Ethiopia - The African Mirror

Apr

2024

Ethiopia looks to the Singapore model to lure startups in sweeping new reforms

ETHIOPIA has unveiled sweeping reforms to support a burgeoning startup industry and turn the country into a leading incubator of entrepreneurs. Notable changes include slashing a 30% capital-gains tax on the transfer and issuance of shares, according to Brook Taye, Director-General of the Ethiopian Capital Market Authority. The move, combined with an allowance for startups to retain all foreign currency earned from service exports, is expected to boost investor confidence, as Prime Minister Abiy Ahmed opens up what was once a tightly controlled socialist economy. In recent years, the Eastern African nation has incubated several successful startups, such as Ride,…

Mar

2024

By The African Mirror

Ethiopia to let foreigners own property, PM says on state TV

NEWS

ETHIOPIA aims to pass legislation to let foreigners own real estate as part of the country's broader plan to open up the economy and attract investors, Prime Minister Abiy Ahmed said on state TV. Currently foreigners are barred from owning houses in Ethiopia, either residential or commercial buildings, which is seen as a hurdle to ongoing efforts to attract foreign investment to the Horn of Africa country. State TV said Abiy told a meeting of large taxpayers in the capital Addis Ababa that his government was finalising a new law to let foreigners own real estate property although he did…

Mar

2024

By OPENING doors for private investors has spurred a rise in investments in Ethiopia's key sectors, allowing the country to maintain higher economic growth rates than its African and global peers and elevating its global reputation.

Economic reforms propel Ethiopia to world’s third fastest growing nation brand status

NEWS

ONGOING economic reforms that are also seeing Ethiopia opening up its traditionally closed sectors to private investment are helping to lift the country’s image, globally, according to a new report. UK-based Consultancy, Brand Finance in its Global Soft Power Index 2024 ranked Ethiopia the third fastest-growing nation brand in the world. In the ranking of the most valuable nations, Ethiopia’s brand value grew 23% - the highest growth in Africa - and the Brand Finance report said positive economic prospects had significantly contributed to the improvement. “Ethiopia is the fastest-growing African Nation Brand this year. It was one of the…

Mar

2024

By FRED HARTER

‘Horrific’ civilian toll as Ethiopia turns to combat drones to quell local insurgencies

NEWS

THE Ethiopian Orthodox priest reached the site of the explosion just minutes after the missile had hit. It was a scene of complete devastation. “It was horrific,” he told The New Humanitarian. “The place was littered with body parts of dead people, intact dead bodies, and survivors with missing limbs who were moaning in pain.” The target on 19 February in Ethiopia’s restive Amhara region was an Isuzu truck transporting dozens of civilians, the priest and another witness said. The attack was carried out by a military drone that had been hovering over the area, they added. The second witness,…

Feb

2024

By LIN TAYLOR

Children most at risk as measles cases soar from Ethiopia to Yemen

HEALTH

The urgency of Abdirizak Ahmed's efforts to fight a measles outbreak in Ethiopia hit home last month when two of the aid worker's colleagues lost children to the disease, which is making a comeback from Africa to India and Britain. "Both boys died before they reached the 13th month or 14th month of life ... It's devastating," said Abdirizak, who works for charity Save the Children in the Horn of Africa country, which reported 10,000 cases in 2023 - the world's highest toll after Yemen, Azerbaijan, Kazakhstan and India, according to World Health Organization (WHO) data. COVID-19 disrupted routine vaccinations against measles globally in…

Feb

2024

By GIULIA PARAVICINI

In Ethiopia, a secret committee orders killings and arrests to crush rebels

NEWS

WARNING: This story contains disturbing visual content. A secretive committee of senior officials in Ethiopia’s largest and most populous region, Oromiya, has ordered extra-judicial killings and illegal detentions to crush an insurgency there, a Reuters investigation has found. Reuters interviewed more than 30 federal and local officials, judges, lawyers and victims of abuses by authorities. The agency also reviewed documents drafted by local political and judicial authorities. These interviews and documents for the first time shed light on the workings of the Koree Nageenyaa – Security Committee in the Oromo language - which began operating in the months after Prime Minister…

Feb

2024

By ANDREW SHENNAN and MEGAN HALL

80% of premature baby deaths happen in poorer countries. Five simple measures that can help save them

HEALTH

WORLDWIDE in 2020 a baby died every 40 seconds because of complications of prematurity. Preterm birth is the leading cause of death among children under 5 years old. The burden of preterm birth is heavier in in low- and middle-income countries, where around 80% occur. The countries with the highest recorded preterm rates in Africa are Malawi, South Africa, Ethiopia, the Democratic Republic of Congo and Botswana. In Ethiopia 12.9% of babies were born preterm in 2020. In Nigeria the figure was 9.9%. ANDREW SHENNAN, Professor of Obstetrics at King’s College London and chair of the FIGO Preterm Birth Committee…

Feb

2024

By MAREW ABEBE SALEMOT

Ethiopia’s peace pacts with the Oromo Liberation Front have failed: here’s what was missing

SPECIAL FEATURES: ANALYSIS

TWO attempts have been made over the past six years to broker peace between the Ethiopian government and the armed rebel group Oromo Liberation Front. The armed group was formed half a century ago to carve out an independent state for Oromia, the country’s largest regional state. MAREW ABEBE SALEMOT, Lecturer of Federalism, Debark University Both attempts at brokering peace – in 2018 and again in 2023 – ended in failure and a return to violence. Oromia is Ethiopia’s largest and most populous region. The Oromo Liberation Front has sought autonomy for the region since the group emerged in 1973.…

Feb

2024

By SETH ONYANGO, BIRD STORY AGENCY

Africa’s green energy potential lures crypto miners

BUSINESS

NOMADIC crypto miners in search of affordable energy are eyeing Africa, with Ethiopia emerging as a prime location for blockchain mining. This pivot towards the continent is driven by its abundant renewable sources including solar, wind, and hydroelectric power. Ethiopia, with its colossal hydroelectric dam, has seen an increased inflow of bitcoin miners especially from China, who are dodging Beijing's tight controls on crypto activities. China has cracked down on the activity due to its high energy requirements. Bloomberg reported that "19 of 21 electricity-supply deals for mining struck so far are with Chinese companies." China has become an important…

Feb

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

Ethiopia’s first stock exchange on horizon as it begins licensing investment banks

BUSINESS

ETHIOPIA has entered the final stage of its first stock exchange launch, as the country’s Capital Market Authority begins to on-board foreign investment banks from the second week of February. The regulator announced that it will start issuing investment bank licenses from February 12th 2024- the first time in the country’s history and after six ‘rigorous’ months of developing guidelines to govern the financial sector players. Ethiopia Capital Market Authority (ECMA) Director-General Brook Taye told reporters during a press briefing at the authority's headquarters in Addis Ababa on February 7 that several private companies, including banks, had expressed interest in…