Cameroonian Prof. Kelly Kingly Succeeds Ethiopian Dr. Yohannes Biru  as  ATIDI’s  New Board Chairman

Cameroonian Prof. Kelly Kingly Succeeds Ethiopian Dr. Yohannes Biru  as  ATIDI’s  New Board Chairman ·       At its recently concluded Board Meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board and Ms. Christina Westholm- Schröder was elected as the new Vice Chair of the Board. ·       ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. Nairobi, 18 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of African Trade & Investment Development Insurance – ATIDI (commonly known as the African Trade Insurance Agency), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder. The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance. The new Board, which includes ATIDI’s first Independent Director, will play a critical role in steering the organization’s strategic direction and governance, further enhancing the organization’s efforts to foster sustainable growth across the continent. Professor Kelly is the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon. In this capacity, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure, preparing comprehensive financial reviews and spearheading public finance reforms. In addition to his role at the Ministry of Finance, Professor Kelly serves as the Censor at the Central Bank of Central African States (BEAC) and represents Cameroon at the Regional Advisory Commission on Financial Markets (COSUMAF). His recent appointment as Cameroon’s designated representative with the United Nations Development Program and the European Investment Bank for GEF projects underscores his commitment to managing climate finance and enhancing regional debt resilience. Accepting his appointment, Prof. Kelly said hisvision is to support best corporate governance practices within ATIDI and drive economic growth that benefits the continent by working closely with ATIDI’s leadership. “I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all the Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, as this will further strengthen regional cooperation and open new avenues for economic collaboration,” prof. Kelly said. Prof. Kelly’s election as the first Cameroonian Board Chair has a significant impact on fostering relationships and networks within the CEMAC and the broader West African region. His role is set to facilitate collaboration among member states, enhance trade relations and promote regional integration. For more information on the membership process, visit Prof. Kelly succeeds Dr. Yohannes Ayalew Birru who has diligently served for two consecutive terms of three years. He was deputised by Ms. Hope Murera, the Managing Director of Zep-Re. During their leadership, ATIDI’s member states increased from 14 to 24 (current member states include Kenya, Cameroon, Nigeria, Ethiopia, Ghana, Malawi, South Sudan, Tanzania, Zimbabwe, Uganda, Zambia, Rwanda, Burundi, Côte d’Ivoire, Benin, Mali, Democratic Republic of Congo, Chad, Senegal, Togo, Madagascar, Niger, Burkina Faso, and Angola).  Similarly, gross exposure increased from USD 4.8 million to USD9.6 billion, profits from USD12 million to USD69.1 million and assets from USD419 million to USD837 million. “I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance,” prof. Kelly said. The new Vice Chairperson, Ms. Westholm-Schröder is Sovereign’s Chief Underwriter and Senior Vice President, with more than 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilaterals and export credit agencies. Welcoming the new Board of Directors, ATIDI CEO Manuel Moses the new board’svision and leadership would be instrumental in guiding ATIDI’s future. “With the Board’s diverse expertise, we expect that we will drive impactful initiatives that foster sustainable trade and investment across Africa. This new leadership team will further enhance our outreach efforts and engage our stakeholders more effectively, creating a stronger and more connected community. Together, we are poised to make a significant difference in the economic landscape of the continent,” Mr. Manuel said. Rating upgrade ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. This positive assessment positions ATIDI well as it implements its 2024-2027 strategy, which aims to expand its footprint and strengthen its impact across the region. The Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths and address challenges effectively. Their insights and networks will be vital ATIDI seeks to build new partnerships and enhance its investment initiatives. Note to editors: About ATIDI ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been upgraded to A2/Positive. www.atidi.africa For further inquiries, please contact: Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: [email protected] |

Navigating Dubai’s Real Estate Market: Insights from Ethiopian Property Consultant Samrawit A. Kassaye

