Ethiopia’s Airbnb Dilemma: A Grey-Market Boom Waiting for a Digital Fix

Ethiopia’s Airbnb Dilemma: A Grey-Market Boom Waiting for a Digital Fix Addis Ababa’s short-term rental market is primed for takeoff—if payments, policy, and power can catch up. Addis Ababa’s short-term rental (STR) scene sits at a strange crossroads. On paper, it has everything going for it: a pro-tourism policy agenda, a globally connected flag carrier and hub airport, and a large, motivated diaspora that flies home for family, business, and extended stays. In practice, hosts still juggle blackout-proofing, bank-workarounds, and legal ambiguity. The result is a market where average occupancy hovers near the low 30s, while the best listings quietly push 60–80%—a story less about “list it and they will come,” and more about who can solve Ethiopia’s real-world frictions better and faster. A bipolar demand curve—overnights and month-longs Unlike leisure-heavy destinations, Ethiopia’s demand is anchored by two durable segments: international business/diplomatic travelers and the diaspora. That shapes a “two-hump” booking profile—single-night stays aimed at transit passengers and layovers through Bole International Airport, and 30-plus-night stays for NGO staff, consultants, and families returning for extended visits. Hosts have adapted: the most common minimum stay is one night, yet a meaningful share of listings is deliberately configured for monthly bookings, complete with kitchens, workspace, and family-friendly layouts. Security, location, and connectivity are the non-negotiables. Properties in Bole, Kazanchis, and Sar Bet—close to the airport, UNECA, and the AU—market 24/7 guards, CCTV, and “diplomatic” neighborhoods as core features. Reliable high-speed internet and backup power are not “nice to haves” but the basic ticket of entry to compete for top-tier guests. The number that matters: payments No constraint is more decisive—and more fixable—than payments. Ethiopia’s banking rails don’t map neatly to global OTA workflows. Many hosts are forced into costly SWIFT transfers or depend on relatives’ foreign accounts. That single bottleneck suppresses supply, keeps earnings informal, complicates tax compliance, and deters otherwise capable entrants. The unlock is already in people’s hands. Mobile money—Telebirr and M-PESA—has exploded, carrying trillions of birr in annual digital transactions. If a platform like Airbnb integrates these wallets for host payouts (and, eventually, guest payments), the market formalizes overnight. Barriers to entry fall, domestic demand becomes addressable, and taxable, transparent income replaces gray-area workarounds. In Ethiopia’s STR story, wallet integration isn’t a feature request; it’s the fulcrum. Policy vacuum, real risks The sector currently operates in a “low-regulation” haze: no bespoke STR license regime; unclear tax treatment; few formal guideposts. That eases entry but loads latent risk onto operators. Two issues stand out: Tenancy creep: longer stays can blur into landlord-tenant law, turning a difficult guest into a months-long legal problem if local courts view them as tenants. Retroactive tax exposure: with no clear STR tax code, future formalization could come with back-tax expectations. Some professional hosts are pre-empting both by registering as guesthouses to anchor themselves in an existing, recognized regime. It adds cost and compliance—but also predictability. A market of outliers, not averages Citywide occupancy around 31–33% and a ~$45 ADR suggest modest returns. But they hide a yawning gap between the median and the best-in-class. Top quartile properties push ~61% occupancy and above; the very best exceed 80%, and ADRs over $85 are common in that cohort. Median monthly revenue sits near $311–$384; the top decile clears $1,339+. What separates them? Problem-solving capex: backup generators, ISP redundancy, and security staffing. Guest-journey design: airport pick-ups, seamless check-in, fast conflict resolution. Clear segment focus: either optimized for one-night transit or built for 30-night families/professionals—rarely both. Addis Ababa STR snapshot (2025) Sources: synthesized market analysis provided by user. Beyond the capital: green shoots along the Historic Route Outside Addis, STRs are small but spreading in Ethiopia’s marquee destinations—Lalibela, Gondar, Bahir Dar—mostly as guesthouses and B&Bs with budget-friendly ADRs starting near $10. Growth off the main corridors will track improvements in roads, power reliability, and domestic air connectivity. For first movers, that’s an opportunity to plant flags before institutional capital shows up. Hotels vs. homes: different products, different guests Traditional hotels are ramping up—global brands, conference facilities, corporate booking pipes, loyalty programs. They win standardized quality and payment certainty. But STRs occupy a distinct niche: full homes with kitchens, multiple bedrooms, and privacy for families and long stays at price points hotels struggle to match. In Addis, this is less a zero-sum fight and more a segmentation story—provided STRs solve their operational drag. The housing question, waiting in the wings Where STRs mature, regulators follow—often pushed by renters. The math is simple: a modern unit in Bole can gross $70–$150 per night as an STR; its long-term equivalent is effectively $16–$30 per night. In a city already battling affordability, converting residential stock into tourist inventory can aggravate shortages and fuel displacement pressures. Addis isn’t there yet—but it is the most credible trigger for a near-term regulatory pivot: registration, day caps, zoning limits, or targeted taxes. Ethiopia vs. Kenya: a look across the border Kenya offers a likely trajectory. Nairobi shows similar ADRs to Addis and overlapping occupancy ranges, but on a vastly larger, more geographically diverse base—and under clear rules. Hosts register, pay specific taxes, and transact seamlessly via M-PESA. Ethiopia has the demand anchors; Kenya has the pipes. The delta is infrastructure and policy execution. What could change the curve—fast 1) Wallet integration on Airbnb. This single move formalizes host income, collapses payout friction, and opens the door to domestic STR travel at scale. 2) A light, clear license-and-tax regime. Simple registration, straightforward income/VAT rules, and explicit guidance on stays crossing into tenancy would de-risk professionalization without choking supply. 3) Reliability investments. Power and internet redundancy are already a private tax on operators. Any public- or utility-driven reliability gains flow straight into occupancy and ADR. 4) Security stability and perception. Travel advisories weigh heavily on inbound demand. A steadier security backdrop would lift the whole accommodation stack—hotels and STRs alike. Playbooks for the main actors Hosts & investors Treat capex as moat: generator + dual-ISP + on-site/compound security. Pick segments and build for them: transit efficiency or “home-for-a-month”—don’t straddle without tooling for dynamic pricing and ops. Pre-empt legal risk: strong house rules for long stays; consider guesthouse registration for multi-unit portfolios. Platforms (e.g., Airbnb) Make Telebirr/M-PESA integration a top-line initiative; pilot payouts first, then guest payments. Bring government in: share anonymized demand data to align with Digital Ethiopia 2025 and tourism job goals. Uplift the supply side: localized host education on safety, compliance, and listing optimization; seed a credible Superhost cohort. Policymakers Formalize simply: a one-stop, low-friction registry plus clear tax guidance will bring operators above board and widen the tax base. Study housing impacts early: neighborhood-level analysis before adopting blunt caps. Co-opt platforms as partners: use platform data for demand forecasting and infrastructure targeting. Ethiopia’s STR market is not waiting for tourists; the tourists are already here—just selective. The winners are operators who engineer away the country’s day-to-day frictions and platforms that route money like the rest of the economy already does: over mobile wallets. Addis Ababa doesn’t need hundreds more average listings; it needs dozens more excellent ones—and one decisive integration.

