroeconomic stabilization efforts. Beyond high-level engagements, Ms. Georgieva and her delegation will visit select social development projects, highlighting Ethiopia’s economic progress and challenges. She will also engage with representatives of the private sector, focusing on investment climate improvements and the role of international financial support in fostering sustainable growth. Ethiopia has been working closely with the IMF in recent years to address economic challenges, including inflation, foreign exchange shortages, and debt restructuring efforts. Ms. Georgieva’s visit is seen as a crucial step in strengthening ties and exploring new avenues for financial and technical support. Further updates on the visit, including key agreements and discussions, are expected to be released following the official meetings.