Is Mamo Mihretu’s appointment as Governor of the National Bank of Ethiopia a risky move?

Is Mamo Mihretu’s appointment as Governor of the National Bank of Ethiopia a risky move? Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) has raised concerns among experts and economists in the country. Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed to replace Dr. Yinager Dessie. Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern. One of the main criticisms of Mihretu’s appointment is his lack of educational background in economics, as the Governor of the National Bank of Ethiopia is responsible for managing the country’s monetary policy, which is a complex and technical field that requires a deep understanding of economic principles and theories. Mihretu’s lack of formal education in economics raises concerns about his ability to effectively lead the NBE and make informed decisions about monetary policy. Additionally, Mihretu’s lack of prior experience in the banking sector is also a cause for concern. The banking sector is a highly regulated and technical field, and a governor of the NBE should have a deep understanding of the sector’s operations and regulations. Mihretu’s lack of experience in the banking sector raises questions about his ability to effectively lead the NBE and make informed decisions about the sector. Another concern about Mihretu’s appointment is his attachment with the International Monetary Fund (IMF) and World Bank, which has led to criticism that he may not be independent enough to make decisions that are in the best interests of Ethiopia. Moreover, Mihretu’s tenure as the economic advisor to the Prime Minister has not resulted in any tangible achievements, except rising inflation and privatization, which may not be the best outcome for the country’s economy. Lastly, Mihretu’s young age is also a point of debate, as the governor of the National Bank of Ethiopia is in a position of great responsibility, and his appointment at a young age raises questions about his experience and ability to handle the complex and challenging role. Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) is not an isolated case of a person without proper educational background and work experience in the field of economics and the banking sector being appointed to lead a central bank. Similar appointments have been made in other countries, such as Kenya, Egypt, and Nigeria. In Kenya, for example, Patrick Njoroge, who was appointed as the Governor of the Central Bank of Kenya in 2015, had a background in economics and finance. Before his appointment, Njoroge had worked as an economist at the International Monetary Fund (IMF) and as a senior advisor at the Central Bank of Kenya. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. Similarly, in Egypt, Tarek Amer, who was appointed as the Governor of the Central Bank of Egypt in 2016, had a background in economics and finance. Before his appointment, Amer had worked as a senior executive at the National Bank of Egypt and as an economist at the Ministry of Finance. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In Nigeria, Godwin Emefiele, the current Governor of the Central Bank of Nigeria, has a background in economics and finance. Before his appointment, Emefiele had worked as the Group Managing Director of Zenith Bank, one of the leading commercial banks in Nigeria. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In contrast, Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector. Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern. In conclusion, it is important for a National Bank Governor to have a background in economics and finance and prior experience in the banking sector, as these qualifications are essential for the role of leading a central bank and making informed decisions about monetary policy and banking regulation. Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector, as well as his attachment with the IMF and World Bank and lack of tangible achievement as an economic advisor to the PM.

Mamo Mihretu Named Governor of National Bank of Ethiopia as Part of Government Reshuffle

Mamo Mihretu Named Governor of National Bank of Ethiopia as Part of Government Reshuffle Mamo Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed as the new Governor of the National Bank of Ethiopia (NBE). He replaces Dr. Yinager Dessie, who had held the position since June 2018. Mihretu recently served as the Chief Executive Officer of Ethiopian Investment Holdings (EIH), a state-owned investment firm established last year. He also worked as a senior policy advisor in the Prime Minister’s office. Mihretu was named by The Financial Times as one of the young technocrats leading Ethiopia’s ambitious reform drive in 2019. The appointment of Mihretu as Governor of the NBE is part of a larger reshuffle of government officials in Ethiopia. Alemu Sime (PhD) has been named as the new Transport and Logistics minister, replacing Dagmawit Moges. Engineer Habtamu Tegegn and Dr Girma Amante have been appointed to lead the Mines and Agriculture ministries, respectively. This reshuffle comes after the recent discharge of four ministers by the Council of Ministers and the resignation of Chief Justice Meaza Ashenafi and Deputy Chief Justice Solomon Areda. On Saturday, the Council of Ministers held a farewell ceremony for the departing ministers, which Prime Minister Abiy Ahmed attended. Additionally, Tewdros Mihret has been appointed as the new Chief Justice, and Federal Supreme Court Judge, Abeba Embiale, has been appointed as the new Deputy Chief Justice. Veteran diplomat Ambassador Taye Atskesillassie, who recently served as the permanent representative of Ethiopia at the United Nations, has been appointed as the Prime Minister’s Foreign Policy Adviser. Other appointments include Almtsehay Paulos as Head of the Office of the Prime Minister and Minister of Cabinet Affairs, Deacon Daniel Kibret as Social Affairs advisor to PM Abiy Ahmed, and Melese Alemu as a minister-level Coordinator of Center for Democratization. Tags Cabinet Affairs Chief Justice Deputy Chief Justice ethiopia Ethiopian Investment Holdings Foreign Policy Adviser Government reshuffle Governor leadership shake-up Mamo Mihretu Mines and Agriculture ministry national bank of ethiopia Office of the Prime Minister Prime Minister's office reform drive Social Affairs advisor Transport and Logistics minister World Bank World Trade Organization