Navigating Dubai’s Real Estate Market: Insights from Ethiopian Property Consultant Samrawit A. Kassaye As an Ethiopian who has successfully transitioned into Dubai’s highly competitive real estate industry, Samrawit A. Kassaye offers a unique perspective on navigating this dynamic market. With a passion for real estate sparked at a young age, Samrawit’s career journey is an inspiring tale of perseverance, strategic thinking, and deep industry knowledge. Her insights into the market, particularly for Ethiopian and African investors, provide invaluable guidance for those looking to enter or expand their portfolios in Dubai. From Addis Ababa to Dubai: A Seamless Transition Fueled by Passion Samrawit’s story begins in Addis Ababa, where her interest in real estate was kindled by shows like MTV Cribs. “I’ve always had an interest in architecture, design, and the intricacies of homes,” she recalls. After studying Marketing Management at Addis Ababa University, she applied her skills in a local real estate firm, quickly rising to the top. Her early success in Ethiopia gave her the confidence to explore opportunities abroad, which eventually led her to Dubai—one of the world’s fastest-growing real estate markets. Dubai’s vibrant property market, coupled with its international appeal, provided the perfect environment for Samrawit to expand her expertise. She joined Eagle Hills, a global real estate brand, where she gained exposure to luxury and international markets. This experience was crucial in preparing her for the challenges of Dubai’s competitive market. Navigating Challenges in a Competitive Market Entering Dubai’s real estate market, Samrawit quickly realized that success required more than just selling properties. It involved thoroughly understanding each project, its potential for growth, and its long-term returns. “I took the time to study each project thoroughly, looking beyond the marketing to understand the value and potential it could deliver to investors,” she explains. This meticulous approach helped her build trust with clients and establish herself as a certified property consultant in one of the UAE’s leading real estate firms. Staying competitive in Dubai’s ever-evolving market demands continuous learning. Samrawit stresses the importance of keeping up with new projects, regulations, and market shifts to provide the best advice to clients. “Not every property in Dubai guarantees strong returns,” she cautions. Her approach involves advising clients to take a calculated approach, considering each property’s long-term potential and value. A Defining Moment: Finding Success Early On Samrawit’s career-defining moment came early when she sold a luxury villa in Ethiopia at just 21 years old. “It was a turning point for me. It made me realize that when I believe in something, I can achieve it,” she recalls. This success solidified her passion for real estate and set her on the path to becoming a top-performing consultant. Her ability to overcome challenges and turn doubt into success is a testament to her perseverance and skill in the industry. Culture as a Bridge: Working with Ethiopian and African Clients As one of the few Ethiopians working for a global real estate brand in Dubai, Samrawit is uniquely positioned to serve her community. “There’s an immediate sense of trust that comes from speaking the same language and understanding cultural nuances,” she says. Ethiopian and African clients, in particular, appreciate working with someone who understands their needs and can navigate the complexities of international investment. Samrawit’s position allows her to offer a diverse portfolio of properties to both local and international buyers, helping them achieve their broader goals, whether they’re looking for rental income, property appreciation, or international exposure for their investments. Dubai’s Appeal to African Investors When asked why Dubai is an attractive destination for Ethiopian and African investors, Samrawit highlights several key factors. Dubai’s accessibility, with direct flights from Ethiopia and other African countries, makes it a convenient option for investors. Additionally, Dubai’s tax-free environment and interest-free payment plans provide financial incentives that are hard to find elsewhere. Dubai’s status as a global tourist hub also plays a crucial role. With a large expat population and high demand for rental properties, investors can expect strong returns on their investments. “The tax-free environment, large expat population, and high demand for rentals make Dubai a very attractive market for investors,” Samrawit notes. Understanding Ethiopian Buyers’ Preferences Ethiopian buyers in Dubai typically invest for various reasons, including securing visas, providing housing for their children attending university, or generating rental income. Samrawit advises first-time investors to start small—perhaps with a studio or one-bedroom apartment—before considering larger investments. “For first-time investors, I recommend starting with something manageable and then expanding once they see positive returns,” she suggests. Her focus on understanding each client’s specific goals allows her to provide tailored advice, ensuring that her clients’ investments align with their long-term objectives. Addressing Misconceptions About Dubai’s Real Estate Market Samrawit frequently encounters misconceptions about Dubai’s real estate market, especially from first-time investors. One common belief is that Dubai’s market is only accessible to luxury buyers. “In reality, there are a variety of investment options, including affordable properties like studio and one-bedroom apartments that cater to different budgets,” she explains. Another misconception is that Dubai’s market is too volatile. While there are fluctuations, Samrawit emphasizes that the market has shown resilience, particularly in prime locations. She advises investors to do thorough research and work with experienced property consultants to navigate the market’s complexities. Long-Term Growth and Investment Opportunities Looking ahead, Samrawit predicts continued growth in Dubai’s real estate market, driven by major infrastructure projects like the development of Dubai South and the upcoming Etihad Rail project. These developments are expected to increase property values and make Dubai an even more attractive destination for investors. For Ethiopian investors seeking long-term returns, Samrawit recommends focusing on emerging areas like Dubai South, where property prices are still accessible but expected to appreciate significantly in the coming years. “Investing in these areas allows investors to benefit from future growth while mitigating risks associated with higher entry costs in more established areas,” she explains. Final Thoughts: A Path to Success in Dubai’s Real Estate Market Samrawit’s journey from Ethiopia to Dubai is a story of determination, strategic thinking, and deep expertise in real estate. Her insights into the market, particularly for Ethiopian and African investors, provide a clear path to success. By focusing on thorough research, understanding clients’ goals, and staying informed about market trends, Samrawit continues to help her clients achieve their investment goals in one of the world’s most dynamic real estate markets. For those interested in exploring opportunities in Dubai, Samrawit offers free consultations and is always available to provide tailored advice. As she proudly notes, “It’s never too late to invest if you approach it with the right information and foresight.” For inquiries and consultations, Samrawit A. Kassaye can be reached at [email protected] or +971529180516. 3 COMMENTS Navigating Dubai’s Real Estate Market: Insights from Ethiopian Property Consultant Samrawit A. Kassaye - Ethio Diaspora Hub Service October 19, 2024 At 9:23 am […] story begins in Addis  Ababa, where her interest in real estate was kindled by shows like MTV Cribs. “I’ve always had an […] […] story begins in Addis  Ababa, where her interest in real estate was kindled by shows like MTV Cribs. “I’ve always had an […] Zeki Abdella October 20, 2024 At 4:01 am I am highly interested to invest in Dubai. Thank you for all the information. I am highly interested to invest in Dubai. Thank you for all the information. Zeki Abdella October 20, 2024 At 4:04 am I am highly interested to invest in Dubai. Thank you for your information. I am highly interested to invest in Dubai. Thank you for your information. Comments are closed.