Mikhail Egypteos: The Ethiopian Admiral Who Built Russia’s Deadliest Warships

Mikhail Egypteos: The Ethiopian Admiral Who Built Russia’s Deadliest Warships Mikhail Milhailovich Egypteos was a pioneering Russian naval engineer of Ethiopian descent who became one of the most influential figures in the shipbuilding of the late Russian Empire and early Soviet Union. Overcoming societal barriers, he rose to the rank of Lieutenant General, designing revolutionary warships and playing a critical role in the modernization of the Russian fleet during a period of intense technological change and political upheaval. Unlikely Origins in Imperial Russia 🇪🇹 🇷🇺 Born on January 20, 1861, Mikhail Egypteos’s story is one of remarkable ascent. His father was a man of Ethiopian origin who had been brought to Russia and integrated into the imperial court, a path reminiscent of Abram Petrovich Gannibal, the famed African great-grandfather of Alexander Pushkin. In the rigid social structure of Tsarist Russia, such a background made a high-ranking military career an exceptional achievement. Driven by intellect and ambition, Egypteos pursued a technical education, enrolling in the esteemed Naval Engineering High School. He excelled in his studies and later graduated from the prestigious Nikolaevsk Naval Academy, laying the groundwork for a career that would place him at the forefront of naval technology. A Career Forged in War and Innovation Egypteos entered service as the world’s navies were undergoing a dramatic transformation from sail and steam to modern steel warships. Russia, seeking to project power and reeling from a technological gap exposed during the Crimean War, was heavily invested in modernizing its fleet. This environment provided the perfect stage for a brilliant engineer like Egypteos to shine. Mastering the Threat of Naval Mines The Russo-Japanese War (1904-1905) was a brutal awakening for the Russian Navy, where modern weaponry, particularly the naval mine, inflicted devastating losses. In response to this clear and present danger, the legendary Admiral Stepan Makarov initiated a project to develop a defensive countermeasure. He turned to Egypteos and another engineer, V.A. Offenberg, to perform the complex calculations for a mine-protection device. This apparatus, fitted to the bows of ships, was designed to detonate mines at a safe distance. Egypteos’s precise engineering was crucial to ensuring the device was both effective and did not compromise the ship’s speed and maneuverability. The Novik: A Revolutionary Warship Egypteos’s most celebrated achievement is inextricably linked to the turbine cruiser Novik. As the chairman of the technical commission overseeing its construction, he was the guiding force behind this revolutionary vessel. Launched in 1911, the Novik was a technological marvel: Unprecedented Speed: It was the first warship in the Russian fleet powered by steam turbines, allowing it to achieve a world-record speed of over 37 knots, making it the fastest warship on the planet at the time. A New Class: Its combination of high speed, powerful armament, and long range effectively created a new class of warship—the “destroyer leader.” It served as the prototype for a series of destroyers that formed the backbone of Russia’s light naval forces in World War I. The success of the Novik was a testament to Egypteos’s forward-thinking vision and his meticulous oversight of its design and construction. Chief Engineer of the Empire His groundbreaking work and proven expertise led to a series of prestigious appointments. In 1909, Mikhail Egypteos was named Chief Ship Engineer of the Empire, placing him in charge of the navy’s entire shipbuilding program. In 1911, he was promoted to Major General of the naval engineers. He continued to climb the ranks, ultimately achieving the title of Lieutenant General. This made him one of the highest-ranking and most respected technical officers in the entire Russian military establishment, a monumental achievement for anyone, let alone a man of his background. Navigating the Revolution The 1917 October Revolution shattered the world Egypteos had thrived in. While many high-ranking Imperial officers fled Russia or fought against the new Bolshevik regime, Egypteos made the crucial decision to stay. Valued for his irreplaceable skills, he chose to dedicate his expertise to the new Soviet state. In 1918, he joined the Bolshevik Revolutionary Committee, lending his technical knowledge to the nascent Red Navy. From 1923, he served as the Deputy Chairman of Sudproekt, the state-run ship design bureau tasked with planning the future of the Soviet fleet. In this role, he helped train a new generation of Soviet engineers, ensuring his knowledge and legacy would endure. Mikhail Milhailovich Egypteos passed away in the spring of 1932 in Leningrad (St. Petersburg). His life spanned two distinct eras of Russian history, and his career stands as a powerful legacy of technical genius, leadership, and resilience. He was not only a chief architect of Russia’s modern navy but also a figure who transcended the profound social and racial barriers of his time.