Japanese Venture capitalist to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund

Japanese Venture capitalist to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund Japanese Venture capitalist gears up to boost its investment in Ethiopian startups with a $100 million budget and partnership with Kazana Fund January 18, 2023, Addis Ababa, Ethiopia – The Tokyo-based venture capital firm Inclusion Japan (ICJ) in partnership with the early-stage startup investor Kazana Fund, calls on Ethiopian startups with pitch-ready ideas looking to secure significant capital funds, to take advantage of its upcoming exclusive event with an opportunity to secure capital ranging from $100,000 to $500,000. Local startups applying for the opportunity will have the chance to meet and discuss with senior executives from ICJ and Kazana Fund, where they can pitch their ideas as well as have a chance to become one of the eight startup businesses to receive a 100,000-birr prize along with the prospect of future investment from ICJ for a winning pitch. Teams wishing to meet with ICJ and Kazan Fund are required to send a PITCH video no longer than 10 minutes until the 23rd of January 2023 via info@inclusionj.com. The 10 minutes long PITCH video should include the following elements 1) Problem 2) Solution 3) Business Model 4) Market 5) Competitors, Competitive Advantage 6) Business Plan 7) Team. The exclusive event is part of a $100 million budget investment by ICJ that is planned to go towards the top Ethiopian startups with ideas revolutionizing a wide range of sectors. ICJ has already invested over $3 million in local startups such as Gebeya Inc, a SaaS-enabled pan-African marketplace. Remarking on the opportunity Yasuhiro Yoshizawa, Director and Co-founder of ICJ said” We are really looking forward to meeting more promising Ethiopian startups through this event.” Mr. Yoshizawa and his delegation will be traveling to Ethiopia to meet with representatives of local startups on issues like future investment plans among other topics. Mr. Yoshizawa along with Mr. Nishiguchi, the world-renowned marketer and ICJ fund advisor, Mr. Addis Alemayehu, Ethiopia’s serial entrepreneur and Group CEO of Kazana Business Group will be chairing the PITCH Day competition where participating teams will be presenting their winning ideas to secure the significant capital funding required to boost their business. Mr. Addis Alemayehou, Founding Partner at Kazana Fund, Chairman at Kazana Group for his part remarked that “ it is crucial for the local startup environment that the private sector becomes a primary development agent that fosters an enabling environment for Ethiopia demographic dividend, mostly represented by the youth, to build innovative businesses and create much-needed job opportunities.” To date, ICJ has invested in 16 startups under their ICJ No. 2 Fund. the venture capital firm started its operations in Africa with its first investments being in Ethiopian-based startups. Kazana Fund for its part recently made a major move with the launch of its Angel syndicate in line with its mission to democratize access to capital and network for exceptional African founders and accelerate the Growth of the continent’s digital economy. =Ends= About ICJ ICJ is one of Japan’s leading venture capital firms, with an investment budget of approximately $100 million and a track record of investing in unicorn companies such as the lunar exploration venture “Icespace,” which has raised over $250 million in total. About Kazana Fund Kazana Fund is an early-stage investor that has partnered with African-founded startups from day one. The fund recently announces the launch of its Angel Syndicate with a mission to democratize access to capital and network for exceptional African founders and accelerate the growth of Africa’s digital economy.

