Ethiopian Business ReviewEver since protests began in the State of Oromia back in 2013, Ethiopia has hardly been able to breathe the air of peace. Then, the protests intensified following discontent among the youth claiming the expansion of Addis Ababa into the State of Oromia was detrimental and unfair to farmers in the area. Later, the protests expanded as the youth in the State of Amhara joined the demonstrations.
The ten states with food crises in 2021 were the Democratic Republic of the Congo, Afghanistan, Ethiopia, Yemen, northern Nigeria, the Syrian Arab Republic, the Sudan, South Sudan, Pakistan, and Haiti. Nearly 70 Pct of the world’s population is thought to be in crisis or worse or an equivalent situation. Acute food insecurity was the main cause of conflict or insecurity in seven of these countries.
Bamlak FekaduThe bars of gold, the diamonds, the gemstones, and the oil were stories Ethiopians have lived with about the riches of their country under the earth. Not materialized enough to change lives, those stories have remained a myth. Even though various administrations admitted the economic value of gemstones and mining in general, the lack of proper policy and legal frameworks, skilled labour, private investment, and market promotion at local and global scale have challenged the robust growth of the sector. This seems to be the thing of the past as the current administration of Abiy Ahmed (PhD) has put the sector at the heart of its ten-year perspective plan. With an overhauled institution under the leadership of Takele Uma (Engi.), the Ministry of Mines is set to enable the country make the most out of its mineral resources. Even though there are still high hopes for gemstones with positive global market prospects, production is still challenged by conflicts, parallel markets, and artificial products, among many other challenges, writes EBR’s Bamlak Fekadu.
The administration of Abiy Ahmed (Ph.D.), has been undertaking wide-ranging legal reforms as part of its pledged economic liberalization and modernization process. Legislation has been devised or amended to regulate exchange rates, interest rates, demonetization, transaction limits, a loan freeze, and capital thresholds, among others, over the past couple of years. Among the reforms was also a revision of the half-a-century-old Commercial Code that many saw as overdue. However, changes to foreclosure laws in the new Code have left banking executives uneasy, writes EBR’s Bamlak Fekadu.
Addisu DeresseUrban financing – the process of allocating financial resources to support urban development projects – includes the mobilization of public and private funds to finance infrastructure, housing, and economic development initiatives in cities. The major source of revenue for almost all cities and towns in Ethiopia has been the state’s coffers. Fiscal centralization and a lack of financial autonomy have been hindering efforts at revenue collection, while corruption, inefficient infrastructure, and a lack of political commitment have made matters more difficult. Although there have been recent improvements, much remains to be desired in the collection of local revenues, writes EBR’s Addisu Deresse.
Abebe Zeluel
Urban and Regional Planner
Abebe Zeleul is a senior national advisor at UN-Habitat. He has long years of experience in urban development issues working both for the government and in the private sector. He had worked with the former Ministry of Construction & Urban Development as a member of the strategic advisory committee. His expertise in advisory includes urban planning, quality assurance, policy formulation, legal drafting, strategic plan preparation, and more. He had also served the Addis Ababa City Administration as head of the Land Development Bank & Urban Development office. He has lectured at the Civil Service University and given short-term training on various urban issues. He has published papers and articles in collaboration with various organizations including UN-Habitat on the issues of urbanization and urban development, among others. In this interview with EBR’s Addisu Deresse, Abebe gives his two cents on the challenges facing local revenues in Ethiopia and overall progress in urbanization.
Eden TeshomeThe Lucrative Business Taking Workplace Aesthetics to New Heights
Fiberglass has become nearly ubiquitous over the past century as the strong, lightweight material finds use in the manufacture of everything from boats to buildings and pipes. Though a bit late to the scene, businesses in Addis Ababa are catching on to the profitability and demand involved with fiberglass. From importers and processors to schools that teach their students how to fashion versatile material into marketable products, there is a new wave of activity in the fiberglass line of business. In addition to the lucrative profit margins, fiberglass offers fresh aesthetics to homes and offices, writes EBR’s Eden Teshome.
Hemen AsmareThe pet trade has evolved in recent years from individual vendors hawking puppies on the roadside to full-fledged pet stores and social media sites offering high-end breeds to increasingly eager customers. An evolving attitude to dog ownership means that demand continues to grow, with some breeds selling for as much as ETB 250,000. The booming trade is only one side of the story for the dogs of Addis Ababa, as untold numbers of the canines still live on the streets, posing serious public health concerns, writes EBR’s Tirualem Asmare.
Haben WolduDibekulu, affectionately known by his fans as “Dibe”, is an Ethiopian artist who resides in the vibrant capital of Ethiopia, Addis Ababa. His melodic style, which is simultaneously playful and reflective, is influenced by his love of jazz, classical music, and improvised instrumental music stemming from his African roots. His passion for music was ignited by legendary Ethiopian artists such as Ketema Mekonnen, Tilahun Gessesse, Girma Beyene, Muluken Melesse, Aster Aweke, Asnakech Worku, and Bizunesh Bekele, who to this day serve as his role models and inspirations. In his own words, DibeKulu says: “These artists have had a huge impact on me both as a musician and human being, and I give them credit for having an influence on who I am as a person and musician”.
DibeKulu, the youngest of three children, was born in the city of Addis. His family is his compass and he attributes much of his musical passion to them. His grandfather, a strong man of faith, was a strong presence in his life, and gave him the name “DibeKulu”, which is a combination of two Ge’ez words meaning “Kehulu Belay” which loosely translates to “destined for greatness”. Early on, he recognized that he was born to be a musician who was put on earth to inspire generations with his gift of music.
DibeKulu started performing in the early 2000s in various nightclubs and other settings around Addis Ababa. A young and gifted artist like DibeKulu had plenty of options world ushered in a new millennium and a new decade.
Owing to his impressive live performances, DibeKulu gained prominence in the modern Ethiopian music scene. As a musician, he embodies the essence of African music, exhibiting a young man with an old soul. During his time with Jano Band, DibeKulu performed concerts in Addis Ababa, Arba Minch, Bahir Dar, Dessie, Jimma, and Mekelle cities. Internationally, he performed in Brazil, Italy, Jamaica, Japan, Netherlands, New Zealand, Sweden, the United States, and the United Kingdom. As the young artist departed his former band and went solo, Haben Woldu sat down with him for an EBR exclusive.
Fekadu PetrosEspecially Under the New Commercial Code
In the period between the beginning of October and the end of December most publicly held companies convene their general meetings. This includes firms in the financial sector, whose high-profile assemblies are often newsworthy. Therefore, this is high time to talk about shareholder meetings and their relevance apart from fulfilling legal requirements.
It is often said that shareholder meetings are simply a formality. They have no real power except rubber-stamping the proposals of the board of directors. Whatever decisions are made at shareholders’ general meetings are made because the board wants them to be. If at all, the instances where shareholder meetings opted out of board proposals are few and far between. This is because, under the law, only the board of directors can prepare the agenda of the general meeting, and the meeting cannot discuss matters which are not on the agenda. But both by law and practice, the board prepares not only the agenda but also the proposed resolutions for approval. In effect, it is not just the agenda that the board presents to the meeting; it includes detailed proposals along with each agenda item.
