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In the wake of Bill Gates’ (tech magnate and philanthropist) recent visit to Ethiopia, the country’s agricultural sector finds itself at a crossroads. As the nation grapples with rising production costs and the looming threat of climate change, introducing genetically modified organisms (GMOs) in the horticulture sector has emerged as a potential game-changer. This innovative approach could boost productivity and tackle challenges threatening the country’s export competitiveness. However, it raises important questions about public health, environmental impact, economic sovereignty, and the risk of becoming reliant on foreign biotechnology. By presenting a balanced perspective on the benefits and challenges of GMOs, EBR’s Eden Teshome shows how Ethiopia can strategically navigate this landscape to strengthen its horticultural industry and enhance exports.


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KifFlé Yohannes Abebe CEO, Co-Founder & Board Member at Komari Beverage Bottler of Arada (Ethiopia’s FIrst hard seltzer drink)

Kifflé Yohannes Abebe, cofounder and CEO at Komari Beverages, brings over sixteen years of global experience in engineering, project management, and plant operations from the US, Japan, and the UK, including almost ten years in Ethiopia. Kiffle Yohannes, with his strong background in lean manufacturing from Toyota and DIAGEO, is dedicated to implementing data-driven processes and world-class production systems at Komari. He previously worked for renowned brands such as Guinness Draft. His passion for problem-solving and team collaboration drives the company’s mission to create high-quality, locally-produced beverages that resonate with young Ethiopian consumers. In an exclusive interview with EBR’s Eden Teshome, Kifflé shares insights into his journey and the future of Komari.


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Wegagen Bank has announced an income of ETB 9.8 billion for the 2023/24 fiscal year, representing a significant 40% increase from the previous year. This record achievement was unveiled during the Bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly.

Chairperson Abdishu Hussein emphasized the Bank’s robust performance, stating, “The remarkable achievement registered in all key performance indicators signifies the Bank’s resilience and proactive response to the global and domestic challenges encountered during the fiscal year.” The Bank also reported a gross profit of ETB 2.2 billion, reflecting 86% increase year-on-year.

In addition to its income growth, Wegagen Bank’s total capital rose to ETB 9.2 billion, a 33% increase from the previous fiscal year, while its paid-up capital increased by 27% to ETB 5.1 billion. The Bank’s earnings per share (EPS) also saw an improvement, reaching 36.89%, up from 22.70% the year before.

The Bank’s total deposits surged by 22% to ETB 52.1 billion, while outstanding loans and advances grew by 13% to ETB 45.1 billion. Abdishu noted that the Bank created 5,426 jobs across the nation and contributed ETB 75 million to socio-economic development initiatives.

CEO Aklilu Wubet (PhD) acknowledged the challenges faced in the current business environment but credited the Bank’s adaptability for its success, stating, “We will closely monitor dynamic policy shifts to ensure sustainability in our growth.”


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The past year in Ethiopia has been a rollercoaster for the real estate sector, marked by significant challenges and opportunities. The credit cap imposed by the Central Bank and the introduction of a floating exchange rate have significantly disrupted the market, impacting the buying power and investment decisions of stakeholders. On the other hand, the government’s plan to open the sector and allow foreigners to own properties has introduced new possibilities. Despite these challenges, the industry has not only weathered the storm but also shown remarkable resilience and adaptability. Innovative strategies from developers and a growing focus on foreign investment offer hope for a more prosperous future.


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Paving the Way for Ethiopia’s Digital Financial Revolution

EthSwitch, Ethiopia’s national switch, plays a pivotal role in fostering interoperability and facilitating seamless digital finance and payment settlement. Led by CEO Yilebes Addis, a seasoned fintech executive with a strong ICT background, EthSwitch has driven Ethiopia’s fintech landscape forward.

With over two decades of experience in banking, technology, and fintech, Yilebes brings a wealth of expertise to his role. Before joining EthSwitch, he held key leadership positions at Kifiya Financial Technology and the Commercial Bank of Ethiopia, overseeing IT projects and training initiatives. His academic credentials, including an MSc and BSc in Computer Science from Addis Ababa University, further solidify his technical prowess.


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From October 31 to November 2, 2024, the Millennium Hall in Addis Ababa, Ethiopia, will host a significant event: the 13th Ethio Poultry Expo (ETHIOPEX), the 9th Africa Livestock Exhibition and Congress (ALEC), the 4th Apiculture and Aquaculture Ethiopia Trade Show, and the newly launched Bio-Energy Trade Show. Organized by Prana Events in collaboration with the Sudanese Expo Team for Service Co., Ltd, the expo aims to showcase the latest technologies and solutions in the animal husbandry sector.


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Zemen Bank announced a pre-tax profit of ETB 3.77 billion for the 2023/24 fiscal year, reflecting a 36.8% increase from the previous year. This was shared during the bank’s Annual General Meeting at the Millennium Hall, where shareholders noted an Earnings Per Share (EPS) of 37.6%.

The bank’s total assets grew by 23.9% to ETB 59.2 billion, while customers’ deposits increased by 17.6% to ETB 43.61 billion. Loans and advances rose by 13.5% to ETB 35.63 billion, and foreign exchange inflows reached USD 566 million, averaging USD 47.2 million per month.


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The Cooperative Bank of Oromia has announced a strategic partnership with InFTF, an international humanitarian organization focused on inclusive finance. This collaboration has resulted in the launch of Ethiopia’s first blockchain-powered remittance service, making Cooperative Bank of Oromia the first bank in both Ethiopia and Africa to offer this innovative solution.




Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.



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