Ethiopia’s Banking Industry Gets a Boost with Abyssinia Bank’s Apollo App

Ethiopia’s Banking Industry Gets a Boost with Abyssinia Bank’s Apollo App Abyssinia Bank, one of Ethiopia’s leading financial institutions, is known for its unique virtual banking services. The bank’s latest release, the Apollo mobile banking app, is no exception. The app is the first of its kind in Ethiopia, allowing customers to open bank accounts without the need for a physical presence at a bank branch. One of the key features of Apollo is its seamless transfer capability, which allows customers to instantly transfer funds using EthSwitch and RTGS to other banks. This makes it easy for customers to move money quickly and easily between accounts. In addition to its transfer capabilities, Apollo also allows customers to make payments for services such as DSTV, and it has a built-in Visa payment service. This means that customers can use their Visa cards to make purchases directly from the app, without the need for a physical card. Another unique feature of Apollo is its ability to schedule payments, even when the user is offline in a remote location. This means that customers can set up payments to be made at a later date, even if they are not connected to the internet at the time. Abyssinia Bank’s virtual banking services have consistently set a high standard for the banking industry in Ethiopia. The Apollo mobile banking app is yet another example of the bank’s commitment to providing innovative and convenient banking solutions for its customers. With its user-friendly interface and range of features, it is sure to be a hit with customers looking for a more efficient banking experience. Tags abyssinia bank Apollo convenient ethiopia EthSwitch innovative mobile banking offline payments remote RTGS schedule payments services transfer user-friendly virtual banking Visa

Ethiopian Airlines Triples Frequency of Flights to Mekelle, Denies Age Restriction Allegations

Ethiopian Airlines Triples Frequency of Flights to Mekelle, Denies Age Restriction Allegations Ethiopian Airlines announced today that it will be increasing its flights to Mekelle from once a day to three times a day, in order to better serve passengers traveling to and from the city. “We are committed to providing our passengers with the best possible service and we believe that increasing the frequency of our flights to Mekelle will do just that,” said a spokesperson for the airline. “We would like to assure our passengers that rumors of daily flight cancellations are false and that we are operating normally.” Passengers can purchase tickets for flights from Addis Ababa to Mekelle through the airline’s booking center and ticket offices, and those traveling from Mekelle can purchase tickets at the Mekelle Airport Sales Office. The airline has also announced that it has not increased ticket prices on domestic flights, except for Mekelle, for the past eight months. In addition, Ethiopian Airlines has also denounced the recent allegations that it is restricting passengers from traveling based on their age. The airlines has stated that it does not have any policy of age restriction and welcomes all passengers who meet the travel requirements.

From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights

From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights From Africa To Georgia: Ethiopian Airlines Announces Atlanta Flights Atlanta joins Chicago O’Hare, JFK, Newark, Toronto, and Washington Dulles in having Ethiopian Airlines passenger flights. Ethiopian Airlines 787-9 landing-1Photo: Wirestock Creators I Shutterstock. Ethiopian Airlines has announced and put on sale Addis Ababa to Atlanta. It will be the sixth airport in the US and Canada served by Africa’s largest carrier on a passenger basis and the fourth destination in Africa for Atlanta, the world’s busiest airport. Taking off on May 16th, Ethiopian will launch a 4x weekly Addis Ababa-Atlanta service using its 315-seat Boeing 787-9s. Due to Addis Ababa’s high elevation, which impacts aircraft performance and range and means non-stops to the US aren’t feasible, it’ll refuel in Dublin en route but operate non-stop from the US. That’s the same setup for most of its other US and Canada routes. Now Ethiopian is coming. Thanks to the Ethiopian diaspora in and around Atlanta, the point-to-point market had around 15,000 roundtrip passengers. While still pretty small, it was still Atlanta’s fourth-largest African market. Ethiopian will supplement that with traffic bound to/from Eastern Africa in particular, but also elsewhere, especially Southern Africa. However, a two-stop outbound service (via Addis and Dublin) will be less competitive than other options, suggesting it’ll compete more on price and going to places others don’t.

Telebirr’s Exceptional Performance: 166.1 Billion Birr in Transactions in the First 6 Months

Telebirr’s Exceptional Performance: 166.1 Billion Birr in Transactions in the First 6 Months Ethio Telecom, a leading telecommunications company in Ethiopia announced that it earned over 33.8 billion birr in the first half of the 2015 fiscal year, achieving 96% of its planned target. The company’s CEO, Frehiwot, attributed this success to the strong performance of its mobile payment service, Telebirr. Telebirr, which allows customers to pay for various goods and services using their mobile phones, has seen significant growth in usage and transactions. With over 27.2 million customers and 166.1 billion birr in transactions processed in the first half of the fiscal year, Telebirr contributed significantly to Ethio Telecom’s overall income, earning the company 82.5 million birr. The rapid adoption of mobile payments in Ethiopia and the convenience and ease of use of Telebirr have played a significant role in the service’s success. Ethio Telecom has also been actively promoting and expanding the service through partnerships with various businesses and organizations to accept Telebirr payments. The success of Telebirr highlights the potential of mobile payments as a critical driver of economic growth in Ethiopia and other developing countries. As more people gain access to mobile phones and internet connectivity, mobile payment services such as Telebirr can play a vital role in increasing financial inclusion and driving economic development. In addition, the company’s CEO also reported that the company obtained 64.8 million dollars from foreign currency-generating services. Voice service accounted for 47.4% of revenue, followed by data and internet at 28%, international income at 8.4%, infrastructure rental at 2.2%, and other services at 7.5%. The company’s customer base grew by 15.1% to reach 70 million in the last 6 months.