Spot Trading on OKX: A Beginner’s Guide to Real-Time Crypto

Spot Trading on OKX: A Beginner’s Guide to Real-Time Crypto Let’s talk about Spot trading on OKX. If you’ve ever wondered how people actually buy and sell crypto in real time, this is the feature they’re using. It’s simple once you know your way around. Step 1: The Spot Page When you open the Spot trading page, you’ll see a lot of numbers and colors at first, but don’t worry. The main things are: The price chart at the center — that’s just showing you how the coin’s price is moving. The order book on the side — a live list of who’s trying to buy and who’s trying to sell. The trading panel below — this is where you’ll actually place your order. Think of it as a marketplace dashboard: prices up top, activity in the middle, and your controls at the bottom. Step 2: The Order Book This part is key. The order book is simply a list of trades waiting to happen. The green side shows people who want to buy at certain prices. The red side shows people who want to sell. The closer the numbers are in the middle, the closer buyers and sellers are to agreeing on a price. Once they match ,boom, a trade happens. Step 3: Types of Orders Now, how do you place a trade? On OKX Spot, you’ve got three main options: Market Order: Quick and easy. You’re basically saying, “I want to buy (or sell) right now at whatever price the market gives me.” Limit Order: More patient. You set your own price, and the system waits until someone matches it. Great if you don’t want to overpay or undersell. Stop Order: A bit smarter. This one only kicks in if the price reaches a certain level. Perfect for setting a safety net (stop-loss) or taking profit automatically. Step 4: Making Your First Trade Here’s how it actually works: Pick your trading pair, like BTC/USDT. Decide your order type ;market, limit, or stop. Enter how much you want to buy or sell. Hit confirm. If it’s a market order, your trade goes through instantly. If it’s a limit or stop order, it sits in the order book until the price conditions are met. Why Use OKX Spot? It’s reliable, fast, and has tons of trading pairs. Plus, the order book is deep, meaning there’s always activity , you’re never stuck waiting forever to get matched. And the interface? Clean enough for beginners but still packed with tools if you want to get advanced.