Don’t Confuse Ethio Telecom with GERD Bonds: The Investment You Need to Understand

Don’t Confuse Ethio Telecom with GERD Bonds: The Investment You Need to Understand By- Tsegamlak Solomon Ethio Telecom is Not GERD: Your Money is Not a Matter of Patriotism! Misguided Patriotism in the Ethio Telecom IPO Following the announcement of the Ethio Telecom IPO, several media outlets, particularly government-affiliated ones, have been framing the sale of shares as a matter of national pride and patriotism. While such enthusiasm is understandable, it’s important to clarify that Ethio Telecom is not the GERD (Grand Ethiopian Renaissance Dam), and its shares are not comparable to the GERD bonds. Lessons from the GERD Bonds: Patriotism vs. Financial Investment From a securities law perspective, one of the major shortcomings in Ethiopia’s capital market history was the handling of GERD bonds. These bonds were primarily presented to the public as a patriotic contribution to the country rather than a financial investment. Many viewed it as their duty to support the nation through purchasing GERD bonds. For the record, I would have preferred to see the GERD bonds listed on the exchange. However, back then, Ethiopia lacked formal capital market regulation, and the initiative was driven more by national sentiment than financial returns—rightly so, at that time. A New Era: The Capital Market Framework Today, we are in a very different era. Ethiopia now has a formal capital market framework and a regulatory authority overseeing how securities are offered and advertised to the public. It’s crucial to note that in the case of Ethio Telecom’s IPO, the public is essentially buying out the government’s stake. This is not a direct investment in Ethio Telecom itself. I will expand on this point in a later discussion, but for now, the public should make decisions based on financial merits, not patriotism. The Risk of Misguided Investments The current narrative, particularly pushed by state media, framing the Ethio Telecom IPO as a national project, carries significant risks. If this approach leads to misguided investments based on patriotism rather than sound financial judgment, the outcome could be catastrophic. It risks eroding public trust in Ethiopia’s budding capital market. Public confidence is essential for the market’s growth, and undermining it at this early stage could have long-lasting negative effects. Your Money is Not Going to Ethio Telecom! The Distinction: Buying Government Stake vs. Investing in Growth One important aspect of the Ethio Telecom IPO that needs to be clearly understood is that the public is essentially buying out the government’s stake, rather than directly investing in Ethio Telecom. This is a critical distinction for potential investors to grasp. No New Capital for Ethio Telecom When purchasing shares in this offering, the capital raised is not being injected into Ethio Telecom for growth, expansion, or operational improvements. Instead, the funds go to the government as it sells its existing equity in the company. As a result, Ethio Telecom will not receive new capital from this transaction. So, to put it clearly: you are buying Ethio Telecom shares, not investing in its growth. Understanding the Financial Dynamics There is nothing wrong with buying the shares, but it’s essential to approach this investment with a clear understanding of the financial dynamics involved. Of course, this also means that the capital raised is less than what would be required if the public were to acquire a 10% equity stake in Ethio Telecom through a dilution process. This is an important factor to consider when evaluating the investment opportunity.