Addis Abeba City Administration Suspends Land Services to Combat Illegal Occupation

Addis Abeba City Administration Suspends Land Services to Combat Illegal Occupation The Addis Abeba City Administration’s decision to suspend all land-related services has created uncertainty for residents and businesses in the city. The suspension includes services such as land registration, transfer of ownership, and issuance of building permits. According to Kenia Yadeta (PhD), chief of the Addis Abeba Land Management Bureau, the suspension is necessary to combat illegal land occupation and ensure the proper use of land in the city. He stated that the suspension will help the city administration identify and take legal action against individuals and organizations that are occupying land illegally. However, it remains unclear how long the suspension will last and what specific measures will be taken to address the problem. This is not the first time that land-related services have been suspended in Addis Abeba. In August 2021, similar measures were taken in an effort to combat illegal construction in the city. However, those services were resumed four months later. The partial and complete halt of land-related services over the last year has resulted in significant financial losses for the City Administration, totaling over half a billion Birr in lost revenue from service fees and capital gain taxes. The suspension has also created challenges for residents and businesses who rely on these services. Many have expressed concerns about the impact the suspension will have on their ability to conduct transactions related to land and property. Some have also raised concerns about the potential for corruption and abuse of power during the suspension period. The city administration has assured residents and businesses that it is committed to resolving the problem of illegal land occupation and that the suspension is a temporary measure to achieve that goal. However, they have also encouraged individuals and organizations to comply with the suspension and refrain from illegal land occupation. In conclusion, the suspension of land-related services in Addis Abeba by the City Administration is an attempt to combat illegal land occupation and protect the proper use of land. However, the lack of clarity about the specific measures that will be taken and the duration of the suspension has raised concerns among residents and businesses. It will be important for the City Administration to provide clear and transparent communication and to take action that minimizes the negative impact on those who rely on these services.

Equal Exchange Ethiopia Government’s plan to align official and black market dollar rates

Equal Exchange Ethiopia Government’s plan to align official and black market dollar rates Ethiopia is taking steps to address the widening gap between the official and black market exchange rates for the U.S. dollar. The government has established a committee made up of representatives from various sectors, including the National Bank of Ethiopia. This move comes as the official exchange rate for one dollar is at 54 birrs, while the black market rate is at 100 birrs, creating a significant discrepancy between the two. The country is facing pressure to address the shortage of foreign currency and boost the ailing economy. The shortage has led to long lines at banks and difficulty for businesses to import goods, causing inflation and a shortage of goods. Additionally, the government has recently announced its decision to liberalize the financial sector for foreign investment in an effort to attract more foreign investment, which could help to boost the economy and create jobs. By opening the sector to foreign investors, the government hopes to increase the inflow of foreign currency, which could help to stabilize the exchange rate and narrow the gap between the official and black market rates. One of the main challenges facing the committee is the lack of trust in the official exchange rate. Many Ethiopians believe that the official rate is artificially low and that the government is not doing enough to address the shortage of foreign currency. This has led to a growing black market for dollars, which has further widened the gap between the official and black market rates. To address these issues, the government is looking to the experiences of other countries that have struggled with large gaps between official and black market exchange rates, such as Venezuela, Argentina, and Zimbabwe. The committee will study these countries’ experiences to identify the measures that worked and those that did not, in order to develop a more effective strategy for addressing the issue in Ethiopia. The Central Bank of Ethiopia is taking measures to ensure market stability by rationing foreign currency and tightening access to it through official channels in order to curb the black market trade. Additionally, controlling inflation is crucial in keeping the exchange rate gap as narrow as possible. The recent decision to liberalize the financial sector for foreign investment is also a move aiming at liberalizing the country’s economy. However, addressing this issue will require a multifaceted approach that addresses the underlying causes of the gap such as shortage of foreign currency and lack of trust in the official exchange rate, along with a tight monetary policy to control inflation. Tags ethiopia news ethiopia news today ethiopian news