Eleven Guardians of the Birr: Ethiopia’s Central Bank Governors Through Time

Eleven Guardians of the Birr: Ethiopia’s Central Bank Governors Through Time Introduction The history of a nation’s central bank is never merely a story about money. It is, more often than not, a mirror of the state itself—its political ideals, economic ambitions, and evolving place in the world. In Ethiopia, the trajectory of the National Bank and its precursor institutions provides a striking lens through which to view the country’s modern transformations. From the twilight of the empire and the dawn of modernization, through the convulsions of revolution and socialist planning, to the cautious liberalization of the 1990s and the bold financial reforms of the 2020s, the institution has both shaped and been shaped by Ethiopia’s political economy. At the heart of this saga stand the governors of the National Bank of Ethiopia (NBE) and its predecessors. They have been more than mere administrators. In every era they have navigated upheaval—war, famine, ideological shifts, debt crises—while balancing the twin imperatives of monetary stability and national development. Their leadership reflects the country’s recurring struggle to reconcile state control with market forces, political imperatives with central bank independence. This article provides a comprehensive historical and analytical account of the governors who have led Ethiopia’s central banking institutions since the early twentieth century. It moves beyond a simple list of names to examine how each governor’s tenure was shaped by—and in turn influenced—the country’s political and economic context. Throughout, several themes recur: the tension between sovereignty and dependence on foreign expertise; the chronic challenge of inflation and foreign-exchange scarcity; and the delicate, often contested boundary between politics and monetary policy. Before turning to the detailed narrative, the table below presents the full chronology of Ethiopia’s central-bank governors. It serves as a quick reference to more than a century of leadership and the political eras they represent. Chronology of Governors of the National Bank of Ethiopia and Precursor Institutions Source: National Bank of Ethiopia archives and historical records Part I: Foundations of Central Banking in Ethiopia (1906–1959) Modern Ethiopian banking was born not as an indigenous initiative but as an imperial project, part of the country’s effort to modernize and integrate into the global economy. The first half of the twentieth century saw a succession of expatriate governors whose work reflected the shifting geopolitical winds—from British influence before World War II to the emergence of American technical dominance after 1945. From the Bank of Abyssinia to the Bank of Ethiopia The story begins on 16 February 1906, when Emperor Menelik II inaugurated the Bank of Abyssinia. Far from a purely national institution, it was established through a fifty-year concession granted to the British-owned National Bank of Egypt. Its shares were sold not only in Addis Ababa but also in New York, London, and Paris, making it an early symbol of Ethiopia’s global economic connections. The bank financed key projects such as the Franco-Ethiopian Railway, linking the highlands to the Red Sea. Yet the very foreignness that gave the bank access to international capital also rankled with Ethiopian leaders. When Ras Tafari Makonnen ascended the throne as Emperor Haile Selassie in 1930, he regarded a foreign-owned issuing bank as incompatible with the country’s sovereignty. In 1931 he liquidated the Bank of Abyssinia and replaced it with the fully government-owned Bank of Ethiopia—the first African state-owned bank with both central and commercial functions. For the first time, Ethiopia possessed a national institution capable of issuing its own currency and regulating credit. But this pioneering experiment was abruptly cut short by the 1935 Italian invasion, which liquidated the bank in 1936 and halted indigenous financial development for half a decade. Expatriate Governors and the Post-Liberation Reconstruction When the country was liberated in 1941, rebuilding the financial system became a matter of urgent priority. Emperor Haile Selassie turned to foreign experts, especially Americans, to lead the process. The succession of expatriate governors during this era reveals Ethiopia’s deliberate geopolitical pivot. Charles S. Collier (1913–1936) had bridged the old and the new. A British national and governor of the Bank of Abyssinia, Collier’s signature on banknotes symbolized the lingering influence of Britain even as the Ethiopian state asserted ownership. His long tenure provided continuity, but his eventual replacement after the war signaled the end of British financial sway. The emperor’s appointment of George Blowers (1942–1949) marked a decisive turn toward the United States. A Harvard-trained banker and former manager of the Bank of Monrovia, Blowers helped re-establish Ethiopia’s currency system after the Italian occupation. In 1945 he introduced the Ethiopian birr—then known as the Ethiopian dollar—replacing the East African shilling. To ease public acceptance in a society long accustomed to the silver Maria Theresa thaler, the United States supplied the silver for the coins. Blowers even represented Ethiopia at the landmark 1944 Bretton Woods Conference, which laid the foundation for the post-war global financial order. The next decade brought an “American succession”: Jack Bennett (1949–1953), Walter H. Rozell Jr. (1953–1956), Neil Perry (1956), and George Rea (1956–1959). Under their leadership the State Bank of Ethiopia expanded its branch network domestically and abroad, even establishing offices in Khartoum and Djibouti. Rea, previously president of the New York Curb Exchange, brought rare expertise in financial markets just as Ethiopia prepared to modernize its banking architecture. This early reliance on foreign governors was not merely a reflection of Ethiopia’s need for technical expertise; it was also a calculated diplomatic strategy. By courting American advisors, Haile Selassie sought to counterbalance lingering British influence and secure a powerful Cold War ally. Yet the State Bank’s dual role—as both a regulator and a commercial bank—posed an inherent conflict of interest. By the early 1960s, a more sophisticated financial system demanded a separation of these functions, setting the stage for Ethiopia’s first fully fledged central bank. Part II: Ethiopianization and the Imperial Twilight (1959–1974) The late imperial period brought a critical assertion of national control. Ethiopia’s first indigenous governor, Menasse Lemma, and the creation of the National Bank of Ethiopia marked both a symbolic and institutional watershed. The Birth of the National Bank of Ethiopia Proclamation 206 of 1963 split the State Bank into two entities: the National Bank of Ethiopia (NBE), charged solely with central banking functions, and the Commercial Bank of Ethiopia (CBE) for commercial operations. Assisted by U.S. envoy Earle O. Latham, this reform eliminated the conflicts of the dual-mandate system and gave the NBE broad administrative autonomy. Starting operations in January 1964, the NBE was empowered to regulate money and credit, manage foreign reserves, supervise banks, issue currency, and act as the government’s fiscal agent. Governor Menasse Lemma: Champion of Economic Sovereignty Menasse Lemma, who had already served as governor of the State Bank from 1959, became the NBE’s first governor. His fifteen-year tenure epitomized Ethiopia’s economic nationalism. Determined to consolidate state authority over finance, Lemma opposed the entry of foreign banks. He used the NBE’s regulatory powers to limit the activities of institutions such as the Italian Banco di Roma in Eritrea—restricting dividend repatriation, denying new branch licenses, and curbing transactions in U.S. dollars. Yet Ethiopia’s structural problems hampered progress. The economy remained overwhelmingly agrarian, trapped in a quasi-feudal land tenure system that discouraged productivity. Successive five-year development plans faltered due to weak administrative capacity and poor data. Proclamation 206 had set a legal limit on government domestic borrowing at 15 percent of the previous three years’ revenue, but monetary policy could not overcome the fundamental barriers to growth. As discontent mounted, the monarchy’s legitimacy crumbled, culminating in the 1974 revolution that ended both Lemma’s tenure and the imperial era. Lemma’s protectionist policies were a double-edged sword. They