Venture Meda Program Unveils Expert-Led Online Learning Bot to Empower Entrepreneurs, Marketplaces, and Gig Workers

Venture Meda Program Unveils Expert-Led Online Learning Bot to Empower Entrepreneurs, Marketplaces, and Gig Workers Addis Ababa, 17/10/2024 Venture Meda Program is proud to announce the official launch of the Venture Meda Learning Bot, a new Learning Management System (LMS) and e-learning platform. This is an iceaddis initiative a partnership between Iceaddis, the Ministry of Innovation and Technology, and the Mastercard Foundation, aimed at boosting the digital economy by aiding successful digital enterprises, particularly in e-commerce, through well-structured incubation and acceleration programs. The Venture Meda Learning Bot offers a unique opportunity for aspiring entrepreneurs, business enthusiasts, and gig workers to “acquire knowledge at your own pace.” The mission of the Venture Meda Learning Bot is to empower individuals with the knowledge and tools necessary for success in the business world. It provides flexible learning, allowing users to access courses at any time and from anywhere, enabling them to progress at their own pace. Targeting startups, youth interested in digital entrepreneurship, and third-party marketplaces, the initial product is a Telegram Bot named “@venturemeda_bot.” This bot offers three Micro-Learning courses: The Business Model Canvas (Video Course in Amharic), E-Commerce: From Novice to Digital Retail Pro (Text Course in English and Amharic), and Reading, Understanding & Utilizing Maps (Four-Module Video Course in Amharic). The bot is designed to reach a wide audience, leveraging the popularity of Telegram in Ethiopia. The bot is designed in collaboration with Minab IT Solutions and different industry leaders and experts craft the content. The main wen-based Venture Meda Learning platform, Mager, has been in beta testing for the last few months, showing great learning results. scheduled to launch in November officially, it will operate slightly differently. This platform will feature various courses available in two categories: one for the general public and another tailored for enterprise/startup/company dashboards. The latter will provide specific courses designed to help third-party sellers better understand their products and services, ultimately increasing efficiency and profitability. The platform emphasizes practical skills, enabling participants to acquire actionable insights that can be directly applied to drive business growth. Additionally, it will incorporate interactive learning, allowing users to stay engaged and track their progress with quizzes and tests. Future course offerings from the Venture Meda Learning Bot include essential topics such as Internet Safety in Ethiopia, How to Export guide and so much more. Each course is designed to equip participants with the skills needed to thrive in a rapidly changing business environment. “With the Venture Meda Learning Bot, the Venture Meda program aims to break down barriers to learning and provide a comprehensive platform where entrepreneurs can flourish. We believe that knowledge is the key to innovation,” said the program spokesperson.

How Ethiopia Can Achieve 4% Growth by 2026: World Bank’s Insights on Inflation, Currency, and Investment

