Ethiopia secured a positive rating action from Moody’s in the second half of 2024 (2024H2), marking a shift in investor sentiment following its debt restructuring deal with international bondholders. This was revealed in a report published on February 11 by the African Peer Review Mechanism (APRM), titled Africa Sovereign Credit Rating Outlook – 2024 Year-End Review.

The National Bank of Ethiopia has announced a substantial decrease in the country’s inflation rate, which fell to 15.5% in January from 29.4% a year earlier. This represents a decline of 13.9 percentage points, with food inflation decreasing by 16.6 percentage points and non-food inflation by 10.2 percentage points over the same period. The sharp decline signals that recent economic policies, such as the transition to a market-based exchange rate and tighter monetary controls, are beginning to stabilize price pressures. However, concerns about the cost of living persist for many households.

Ethio Telecom has shown significant growth in the first half of the 2024 fiscal year, with notable financial results and investments in infrastructure and service expansion. The company generated ETB 61.9 billion in revenue, achieving 90.7% of its target. Revenue from international services totaled ETB 64.4 million, while mobile data usage increased by 48.8% to 642.2 billion MB, and mobile voice usage grew by 12.7% to 83.6 billion minutes. The telebirr platform registered 5 million new users, bringing the total to 51.5 million. It facilitated ETB 1.03 trillion in electronic money transactions during the period, contributing to a cumulative total of ETB 3.58 trillion since its launch.

Ethiopia’s Customs Commission has surpassed its revenue collection target for the first half of the 2017 fiscal year, securing ETB 203.75 billion—6% more than the planned ETB 190.9 billion.

The International Monetary Fund (IMF) has approved a $3.4 billion financing package under its Extended Credit Facility (ECF) for Ethiopia, with an immediate disbursement of $1 billion. The four-year arrangement aims to support Ethiopia’s Homegrown Economic Reform (HGER) Agenda, which targets macroeconomic stability, external debt sustainability, and inclusive, private sector-driven growth.

Dashen Bank has launched the Dashen Bank Super App, the first of its kind in Ethiopia. This platform aims to change digital banking by offering an all-in-one solution designed to improve customer experience and streamline banking operations.

Wegagen Bank has officially launched its new mobile wallet service in collaboration with E-Birr Mobile Financial Services, offering customers a seamless way to manage their finances on the go. With the launch of this service, users can open wallet accounts, transfer funds, make payments, and manage their accounts without the need to visit a branch. The service is accessible via the E-Birr app, available for download on the Play Store or App Store, or through short text messages.

Ethiopia’s debt-to-GDP ratio has dropped to 13.7% from over 30%, thanks to strategic reforms initiated during the transition period, according to Minister of Planning and Development Fitsum Assefa (PhD). The government’s new economic and social policy vision prioritizes inclusive growth across sectors like agriculture, manufacturing, mining, tourism, and the digital economy. This vision aims to reduce economic imbalances, transfer key roles from the government to the private sector, and foster structural transformation.

Ethiopia officially launched its Securities Exchange (ESX) today. The much-anticipated event was officiated by Prime Minister Abiy Ahmed (PhD) at the Science Museum in Addis Abeba, marking a milestone for the nation’s economic trajectory.

Ethio Telecom’s digital finance platform, Telebirr, is making waves in Ethiopia’s financial sector, driving change in how millions of Ethiopians access money, services, and economic opportunities. In just three years, Telebirr has processed Birr 3.3 trillion in transactions.