affirmed Ethiopia’s sovereignty and nurtured domestic capacity, yet also insulated the financial sector from competition and foreign capital. His experience underscored a broader lesson: a modern central bank can create the institutional framework for stability, but without structural economic reform—particularly in land and agriculture—monetary tools have limited power. Part III: Revolution and the Command Economy (1974–1991) The overthrow of the monarchy ushered in the Provisional Military Administrative Council, known as the Derg, and Ethiopia’s most radical economic experiment. Central banking was subsumed under socialist planning, and the NBE became an instrument of state control rather than an independent policy-maker. A Bank in Service of the Revolution In 1975 the Derg nationalized all private banks and insurance companies, creating a state monopoly. The Monetary and Banking Proclamation No. 99 of 1976 recast the NBE’s mandate to support the socialist plan and raised the ceiling on government borrowing from 15 to 25 percent of revenue—effectively institutionalizing monetary financing of the budget. The currency was renamed from the Ethiopian dollar to the birr. Governors in a Time of Turmoil Taffara Deguefé (1974–1976), a respected career banker, initially steered the NBE through the early revolutionary years. Tasked with investigating the deposed emperor’s foreign accounts, he soon fell victim to the regime’s suspicion of Western-trained professionals and was imprisoned in 1976. Legesse Tickeher (1976–1978) governed during the height of the Red Terror and the 1977–78 Ogaden War. Land reform disrupted agricultural markets, urban inflation soared, and the NBE’s role shrank to maintaining minimal financial operations amid chaos. Tadesse Gebrekidan (1978–1988) presided over the bank as the command economy consolidated. Droughts, the catastrophic 1983–85 famine, and escalating civil wars forced the NBE to channel credit to state enterprises and finance huge budget deficits through money creation. By 1984 military spending consumed nearly half the national budget. Bekele Tamirat (1988–1991) inherited an economy in free fall—plagued by war, collapsing Soviet support, falling coffee prices, and a crippling foreign-exchange crisis. His task was less about policy than about keeping the financial system functioning until the Derg’s defeat in 1991. The Derg period revealed the perils of subordinating monetary policy to political ideology. Central banking became a mechanism of “financial repression,” ensuring that no independent economic power could challenge the state. The result was not socialist prosperity but economic collapse. Part IV: Transition to a Market Economy (1991–2018) The fall of the Derg ushered in the Ethiopian People’s Revolutionary Democratic Front (EPRDF) and a cautious, decades-long transition toward a market economy. For the NBE this meant rediscovering its role as a modern central bank, even as the state retained a commanding presence. Rebuilding the Financial System The Monetary and Banking Proclamation of 1994 re-established the NBE as a separate legal entity with a mandate for monetary stability and a sound financial system. It legalized private domestic banks for the first time since 1974, though foreign banks remained barred—a cautious liberalization that preserved state dominance through the powerful Commercial Bank of Ethiopia. Architects of Reform and Growth Leikun Berhanu (1991–1995), a veteran of Ethiopia’s banking system, oversaw the initial stabilization: devaluing an overvalued birr, tightening reserves to tame inflation, and laying the groundwork for inter-bank money markets and treasury bills. Dubale Jale (1995–2006) consolidated these gains and managed two critical challenges: the 1998–2000 border war with Eritrea and the 1997 currency separation after Eritrea introduced the Nakfa. He led the campaign to redeem old birr notes and maintain monetary sovereignty. Teklewold Atnafu (2006–2018) presided over the peak of Ethiopia’s “developmental state.” Massive public investment—dams, railways, industrial parks—delivered near-double-digit GDP growth. But financing this ambition required an accommodative monetary policy: an overvalued exchange rate, persistently negative real interest rates, and chronic foreign-exchange shortages. While these policies fueled infrastructure expansion, they left a legacy of debt and structural imbalances for his successors. The EPRDF years demonstrated both the possibilities and limits of state-led development. Despite market reforms, the financial sector remained dominated by the state, and the NBE often served the government’s investment agenda. Ethiopia grappled with the classic “impossible trinity”: trying to maintain a fixed exchange rate, independent monetary policy, and open capital flows all at once—an inherently unsustainable combination. Part V: The New Era of Reform and Liberalization (2018–Present) Prime Minister Abiy Ahmed’s rise in 2018 opened the most ambitious chapter of financial reform since the imperial era. The government’s Homegrown Economic Reform Agenda aimed to correct structural imbalances and invite foreign investment. Reform Blueprint Launched in 2019, the agenda sought to reduce inflation, resolve foreign-exchange shortages, modernize monetary policy, and—most dramatically—open the banking and telecommunications sectors to foreign participation. Governors of the Reform Era Yinager Dessie (2018–2023), an economist trained in Vienna, faced an extraordinary confluence of shocks: the COVID-19 pandemic, civil conflict in Tigray, severe drought, and the global fallout of the war in Ukraine. Despite efforts to modernize the treasury-bill market, war costs and dwindling donor support forced continued reliance on central-bank financing, making single-digit inflation elusive. To accelerate reforms, Abiy appointed Mamo Mihretu (2023–2025), a Harvard-educated lawyer and former World Bank official who had helped design the reform agenda itself. Mihretu launched a “big bang” of changes: shifting from monetary targeting to an interest-rate-based framework, creating an inter-bank money market, moving toward a market-determined exchange rate, and opening the banking sector to foreign investors. These bold steps secured multi-billion-dollar packages from the IMF and World Bank, lowered inflation from over 30 percent to the low teens, and tripled foreign-currency reserves. His unexpected resignation in September 2025, after less than two years, left both admirers and critics debating the sustainability of his reforms. He was succeeded by Eyob Tekalign (2025–present), a political economist and former State Minister of Finance who had led Ethiopia’s debt negotiations after its 2023 Eurobond default. His appointment underscores both promise and peril. Eyob must continue exchange-rate liberalization and debt restructuring while proving the NBE can act independently. Critics warn that moving the government’s chief debt negotiator directly into the governorship risks “fiscal dominance,” where central-bank policy becomes subservient to short-term government financing needs. Conclusion: Continuity and Challenge Over more than a century, the guardians of the birr have steered Ethiopia’s central bank through imperial modernization, revolutionary socialism, cautious liberalization, and now high-stakes reform. The institution’s history is one of constant negotiation between political power and the principles of sound monetary management. Three lessons emerge. First, central-bank independence has been a perennial challenge—from the imperial court’s influence and the Derg’s outright control to the developmental state’s policy alignment and today’s concerns over fiscal dominance. Second, inflation and chronic foreign-exchange shortages have haunted every era, though their causes have shifted with political and economic structures. Third, the effectiveness of monetary policy ultimately depends on the broader economic environment: without structural reforms in land, production, and governance, even the best-designed monetary frameworks struggle. As Ethiopia confronts the delicate task of moving to a market-determined exchange rate while restructuring its sovereign debt, the stakes for the National Bank could not be higher. Its ability to anchor inflation expectations, build credibility for an interest-rate-based policy, and assert its autonomy will determine whether the hard-won reforms of the 2020s can deliver lasting stability. The history of the NBE’s governors is thus not merely a record of the past; it is a guide to the future of Ethiopia’s economic sovereignty.