How Ethiopia Can Achieve 4% Growth by 2026: World Bank’s Insights on Inflation, Currency, and Investment Ethiopia, like much of Sub-Saharan Africa, is navigating a complex economic landscape shaped by inflation, fiscal challenges, and the need for human capital development. The World Bank’s latest Africa’s Pulse report provides insights that are crucial for understanding Ethiopia’s economic prospects, particularly in light of inflationary pressures, exchange rate volatility, and the need for strategic investments in education and infrastructure. Economic Growth and Inflation Ethiopia’s economic growth is projected to continue its upward trend, though at a slower pace than before the COVID-19 pandemic. The World Bank forecasts that Sub-Saharan Africa’s economic growth will increase to 3% in 2024, with further acceleration to 4% by 2025-2026. However, for Ethiopia, growth is expected to be constrained by persistent structural challenges such as high inflation, public debt, and an underdeveloped private sector. In recent years, Ethiopia has faced significant inflationary pressures, driven by supply chain disruptions, rising fuel prices, and a depreciating currency. The World Bank report notes that inflation in Sub-Saharan Africa is expected to decline from 7.1% in 2023 to 4.8% in 2024, thanks to more stable global commodity prices and tighter monetary policies. For Ethiopia, tackling inflation is a key priority, especially given the country’s reliance on imported goods, which become more expensive as the value of the Ethiopian Birr continues to decline. The Depreciation of the Ethiopian Birr One of the critical challenges Ethiopia faces is the continuous depreciation of its currency, the Ethiopian Birr (ETB). Over the past few years, the Birr has weakened significantly against major currencies such as the U.S. dollar. This depreciation has been partly driven by the widening trade deficit, high inflation, and the limited availability of foreign exchange reserves. As the World Bank report highlights, many Sub-Saharan African countries are dealing with the effects of weaker currencies. In Ethiopia’s case, the depreciation of the Birr has a direct impact on the cost of imports, particularly essential goods like fuel, food, and industrial inputs. This, in turn, drives inflation and erodes the purchasing power of Ethiopian households. Moreover, the depreciation of the Birr affects Ethiopia’s external debt repayments, most of which are denominated in foreign currencies. As the value of the Birr declines, Ethiopia’s debt service costs rise, further straining public finances. The report emphasizes the need for sound macroeconomic management, including prudent fiscal and monetary policies, to address these challenges and stabilize the currency. Addressing the Birr’s Depreciation: Policy Options The Ethiopian government has taken steps to mitigate the depreciation of the Birr and its negative effects on the economy. These include tighter monetary policies, aimed at reducing inflation, and measures to increase foreign exchange reserves through export promotion and foreign investment. Monetary Policy: The National Bank of Ethiopia (NBE) has implemented tighter monetary policies by raising interest rates to combat inflation and stabilize the currency. While this helps curb inflationary pressures, high interest rates also reduce access to credit for businesses and consumers, potentially slowing down economic growth. Foreign Exchange Reserves: Ethiopia’s foreign exchange reserves are limited, making it difficult for the central bank to intervene effectively in the currency markets. The government has prioritized increasing exports and attracting foreign direct investment (FDI) to improve its foreign exchange position. Major sectors targeted for export growth include agriculture, textiles, and mining. Exchange Rate Management: The Ethiopian government is gradually moving towards a more flexible exchange rate regime to allow the Birr to adjust in line with market forces. This approach is intended to prevent the buildup of pressure on the currency and avoid sudden large devaluations. However, further devaluation of the Birr could lead to higher inflation, particularly in a country that relies heavily on imports for essential goods. Human Capital Development and Education Reform In addition to macroeconomic stabilization, Ethiopia must focus on long-term drivers of economic growth, particularly human capital development. The World Bank’s report places significant emphasis on the role of education in driving inclusive economic growth across Sub-Saharan Africa, and this is particularly relevant for Ethiopia. With a population exceeding 120 million and a rapidly growing youth demographic, Ethiopia stands at a crossroads where strategic investments in education can yield significant economic dividends. The report highlights that foundational skills, such as literacy, numeracy, and critical thinking, are essential to unlocking the potential of the workforce. Yet, nearly 90% of children in Sub-Saharan Africa, including Ethiopia, are unable to read or comprehend a simple text by age 10. This learning poverty is a major obstacle to realizing the country’s full economic potential. Ethiopia’s education system has made strides in increasing enrollment rates, but significant gaps remain in learning outcomes. To meet the demands of a rapidly evolving global economy, Ethiopia must equip its youth with relevant skills for industries such as digital technology, green energy, and manufacturing. Reforms are needed to improve the quality of education, with a focus on teacher training, curriculum development, and access to vocational education. Targeting sectors with high growth potential, such as IT, renewable energy, and agribusiness, can help align education with labor market needs. Infrastructure Investment: A Key Driver for Growth The World Bank report emphasizes the importance of infrastructure investments in supporting economic growth across Sub-Saharan Africa. For Ethiopia, investing in critical infrastructure such as energy, transportation, and telecommunications is essential to enhancing productivity, reducing business costs, and increasing competitiveness. Ethiopia’s ambitious infrastructure projects, such as the Grand Ethiopian Renaissance Dam (GERD) and the expansion of road networks, are aimed at addressing long-standing bottlenecks in the economy. However, the success of these projects depends on Ethiopia’s ability to mobilize the necessary resources while managing its public debt levels, which have been rising due to external borrowing. Investments in energy infrastructure are particularly crucial as Ethiopia aims to expand its electricity generation capacity to meet the growing demand from industry and households. Reliable and affordable energy is key to attracting foreign investment and boosting manufacturing, which is a core component of Ethiopia’s industrialization strategy. The