Weekly Recap News

Missed This Week’s Business & Economic News? We’ve Got You Covered!

Been busy this week and couldn’t keep up with the latest business and economic developments? No worries—we’ve rounded up the biggest headlines for you. From Ethiopia’s push for port access to a record-breaking export surge, here are the key updates shaping the economy.

Ethiopia Eyes Indian Ocean Access as Somalia Opens Talks

In a move that could ease recent tensions, Somalia is considering granting Ethiopia access to a port on the Indian Ocean. Talks between the two nations aim to finalize a framework by June, determining the type of port, location, and costs. The development follows a diplomatic strain earlier this year when Ethiopia struck a deal with Somaliland, prompting opposition from Mogadishu. If successful, the new agreement could offer Ethiopia a critical lifeline for maritime trade.

Ethiopia’s Exports Surge, Crossing $3.84 Billion in Seven Months

Ethiopia’s export earnings have soared past expectations, reaching $3.84 billion in just seven months—an impressive 101% increase compared to last year. Gold, coffee, oilseeds, and livestock have led the charge, fueling optimism for a record-breaking year. Officials now anticipate full-year earnings to exceed $6 billion, nearly doubling the previous total.

Kenya’s Lamu Port Secures Ethiopian Trade, Strengthening Regional Ties

Ethiopia has committed to using Kenya’s Lamu Port for imports, a move expected to boost regional trade and logistics. Kenyan President William Ruto announced plans to position Lamu as a key transshipment hub, further integrating Ethiopia into East Africa’s economic corridors.

Powering Progress: Ethiopia Expands Electricity Access Nationwide

The Ethiopian Electric Utility (EEU) has connected nearly 250,000 new customers to the grid, expanding access to rural and urban areas alike. Key upgrades, including the installation of 2,000 new transformers and repairs across 38,855 km of distribution lines, are set to improve reliability and coverage.

World Bank Grants Ethiopia $60M to Strengthen Climate-Resilient Healthcare

A major funding boost is on the way as Ethiopia secures a $60 million grant from the World Bank to improve healthcare for women and girls in climate-stressed regions. The initiative will focus on digital solutions and resilience-building efforts in drought-prone areas such as Afar, Somali, and Gambella.

Andersen Global Expands into Ethiopia Through ADS Valuation Services

International advisory firm Andersen Global has partnered with ADS Valuation Services in Addis Ababa, strengthening its foothold in Ethiopia’s evolving business environment. The collaboration comes as Ethiopia’s first securities exchange takes shape, driving demand for valuation services.

In a push toward digital transformation, Ethio Telecom has launched seven cloud-based services, including AI-driven enterprise tools, digital livestock tracking, and ERP solutions. These innovations aim to modernize business operations while reducing the need for costly infrastructure investments.