Samson Berhane – Ethiopian Business Review

Power outages are a common problem faced by everyone in Ethiopia. From households to industries, it is a major challenge that affects productivity, thereby contributing to inflationary pressure as it results in supply shortage in many sectors. Amidst the COVID-19 crisis, interruption has become more frequent due to the rise in household consumption. Although many citizens and expats have been told to work from home to curb the spread of the virus, this has proved to be quite a challenge due to power interruptions. EBR’s Samson Berhane explores.

Tsegaye Kemtsti joined the insurance industry almost half a century ago. After joining the sector at his first employer, The Imperial Insurance, he spent five decades to culminate his career as Chief Executive Office of Awash Insurance, which he founded and led for a quarter of a century, until his departure earlier this year. Although he did not push his formal education further than the College Diploma he received from Addis Ababa Commercial College during the Imperial regime, Tsegaye has the entire history of the sector for an experience. He has also proven himself as one of the most successful CEOs in the insurance industry.

When news of a new strain of Coronavirus came out of China almost four months ago, the world seems unimpressed with the potential danger it posed. It has, however, taken the invisible microbe less than three months to literally make the whole world its empire. Its social, economic and political impacts have poured water on other burning issues of the world and left them on the backburner. Especially the world economy has been hard hit by the pandemic. The fates of businesses and potentially billions of employees hangs by the balance. Different sectors of the Ethiopian economy have also faced the wrath of the invisible microbe. EBR’s Samson Berhane and Ashenafi Endale delve into the global, regional and national economic impacts and emergency measures.

The world is once again in shock with the spread of the deadly novel coronavirus, which has killed around 3831 while infecting close to 110,625 people as of March 9, 2020. With the number astonishingly rising every day, confirmed cases of the virus have been reported in around 90 countries, despite travel bans and several other restrictions put to prevent its spread. The outbreak has also disrupted supply chains across the world. Ethiopia is not immune to the problem. Over the past two months, trading businesses are suffering from supply shortages. Construction projects have been halted due to raw material shortages. Hotels are also reporting a decline in occupancy rates as the cancellation of meetings and visits have become common. EBR’s Samson Berhane probes into the matter.

A Step in the Right Direction?

Establishing a stock market has been a hot issue under discussion in Ethiopia for almost two decades. While some argue that there is a need for a capital market, citing the existing shortage of finance both in local and hard currencies, others disagree, mentioning the immature financial reporting and fragile corporate governance systems, absence of the required legal framework, and a very weak private sector. Meanwhile, the government’s position is firm: setting up a stock market in no less than a year, if possible, before the end of 2020. EBR’s Samson Berhane investigates to find out whether the country is ready to institute a stock exchange.

Ethiopia assures that it will continue participating in current the US-brokered Nile dam negotiations as long as it does not harm its national interest. The country affirmed that only negotiation can resolve the current deadlock over the dam, while explaining that dropping out of the US-brokered talks will not be beneficial.

This comes just three days after the country expressed its dismay over the statement of the US that cautioned Ethiopia to refrain from filling and testing its giant dam on Nile before reaching an agreement with Sudan and Egypt.

Prime Minister Abiy Ahmed (PhD), in call with President Donald Trump, expressed optimism that an agreement on the Grand Ethiopian Renaissance Dam was near and would benefit all parties involved, Reuters reported today citing a White House spokesman.

Djibouti has rejected a London Court of International Arbitration ruling that has ordered the country restore the rights of DP World to administer Doraleh Container Terminal.

The court has ordered Djibouti to restore the rights and benefits under the 2006 concession agreement to DP World and Doraleh Container Terminal within two months, or pay damages.

Authorities in Ethiopia announced that the filling of Grand Ethiopian Renaissance dam on Nile will be finalized within a period of 4-7 years.

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.

Power Outages Amidst the COVID-19 Crisis

Tsegaye Kemtsti: The Embodiment of Ethiopian Insurance

Coronomics: The Fatal Blow to Business

What Coronavirus Mean for Ethiopia?

Setting-up Stock Exchange in Ethiopia

A Step in the Right Direction?

Ethiopia Committed to Participate in US-brokered Dam Negotiation Amid Heightened Tensions

Abiy Guarantees Deal Would Be Reached on Ethiopia Dam Despite US Pressure

Djibouti Rejects Court Ruling Over Doraleh Terminal, Agrees To Pay Fair Compensation

Ethiopia Promises to Finalize Filling Grand Renaissance Dam within 4-7 Years

Ethiopia’s GDP Surged to a Record ETB1.8 trillion in Past Fiscal Year