Ethiopia’s Central Bank Chief Heads to China for Critical Debt Talks

Ethiopia’s Central Bank Chief Heads to China for Critical Debt Talks Addis Ababa — Ethiopia has dispatched a high-level economic delegation to Beijing this week, led by Eyob Tekalign (PhD), the newly appointed governor of the National Bank of Ethiopia (NBE), to advance crucial debt restructuring negotiations and deepen the country’s economic partnership with China, state media reported. High-Stakes Mission to Beijing According to officials, the delegation will meet senior figures at China’s Ministry of Finance, the People’s Bank of China, and the Export–Import Bank of China (Exim Bank). Discussions are also planned with representatives from leading Chinese financial and commercial institutions. These talks build directly on the recently concluded debt restructuring agreement with the Official Creditors Committee, co-chaired by China and France, which Ethiopia hopes will unlock faster progress toward comprehensive debt relief. Aligning With Reform and Investment Goals The Ethiopian team is expected to brief Chinese counterparts on the latest progress of the Home-Grown Economic Reform Agenda, the government’s flagship plan to stabilize the economy, attract foreign investment, and modernize key sectors. Officials say Addis Ababa will also explore opportunities for expanded Chinese investment in infrastructure, manufacturing, and green energy, reaffirming Ethiopia’s commitment to a long-term strategic partnership with Beijing. Mounting Debt Pressures The mission comes amid intensifying concerns about Ethiopia’s fiscal health. A joint World Bank–IMF assessment released last week warned that the country’s external debt remains “unsustainable,” noting that Ethiopia has been in debt distress since it missed a Eurobond interest payment in December 2023. The assessment highlighted persistent breaches of export-related external debt indicators and classified Ethiopia’s debt-carrying capacity as weak, raising the stakes for ongoing negotiations. Strategic Significance Officials describe the visit as a reaffirmation of the long-standing Ethiopia–China relationship, which has deepened over two decades of infrastructure cooperation and growing bilateral trade. China remains Ethiopia’s largest bilateral creditor and a key player in the Official Creditors Committee. Analysts say the outcome of the Beijing talks could shape Ethiopia’s economic trajectory, influencing everything from currency stability to the government’s ability to finance critical social and development programs. Quick Facts Table With Ethiopia’s economic reform program hinging on successful debt relief and fresh investment, the Beijing mission represents a critical step in safeguarding financial stability and sustaining growth in Africa’s second-most populous nation.

Ethiopia Ends World Championships Medal Hunt Without Gold After 34 Years

Ethiopia Ends World Championships Medal Hunt Without Gold After 34 Years Addis Ababa, September 11, 2018 (FMC) — The 20th World Athletics Championships concluded today in Tokyo, Japan, with Ethiopia collecting four medals—two silver and two bronze but no gold, marking the first time in 34 years that the nation has left the World Championships without a single gold medal. The result highlights the growing competitiveness of global athletics and represents a rare setback for a country long celebrated for its dominance in distance running. Global Medal Table Ethiopia finished 21st overall in the medal standings. The United States topped the table with 13 gold, 5 silver and 4 bronze medals—a total of 22 medals. Kenya emerged as Africa’s best performer and second worldwide, securing 7 gold, 2 silver and 2 bronze medals, for a total of 11 medals. Ethiopia’s Medal Winners Tigist Assefa delivered one of Ethiopia’s standout performances, winning silver in the women’s marathon, a grueling event that reaffirmed Ethiopia’s continuing strength in long-distance road races. Yomif Kejelcha claimed silver in the men’s 10,000 meters, narrowly missing the gold in a tightly contested race. Gudaf Tsegay earned bronze in the women’s 10,000 meters, adding to her growing reputation as one of the nation’s most promising distance runners. Simbo Alemayehu secured bronze in the women’s 3,000 meters steeplechase, demonstrating Ethiopia’s progress in an event traditionally dominated by Kenya. Historic Absence of Gold This marks Ethiopia’s first gold-less World Championships since the mid-1980s, a striking contrast to decades of dominance established by legends such as Haile Gebrselassie, Kenenisa Bekele, and Meseret Defar. Analysts note that while Ethiopia remains a powerhouse in endurance events, the gap between it and other countries has narrowed. Competitors from Kenya, Uganda, Europe, and the United States have significantly raised the level of competition in long-distance running. Looking Ahead Officials from the Ethiopian Athletics Federation have acknowledged the need to strengthen youth development programs and invest in broader event specializations. Plans for the next Olympic cycle include expanding high-altitude training camps and enhancing support for emerging talent. Despite leaving Tokyo without a gold medal, Ethiopia’s two silver and two bronze medals reaffirm the nation’s enduring presence in global athletics and set the stage for a strategic comeback in future international competitions.