telecommunications sector also holds significant potential, especially following the liberal the impact of conflict and climate change on the economic outlook of Sub-Saharan Africa, with particular relevance to Ethiopia. Both conflict and environmental challenges are significant factors that could impede Ethiopia’s growth trajectory if not properly addressed. Conflict and Its Economic Consequences Ethiopia, like many other countries in the region, faces internal and external conflicts that continue to affect its political and economic stability. The recent conflicts in the northern part of the country have severely impacted infrastructure, displaced populations, and disrupted economic activities, particularly in agriculture, which is a key sector for the country’s economy. The World Bank’s report stresses that conflict leads to a significant loss of physical and human capital, as well as state capacity. For Ethiopia, the direct effects of conflict include destroyed infrastructure, reduced agricultural output, and weakened investor confidence. Moreover, conflict exacerbates food insecurity and displacement, leading to long-term economic stagnation. The report notes that countries facing prolonged conflict, such as Sudan, have seen significant contractions in their economies. While Ethiopia is not at the same level of economic collapse, addressing internal conflicts is critical to maintaining the country’s economic recovery efforts. The Ethiopian government has been working to restore peace and stability, but the long-term recovery from conflict will require substantial investment in rebuilding infrastructure, supporting displaced populations, and restoring key economic sectors such as agriculture, industry, and services. Climate Change and Agriculture Climate change poses an existential threat to many African economies, and Ethiopia is no exception. The report highlights the increasing frequency of extreme weather events such as droughts, floods, and cyclones, which have devastating effects on agricultural productivity, food security, and economic growth across the continent. For Ethiopia, agriculture employs nearly 70% of the population and accounts for a large portion of its exports, making the country highly vulnerable to climate shocks. Ethiopia has experienced severe droughts and unpredictable rainfall patterns, which have reduced crop yields, increased food prices, and worsened poverty levels in rural areas. The World Bank’s report emphasizes the need for Sub-Saharan African countries, including Ethiopia, to invest in climate-resilient agricultural practices. These include irrigation systems, drought-resistant crops, and improved water management. Strengthening agricultural resilience not only helps reduce the risk of food insecurity but also ensures that agriculture continues to contribute to economic growth. In addition to agriculture, the broader impact of climate change on Ethiopia’s economy is evident in its infrastructure and health sectors. Extreme weather events disrupt transport networks, damage public infrastructure, and strain health systems. The report underscores the importance of developing adaptive strategies and policies that can mitigate the effects of climate change on these critical sectors. Policy Recommendations for Ethiopia’s Economic Growth Based on the World Bank report’s findings and Ethiopia’s unique challenges, several key policy recommendations can be made to foster sustained and inclusive growth: Macroeconomic Stability and Fiscal Discipline: Ethiopia needs to continue its efforts to maintain macroeconomic stability by addressing inflation, stabilizing the Birr, and managing its public debt. Fiscal consolidation efforts should be geared toward increasing revenue collection through improved tax administration while prioritizing efficient and equitable spending in sectors that drive growth and reduce poverty, such as education, health, and infrastructure. Private Sector Development and Investment Climate: To stimulate long-term economic growth, Ethiopia must create an enabling environment for private sector investment. This includes reducing bureaucratic hurdles, ensuring regulatory transparency, and providing incentives for both domestic and foreign investors. Investments in infrastructure, particularly energy and telecommunications, are crucial for reducing business costs and increasing productivity. The liberalization of key sectors like telecommunications should continue to attract private investment. Education and Human Capital Development: Education reform is paramount for Ethiopia’s long-term growth. The government must focus on improving the quality of education at all levels, with an emphasis on foundational skills such as literacy and numeracy. In addition, expanding vocational training and aligning the education system with labor market needs in sectors such as digital technology, renewable energy, and manufacturing is essential. Strategic partnerships with private industry and international development partners can help bridge the skills gap. Climate Resilience and Sustainable Agriculture: Ethiopia must prioritize investments in climate-resilient agricultural practices and renewable energy to mitigate the risks posed by climate change. Expanding irrigation systems, promoting sustainable farming practices, and enhancing water management can reduce the country’s vulnerability to climate shocks. At the same time, Ethiopia’s commitment to its renewable energy projects, such as the Grand Ethiopian Renaissance Dam (GERD), positions the country to meet future energy needs sustainably. Conflict Resolution and Governance: Ensuring long-term peace and stability is essential for Ethiopia’s economic recovery and growth. The government’s efforts to resolve internal conflicts and strengthen governance institutions should be accelerated. Transparent, accountable governance will help restore investor confidence and support sustainable development initiatives. Ethiopia’s economic future is closely tied to its ability to manage inflation, stabilize the Birr, and make strategic investments in education and infrastructure. The depreciation of the Ethiopian Birr, while challenging, can be mitigated through sound monetary policy and efforts to increase foreign exchange reserves. At the same time, addressing the root causes of conflict and building resilience to climate change are critical for ensuring long-term growth. The World Bank’s Africa’s Pulse report offers Ethiopia important insights into how to navigate these challenges and take advantage of opportunities for inclusive growth. By focusing on human capital development, improving its investment climate, and enhancing climate resilience, Ethiopia can position itself as a regional leader in sustainable development and lift millions out of poverty. The road ahead may be difficult, but with the right policies and investments, Ethiopia can unlock its full economic potential.

