Ermias MulugetaJanuary 14, 2020
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1min2480

Commercial Bank of Ethiopia inaugurates a new branch that provides full-fledged banking services in Djibouti. Launched by President of Djibouti, Ismaïl Omar Guelleh in the presence of CBE’s President, Bacha Gina, the new branch is expected to enable Ethiopian investors get all types of domestic and international banking services at ease.


Ermias MulugetaJanuary 14, 2020
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1min5350

One of Ethiopia’s biggest de-facto conglomerates, East African Holding, registered a turnover of five billion Birr in the past fiscal year. While this is almost equal to an income of a big private bank, such a performance makes the Holding one of the most profitable private entity in Ethiopia. Having 17 subsidiaries, East African Holdings in engaged in the manufacturing of fast moving consumer goods, tea processing, printing and packaging, transport, real estate, cement production and coal mining.


Samson BerhaneJanuary 13, 2020
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1min14870

The real Gross Domestic Product (GDP) of Ethiopia, a parameter employed to measure the size of an economy, has reached ETB1.8 trillion (USD60 billion), National Bank of Ethiopia (NBE) reveals. The Bank, in its latest report published last week, disclosed that Ethiopia’s economy has recorded a nine percent growth in 2018/19, faster than the 7.7Pct expansion in the previous financial year. An improvement in industrial output, coupled with the growth of the service sector, has largely contributed for the growth registered in the past fiscal year.


Samson BerhaneJanuary 13, 2020
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1min5710

State of Tigray sees the highest food inflation rate amongst all regional governments and city administrations in Ethiopia, reaching as much as 23Pct last fiscal year, according to a new report published by the Central Bank. Annual food inflation rate in the Tigray increased by ten percentage points during last fiscal year from being 13Pct in 2017/18, the report says. This is largely resulted from the rise in prices of basic food items in the Region, including wheat, teff and vegetables.


Ermias MulugetaJanuary 10, 2020
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1min4820

US food and beverage giant PepsiCo bought stakes in Ethiopian crisps firm, Senselet Food Processing. In a statement, Amsterdam-based Veris said it will continue to maintain a minority interest in Senselet and “partner with PepsiCo to further grow the business and develop potato sourcing programs in Ethiopia”. Financial details relating to the transaction have not been disclosed.

Senselet, founded in 2015, produces Sun Chips, distributed throughout Addis Ababa and other large Ethiopian cities from Senselet’s factory located around 65 km from the capital, and employ more than 150 people. Last month, PepsiCo entered into an agreement to acquire BFY Brands, a global producer of Pop Corners snacks.


Ermias MulugetaJanuary 10, 2020
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1min1270

Ministry of Education decides to incorporate the concept of consumer protection and trade practices into the curriculum. Although not to be given as a separate course, it will be incorporated within main subjects, including mathematics, English, civics and social science, to both primary and secondary school students.

The move is targeted at raising literacy about fair trade competition and the rights of consumers. The curriculum will be implemented in all regional states and city administrations starting from the next academic year. It will also be put into practice along with the education road map launched last year.



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