Ethiopian Securities Exchange Appoints New Board of Directors

Ethiopian Securities Exchange Appoints New Board of Directors Addis Ababa – September 20, 2025 — The Ethiopian Securities Exchange (ESX) has announced the appointment of an expanded and diverse Board of Directors, a move aimed at strengthening the country’s emerging capital market and reinforcing its commitment to transparency and inclusivity. A Diverse and Strategic Board The newly appointed board brings together key figures from Ethiopia’s financial sector, prominent economists, and international market leaders. Their collective expertise is expected to guide ESX as it builds the country’s first regulated securities marketplace. The new board members include: Awash Bank Share Company, represented by Mr. Berhanu Balcha Dr. Tewodros Mekonnen, leading Ethiopian economist Eastern and Southern Africa Trade and Development Bank (TDB), represented by Mr. Abraham WoldeMichael Enat Bank, represented by Dr. Ermias Andarge Ethiopian Investment Holdings, represented by Dr. Brook Taye Ethiopian Reinsurance, represented by Mr. Fikru Tsegaye Mrs. Mekdes Mezgebu, financial sector professional Mr. Helaway Tadesse, independent market expert Ms. Hinjat Shamil, private sector leader Nigerian Exchange Group, represented by Mr. Temi Popoola Nyala Insurance Share Company, represented by Mr. Yared Mola Strengthening Ethiopia’s Financial Infrastructure The Ethiopian government has prioritized the creation of a modern securities exchange as part of its broader economic reforms. ESX is expected to play a pivotal role in mobilizing domestic savings, attracting foreign investment, and creating a transparent marketplace for stocks, bonds, and other financial instruments. By including both local institutions—such as major Ethiopian banks, insurance firms, and investment holdings—and international players like the Nigerian Exchange Group, the board reflects a deliberate strategy to blend global expertise with local knowledge. Building a Transparent and Inclusive Market In its announcement, ESX emphasized that the new board “reaffirms its commitment to building a transparent, inclusive, and vibrant capital market for Ethiopia.” This aligns with Ethiopia’s ongoing financial sector liberalization, including the gradual opening of its banking industry to foreign participation and the rollout of regulatory frameworks for capital markets. Next Steps for the Exchange With the board now in place, ESX is expected to accelerate preparations for its first listings and trading operations. The presence of seasoned economists and regional market operators suggests a focus on robust governance, investor confidence, and the adoption of best practices from more mature African markets. As Ethiopia continues its economic transformation, the Ethiopian Securities Exchange is poised to become a cornerstone of the country’s financial future—providing a platform for companies to raise capital, for investors to diversify portfolios, and for the nation to deepen its integration into the global economy.

Ethiopian Airlines Trains Aviation Professionals from 16 Countries in Major Graduation Ceremony

Ethiopian Airlines Trains Aviation Professionals from 16 Countries in Major Graduation Ceremony ADDIS ABABA – Ethiopian Airlines, Africa’s largest and most profitable carrier, celebrated a new milestone today, graduating 1,103 aviation professionals from its world-renowned Ethiopian Aviation University. The ceremony, held in the airline’s home base of Addis Ababa, underscored the company’s strategic commitment to developing a robust and highly skilled workforce, not just for its own operations, but for the entire African continent and beyond. The graduating class, a diverse mix of talent from Ethiopia and 16 other countries, reflects the university’s status as a regional powerhouse in aviation education. The cohort included 41 pilots, 343 aircraft maintenance technicians, 524 flight attendants, and 195 professionals specializing in ticketing and other commercial operations. The scale and breadth of the graduation ceremony illustrate the airline’s continuous investment in human capital as a core pillar of its long-term growth strategy. In his address to the new graduates, Ethiopian Airlines Group Chairman and Commander of the Ethiopian Air Force, Lt. Gen. Yilma Merdasa, emphasized the critical role they will play in the future of the industry. “The graduates must face the challenges they will encounter in their new journey with courage and fulfill their responsibilities with a sense of patriotism,” he stated, highlighting the national and continental significance of their work. Lt. Gen. Yilma also noted the institution’s six-decade legacy, stating that the Ethiopian Aviation University has been at the forefront of the region for the past six decades, producing a surplus of flight professionals for the global industry. This sentiment was echoed by Mesfin Tasew, Group CEO of Ethiopian Airlines, who described the day as a “special day” for the graduates as they embark on a new chapter in their lives. Tasew pointed out that the university serves as a vital institution for Ethiopians and other African nations, reinforcing the airline’s long-standing Pan-African vision. He also stressed the importance for the institution to “maintain its competitiveness by satisfying the needs of its customers,” a nod to the market-driven approach that has defined Ethiopian Airlines’ success. The graduation ceremony comes at a time of significant expansion for Ethiopian Airlines. The carrier is aggressively pursuing its “Vision 2035,” a strategic roadmap aimed at cementing its position as a global aviation leader. Key initiatives under this plan include the expansion of its fleet, the development of new infrastructure projects like the upcoming Bishoftu mega international airport, and the continuous enhancement of its training capabilities. The university, which has a current capacity to train around 4,000 students annually, aims to grow that number to 7,000 in the coming years. The airline’s focus on training a diverse and international student body is a key competitive advantage. By attracting trainees from across Africa and beyond, Ethiopian Airlines is not only building its own workforce but also strengthening regional aviation networks and fostering a spirit of cross-border collaboration. This approach is consistent with the airline’s broader role in supporting the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM). As the newly minted pilots, technicians, and crew members prepare to take to the skies, they represent more than just new employees; they are the next generation of African aviation leaders, trained to a world-class standard by a carrier that has consistently defied industry downturns and emerged as a symbol of continental pride and economic dynamism.

Creative DNA 3.0 Launches in Ethiopia, Showcasing the Next Wave of Fashion Innovators