Ethiopian Airlines Flight Lands Safely After Smoke Incident

Ethiopian Airlines Flight Lands Safely After Smoke Incident Addis Ababa, October 16, 2024 – Ethiopian Airlines has confirmed that flight ET248, en route from Addis Ababa to Dire Dawa, successfully landed at Dire Dawa Airport after smoke was noticed during the plane’s descent. Despite the unsettling situation, the airline assured that all passengers were disembarked safely and without incident. The source of the smoke is currently under investigation. In a statement, Ethiopian Airlines apologized to the passengers for the inconvenience and emphasized its commitment to ensuring safety in every aspect of its operations. This is not the first time the airline has experienced such an incident. In a similar case on April 29, 2016, Ethiopian Airlines flight ET154, traveling from Hawassa to Addis Ababa, also reported smoke during flight. The plane landed safely at Addis Ababa Bole International Airport, and passengers were disembarked without issue. Ethiopian Airlines, known for its safety record and prompt handling of such incidents, is expected to provide further updates once the investigation is completed.

Ethiopian Airlines Launches New Passenger Service to Port Sudan

Ethiopian Airlines Launches New Passenger Service to Port Sudan Addis Ababa, 15 October 2024 – Ethiopian Airlines, Africa’s largest airline and a leading global carrier, has officially commenced its new passenger service to Port Sudan, marking an expansion of its extensive African network. The inaugural flight departed from Addis Ababa’s Bole International Airport today, following a ceremony attended by officials from the Republic of Sudan and senior executives from Ethiopian Airlines. The new route to Port Sudan, a key city on the Red Sea and home to Sudan’s main seaport, underscores Ethiopian Airlines’ commitment to enhancing regional connectivity and supporting economic growth through trade and tourism. With this addition, Ethiopian Airlines now operates two destinations in Sudan, with daily services to both Port Sudan and Khartoum. “We keep growing our network in Africa to provide seamless air connectivity while fostering commerce and tourism within the continent and beyond,” said Mesfin Tasew, Group CEO of Ethiopian Airlines, during the inaugural ceremony. “With the launch of this flight today, we are opening a new chapter of connectivity in East Africa and the entire continent. We are bringing the world closer to Sudan and creating a stronger economic link to businesses.” This new service adds to Ethiopian Airlines’ extensive reach, offering connections to over 139 destinations worldwide. The daily flights to Port Sudan are expected to provide convenient travel options for both business and leisure travelers. Known for its beautiful beaches and scuba diving spots, Port Sudan also holds strategic importance as a hub for maritime trade along the Red Sea. Ethiopian Airlines has been steadily expanding its African network, positioning itself as a key player in regional and global aviation. The airline’s multi-hub strategy, which includes hubs in Togo, Malawi, and Zambia, supports its efforts to enhance connectivity across the continent. With its growing network and modern fleet, Ethiopian Airlines continues to pursue its Vision 2035, aimed at positioning the airline among the top 20 global aviation groups. As a long-standing member of the Star Alliance and winner of Skytrax’s ‘Best Airline in Africa Award’ for seven consecutive years, Ethiopian Airlines is renowned for its operational efficiency and service excellence. Passengers can now book flights to Port Sudan through Ethiopian Airlines’ digital platforms or via travel agents. For more information, visit www.ethiopianairlines.com or contact Ethiopian Airlines Corporate Communication at (251-11)517-8913/8165/8907. 1 COMMENT LMT October 16, 2024 At 6:55 pm I was happy to be on this historical inaugural flight! Proud of Ethiopian Airlines for launching this daily flight. The launching of this new route will allow easier travel to and from Port Sudan. Just one comment: there are no flights to Khartoum at the moment. I was happy to be on this historical inaugural flight! Proud of Ethiopian Airlines for launching this daily flight. The launching of this new route will allow easier travel to and from Port Sudan. Just one comment: there are no flights to Khartoum at the moment. Comments are closed.

