Africa has witnessed remarkable growth in cryptocurrency adoption, fueled by rising investments and individual interest. According to Chainalysis, Sub-Saharan Africa contributed 2.7% to the global crypto economy’s transaction volume, with an estimated on-chain value of USD 125 billion in the past year. Diverse uses of cryptocurrencies, such as business payments, inflation hedging, and smaller transactions, drive this surge. Nigeria leads the continent, receiving approximately USD 59 billion in crypto value from mid-2023 to mid-2024, despite government crackdowns on its use. These crackdowns, which primarily involve regulatory measures to control the use of cryptocurrencies, have not dampened the population’s interest in crypto. In fact, some reports show that 33% of the population in Nigeria invests in cryptocurrency, indicating the growing momentum of this trend. Other African nations are also beginning to recognize the potential benefits of digital assets, showcasing a broader trend toward crypto adoption.

In the latest African Top 100 Banks rankings, Ethiopia stands out with five banks represented, highlighted by the state-owned Commercial Bank of Ethiopia, which ranks 28th overall. This bank boasts a Tier 1 capital of USD 1 billion, a key indicator of its financial strength and ability to absorb losses, and an impressive ROE of 30%, a measure of its profitability. Tier 1 capital is a bank’s core capital, including equity capital and disclosed reserves, which is a crucial indicator of a bank’s financial strength and ability to absorb potential losses. ROE, or Return on Equity, measures a bank’s profitability and calculates how much profit a bank generates with the money shareholders have invested. The Development Bank of Ethiopia is close behind, coming in at 44th with a Tier 1 capital of USD 613 million.

Top 10 African Nations Pioneering Electric Vehicle Adoption

Government policies are crucial in driving the growth of electric vehicles in Africa. Ethiopia, for instance, is emerging as a critical player in the continent’s electric vehicle landscape, with an estimated 5,000 to 7,000 electric vehicles on the roads. This growth is largely driven by favourable government policies that promote sustainable transport and attract investment. Ethiopia’s abundant renewable energy resources, mainly hydroelectric power, further support its commitment to electric mobility.

By 2035, Africa’s top 100 cities, each with populations exceeding one million, are expected to contribute over 60% of the continent’s GDP. Rapid urbanization will foster more dynamic consumer markets and sophisticated commercial hubs, enhancing industrial production and trade networks. While major urban centres like Cairo, Lagos, and Johannesburg will continue to dominate economically, emerging cities such as Kinshasa, Dar es Salaam, and Addis Ababa will likely experience significant growth driven by infrastructure development and urbanization. The Economist predicts that Addis Ababa will achieve an impressive GDP growth rate of 10.6%, the fastest among the ranked cities. This growth is primarily attributed to the city’s ongoing urban transformation and modernization projects, which are crucial for attracting foreign direct investment and positioning Addis Ababa as a regional hub for multinational corporations and international financial institutions. Ethiopian Airlines, one of Africa’s largest airlines, further solidifies the city’s role as a corporate and MICE tourism destination.

Africa, with its diverse and rich cultural heritage, is a continent of rapid economic development. Among its many vibrant cities, there are several that stand out as the most developed. These urban centres boast impressive infrastructure, thriving economies, and a high quality of life for their residents.

The Foreign Carriers with the Most Flights to & from Addis Ababa

Addis Ababa Bole International Airport (ADD) is the most crucial airport in Ethiopia. It is the gateway for numerous international and domestic flights in the national capital and is vital to the Ethiopian aviation industry and economy.

Ethiopian Airlines, the country’s flag carrier, has the most significant presence at the airport. However, other airlines also have a considerable presence. Plenty of other airlines service ADD from all over the world.

Africa’s Rise
A Continent of Diversifying Economies

The latest forecasts paint a promising picture of Africa’s economic landscape in 2024. The International Monetary Fund (IMF) reports a shift in the continent’s power rankings, with South Africa taking the lead as the largest economy, surpassing Nigeria and Egypt. While Nigeria faces internal challenges, other countries like Ethiopia demonstrate impressive growth. Ethiopia, now the fifth largest economy, is projected to maintain economic stability until 2030 thanks to ongoing reforms and strategic investments in critical areas. This highlights the crucial role of policy decisions and targeted spending in shaping a nation’s economic future.

The Story of Ethiopia’s Historic Mosques in Focus

Africa’s rich tapestry boasts a vibrant history and diverse cultures. Within its vast landscapes lie ancient mosques, silent sentinels whispering tales of devotion and the spread of Islam. Among these, Ethiopia holds a place of remarkable significance.

Africa is home to a remarkable group of top female business leaders making significant contributions and breaking barriers in various industries. These women are reshaping the continent’s economic landscape and inspiring countless others to pursue their entrepreneurial dreams. From Kenya’s Njeri Rionge, a pioneer in the IT sector, to Angola’s Isabel do Santos, the wealthiest woman in Africa, and Nigeria’s Folorunsho Alakija, a successful businesswoman in the oil and fashion industries, and Ethiopia’s Bethlehem Tilahun Alemu, a prominent entrepreneur, has emerged as one of the top female business leaders in Africa.

Arecent analysis of cost of living data by Numbeo, a renowned data and research platform, paints a concerning picture for major African cities. The report reveals the intense pressures countries across the continent face due to a surge in living expenses. Addis Ababa, Ethiopia’s central city, emerges as the most expensive city, followed by others like Harare, Johannesburg, and Cape Town.