Creative DNA 3.0 Launches in Ethiopia, Showcasing the Next Wave of Fashion Innovators Addis Ababa, Ethiopia — September 17 — The British Council Arts Programme, in collaboration with Creative Hub Ethiopia, is proud to announce the launch of Creative DNA: Ethiopia 3.0. This initiative continues its mission to spotlight and empower Ethiopia’s most promising fashion and accessory designers, equipping them with the tools to thrive locally and globally. This year, ten Ethiopian fashion and accessory enterprises have been selected to join the programme. They will receive intensive business incubation support, mentorship, and access to market opportunities in Ethiopia and internationally. Through digital coaching sessions, collaborative campaigns, and global exposure, the designers will strengthen their skills, networks, and visibility. “Creative DNA 3.0 is at the back of the previous experience, and it is a great opportunity for market exposure and scaling up the fashion business. We have seen our designers featured in Vogue Italia, doing international showcases, and creating great brands. I expect the same this time around.” – Abenezer Seife , Creative Hub Ethiopia Manager Now in its third round, Creative DNA Ethiopia has already had the privilege of working with some of the country’s most inspiring emerging designers. Each round has built on the last, expanding networks, strengthening skills, and showcasing Ethiopian creativity on international stages. With the newest cohort, the programme aims to go even further by providing tailored support to meet the unique needs of this year’s cohort, ensuring that each designer can scale their vision, strengthen their brand, and reach new markets. “The Creative DNA Ethiopia Programme is vital because it does more than just support startups. It taps into Ethiopia’s incredible creative potential and gives a platform to the designers who are actually shaping our fashion narrative for the long haul.” – Markos Lemma, Iceaddis. The Creative DNA: Ethiopia 3.0 Designers ● Bere Har – Handmade Ethiopian silk “from farm to fashion,” Bere Har revives the country’s ancient sericulture traditions and transforms them into contemporary garments. From nurturing silkworms to weaving and design, the brand controls every step of the process, ensuring authenticity, sustainability, and craftsmanship. ● Re.colored Lab – Re.colored Lab turns discarded plastic bags into striking, wearable art. By fusing circular design with bold aesthetics, the brand not only reduces waste but also empowers local communities to see value in overlooked materials. Each creation embodies resilience, creativity, and a vision for a cleaner, more conscious fashion future. ● SAIO – Rooted in Ethiopia’s deep traditions of craftsmanship, SAIO is a premium leather and artisan goods brand that celebrates both heritage and innovation. Each product, whether a handbag, accessory, or garment, blends timeless techniques with modern design sensibilities, creating luxurious yet soulful pieces that carry Ethiopia’s artisanal identity into the world. ● Leyu Gem and Jewellery – Crafting unique, one-of-a-kind jewellery, Leyu transforms gold, silver, and precious gemstones into wearable works of art. Each piece is designed to honor individuality and timeless beauty, merging Ethiopia’s rich mineral legacy with contemporary forms that empower self-expression and celebrate personal stories. ● Afom Design – A brand redefining bridalwear and ready-to-wear fashion, Afom Design specializes in bespoke creations that combine elegance with ethical production. By centering women at every stage of its value chain, the brand not only produces stunning garments but also champions empowerment, confidence, and inclusivity in fashion. ● ASHARO – Bold, unapologetic, and deeply rooted in cultural storytelling, ASHARO is a contemporary Ethiopian streetwear label that redefines African identity. Known for its hand-painted details, graphic prints, and vibrant aesthetics, ASHARO fuses tradition and urban culture, creating wearable statements of pride, rebellion, and belonging. ● BEZA – A visionary label bridging the past and the future, BEZA weaves Ethiopian cultural heritage with modern design aesthetics. Each piece is both a tribute to tradition and a step toward reinvention, offering fashion that feels timeless yet forward-looking. The brand speaks to those who see clothing as a connection between identity, history, and aspiration. ● Qena Afrika – More than just fashion, Qena Afrika is a cultural movement led by youth who are redefining Ethiopian and African identity. With a style rooted in heritage yet driven by innovation, the brand embodies confidence, pride, and unity, inspiring a generation to express themselves through garments that honor where they come from and where they’re going. ● MEHON – Founded in 2018, MEHON is a leather brand that celebrates individuality, authenticity, and the “art of being.” With rustic yet eccentric designs, its collections highlight raw textures and bold character, reflecting Ethiopia’s artisanal traditions while embracing a contemporary, free-spirited aesthetic. ● METII – An avant-garde upcycling couture brand, METII transforms discarded garments into daring, expressive pieces that challenge fashion norms. Each creation is both art and activism—turning waste into statements of resilience, beauty, and self-expression. By reclaiming what is often overlooked, METII redefines fashion as a tool for sustainability and bold individuality. Creative DNA: Ethiopia 3.0 is part of the wider SSA Arts Creative Economy Programme, which fosters partnerships between the UK and East Africa’s creative sectors. The initiative is committed to innovation, sustainability, inclusion, and cultural storytelling, while reinforcing that fashion is both a viable profession for young people and a vital contributor to Ethiopia’s creative economy. About the British Council The British Council is the United Kingdom (UK)’s international organisation for cultural relations and educational opportunities. Our work in arts and culture stimulates creative expression and exchange to nurture creative enterprise programmes that are underpinned by research, focused on young people (18–35-year-olds) via three programmatic areas which are Creative Economy, Cultural Exchange, and Cultural Heritage. We support Arts and cultural organisations to raise their profile, showcase their arts and increase their economic value and their partnerships. Our programmes’ partners have the vision and understanding of their creative communities. They are best placed to lead and tell the stories of their local art sectors. About Creative Hub Ethiopia Creative Hub Ethiopia supports creative innovators, designers, and SMEs in various fields by deepening their understanding of global design and industrial concepts, providing state-of-the-art working tools and resources, and enhancing the link between young innovators, and industrial and governmental entities. About iceaddis Iceaddis, founded in 2011, is Ethiopia’s first innovation hub and startup incubator, dedicated to empowering young entrepreneurs and fostering a culture of creativity, technology, and collaboration. Based in Addis Ababa, it provides co-working spaces, incubation and acceleration programs, and tailored consultancy services that help early-stage and high-potential startups grow into investment-ready businesses. Beyond workspace and training, Iceaddis acts as a connector between startups, universities, NGOs, government, and private sector players, creating a vibrant ecosystem where new ideas can be tested, developed, and brought to market.