June 2018 – Page 3 – Ethiopian Business Review

Tadesse Chinkel, president of Bunna International Bank

Ever since the Commercial Bank of Ethiopia introduced prize linked saving promotion mechanism seven years ago, many commercial banks have followed suit by launching similar promotional schemes. This includes the almost ten year old Bunna International Bank, which started offering prizes, ranging from smart phones to a tractor worth more than a million birr, to its remittance customers. EBR’s Samson Berhane sat down with Tadesse Chinkel, president of the Bank, to discuss the results achieved from such promotional tool so far and the way forward.

The Rise of A Megacity

Lagos, the financial and commercial capital of Nigeria is a city in the middle of great changes. Although it covers less than one percent of Nigeria’s territorial land mass, it accounts for over 60Pct of industrial and commercial activities in the nation. Even based on the city’s 2015 gross domestic product of USD136 billion taken, it has become the 5th largest economy in Africa. While visiting Lagos, EBR’s Ashenafi Endale explores the city’s prospects for further economic growth.

The end of the Italian occupation of Ethiopia, which was marked by the return of Emperor Haile Selassie I was celebrated for the 77th time on May 5th (Patriots’ Victory Day) in Arat Kilo, at the heart of Addis Ababa. The celebration commemorated the sacrifice of the patriots who lost their lives during the fight to put an end to Italy’s occupation in 1941, and was held in the presence of veteran fighters, and higher level government officials, including President Mulatu Teshome and Diriba Kuma, mayor of Addis Ababa, as well as the representatives of various international and regional organizations, and city residents. Thousands of Ethiopians and tourists crowded the streets to join in the festivities; and some major roads across the capital were adorned with signs celebrating the occasions.

Businesses Utilizing the Platform to Boost Sales

The 21st century has been characterized by various developments, shifts and changes worldwide. Many of these changes, especially within a marketing context, have been fuelled by the nowadays omnipresent Internet and all the platforms and tools found within. With the growth in number of internet users, and the use of smart phones, promoting products through social media sites, mainly Facebook, is becoming a preferred way for businesses to build relationships with customers in Ethiopia. Yet, this comes at cost as many of the businesses that sells their products via social media networks are trading items under the informal market and beyond the tax system of the country, as EBR’s Tiruneh Assefa writes.

Another Cultural and Practical Hurdle for Ethiopian Girls

Period poverty is a huge problem for women all over the world, both in developed and developing countries. Millions of girls especially in developing countries like Ethiopia are forced to skip school every month because of inadequate menstrual supplies, adding up to hundreds of hours of missed classes every academic year. A lack of proper water and sanitation, as well as poverty is preventing girls and women from exploiting their full potential. EBR’s Menna Asrat looks into the actions being taken to address the issue.

Enjoying live football, in stadiums with fans and friends alike is a popular way of spending leisure time in almost every corner of the world. Sometimes, however, the ‘beautiful game’ takes an ugly turn. Football violence in Ethiopia is creating chaos and unrest during matches, sometimes fuelled by anger at referee decisions, and sometimes for reasons that are unrelated to football. EBR adjunct writer Abiy Wondifraw reports.

Excelling in Experimentation and Improvisation

Tesfahun Kibru, a 40 year old artist and father of one from Addis Ababa, recently opened an exhibition of his works from the last three years. The artist is renowned for his work made out of everyday things such as scrap metal and rubber to make sculptures, paintings that used rust as paint and works of art that incorporates rubber. The exhibition, which shows off gravity defying sculptures and innovative paintings, shows off the artist’s technical skills, but more than that, his dedication to experimentation and improvisation. EBR’s Menna Asrat visited Tesfahun’s exhibition to find out what makes the artist tick.

Recent projections indicate that several Sub-Saharan African countries will experience robust economic growth over the next five years. By 2023, around one-third of the region’s economies will have grown at an average annual rate of five percent or higher since 2000.

Excise taxes are commonly referred as indirect taxes. Because they are a type of narrow based taxes, they can be collected by the government in several instances, during production or distribution, as opposed to direct taxes such as personal and profit tax, which are imposed on individuals and companies. Excise taxes are also levied on specific commodities such as luxury goods, whose demand remain unchanged irrespective of their prices.

Before the threat of a US-China trade war arose, surging stock markets and corporate profits had obscured the fact that the global economic system is under existential stress. Global financial stability remains considerably in doubt. Indeed, as world financial leaders gather for the annual IMF/World Bank spring conference in Washington, DC, the rapid pace of technological change and rising inequality are fueling ever louder calls for root-and-branch revision of the entire system.

“Prizes are Not Sustainable Tools to Beef up Remittances.”

Lagos

The Rise of A Megacity

Legacy of Freedom

Social Media Marketing

Businesses Utilizing the Platform to Boost Sales

Menstrual Stigma

Another Cultural and Practical Hurdle for Ethiopian Girls

When the Beautiful Game Turns Ugly

Tesfahun Kibru

Excelling in Experimentation and Improvisation

Africa’s Alternative Path to Development

Confusion on Excise Tax

Rethinking the Twenty-First-Century Economy