Arkebe Oqubay Co-Edits Oxford Handbook on Greening Economic Development, Scheduled for Release in May 2025

Arkebe Oqubay Co-Edits Oxford Handbook on Greening Economic Development, Scheduled for Release in May 2025 Ethiopian policymaker and scholar Arkebe Oqubay is co-editing a significant new volume, The Greening of Economic Development: A Global Industrial Revolution, scheduled for release on May 15, 2025. Co-edited with John A. Mathews, the book offers a comprehensive exploration of how economic growth can align with environmental sustainability, focusing on renewable energy, circular resource flows, and green finance. The publication outlines a shift from traditional development models, which rely on fossil fuels and linear resource use, towards a system built on renewable energy sources, resource circularity, and sustainable financial practices such as green bonds and equities. According to the editors, this approach represents a substantial transformation of the global economic system, involving industrial policies that support technological innovation and capacity building. Featuring contributions from over fifty experts, the book provides a detailed overview of how greening the economy is a process driven by industrial policy, cost reductions from technological improvements, and an emphasis on sustainable growth. The authors highlight that this transition is relevant for both emerging and developed economies, with strategies that could contribute to long-term economic resilience while reducing environmental impacts. The Greening of Economic Development frames the transition as an ongoing process rather than a singular goal, suggesting that it is compatible with continued economic expansion. The book also emphasizes the need for global collaboration through initiatives like a Green Deal, proposing pathways for nations to integrate sustainability into industrial development. The release of this book in May 2025 is expected to contribute to discussions around the role of industrial policy in supporting sustainable economic growth, offering insights for policymakers, industry leaders, and researchers focused on balancing economic development with environmental goals.

From Kenya to Ethiopia: M-PESA Enhances Mobile Money Transactions

From Kenya to Ethiopia: M-PESA Enhances Mobile Money Transactions M-PESA Kenya has extended its mobile money services to Ethiopia, enabling seamless transactions between the two countries via M-PESA Global. This initiative is designed to increase mobile money adoption in Ethiopia, stimulate the local economy, and create new opportunities for both individuals and businesses. “This collaboration supports our commitment to providing innovative financial solutions tailored to our customers’ needs. Through this service, cross-border money transfers and bill payments are now more accessible, efficient, and affordable,” said Esther Waititu, Chief Financial Services Officer at Safaricom Kenya. “The partnership will be a significant advantage for customers sending money to Ethiopia and for businesses seeking a dependable, low-cost transaction platform.” Elsa Muzzolini, Chief Financial Services Officer at Safaricom Ethiopia, emphasized the significance of the collaboration, especially given Ethiopia’s updated foreign exchange policy. “This partnership with M-PESA Kenya is timely, encouraging the diaspora and local businesses to adopt digital payments for remittances and business operations. It will help drive digital payment adoption across the region,” Muzzolini stated during the agreement signing. In addition to Ethiopia, M-PESA supports money transfers in over 190 countries, making it a leading mobile money platform for both personal and corporate transactions worldwide.