April 26 - May 2, 2025
Ethio Telecom IPO meets 10% of target; Walia Ibex population drops 65%; TPLF refuses to re-register; Getachew Reda forms opposition party; AUSSOM requests more troops; Egypt & Djibouti sign MOU.
Business & Finance
Ethio Telecom sold only 10.7% of the 100 million shares offered to Ethiopian citizens in its maiden initial public offering (IPO), with the collected ETB 3.2 billion falling significantly short of the targeted ETB 30 billion. Ethio Telecom will now offer a 2nd round of sales aimed at attracting foreign investors. Learn more about the IPO here.
Oakland-based Royal Coffee recently opened a new office in Addis Ababa with the aim of becoming “the leading American importer of Ethiopian coffee” amidst a drop in global coffee prices.
Australia-based Askari Metals has acquired Rift Valley Metals, a private company holding 5 gold projects within Ethiopia’s Adola Greenstone Belt.
UAE-based Phoenix Group has expanded its Bitcoin mining operations in Ethiopia, securing an additional 52 MW & bringing its total capacity to 132 MW.
Yango Ethiopia announced the signing of an MOU between G2G IT Solutions S.C. and Amigos SACCO for a financing program facilitating car ownership for drivers.
Ethiopian Enterprise Development announced that it has helped 518 SME resolve their challenges & move towards production over the last 9 months in an April 28 press briefing.
Textile & apparel manufacturers reported an increase in demand from US buyers as tariffs imposed by US President Trump pushes American businesses to reassess their product sourcing.
Sinqee Bank & Ethio telecom signed an ETB 15 billion agreement on April 27 to launch Wabii Digital Finance, a lending platform to expand credit access.
Cash-strapped domestic drugmakers are pinning their hopes on the state-owned Ethiopian Insurance Corporation as a means to new sources of working capital.
A federal court in Ethiopia dismissed an ownership claim by Zewdnesh G. Asrat, who lost her 27% stake in BGI Ethiopia through a fraudulent transfer in the 1990s. The court ruled the case as time-barred & ordered her to pay BGI’s legal fees.
Economy & Development
The IMF revised its economic growth forecast for Sub-Saharan Africa, downgrading its Oct 2024 prediction for 2025 from 4.2% to 3.8%.
The Ministry of Finance (MOF) reported that it expects to reach a draft preliminary agreement with the IMF regarding the 3rd review of its $3.4 billion loan program this week.
Global rating agency Fitch opted to keep Ethiopia’s credit rating at Restrictive Default until the country completes its debt restructuring process but upgraded Ethiopia’s Long-Term Local-Currency IDR from CCC to CCC+.
The Confederation of Trade Unions (CETU) raised alarm over the high cost of living & extreme tax burden on workers following the macroeconomic reform, reiterating calls for a minimum wage & urging the government to reconsider the imposition of additional taxes ahead of May Day.
State-owned CBE is set to receive the 1st tranche of a long-awaited financial injection from the World Bank as early as next week.
Society & Human Rights
Ethiopians celebrated International Workers' Day on May 1st, honoring workers' contributions and historical labor struggles with discussions & sports events despite ongoing unresolved issues regarding doctors’ and teachers’ call for fair wages.
The controversial amendment to the media law passed by Parliament last week has faced widespread criticism for curtailing press freedom. Learn more about the bill here.
Addis Standard condemned the raids on its offices last week, highlighting that the raids violate press freedom & data privacy amidst a recent rise in journalist arrests.
The World Council of Churches (WCC) condemned an April 23 drone strike that resulted in over 100 deaths in the East Gojjam zone of the Amhara region & called for an immediate, unconditional ceasefire.
Governance & Corruption
The Council of Ministers approved a draft bill that would allow foreign nationals to own land and other immovable properties in the country for the first time. The bill must be approved by the Parliament before it can take effect.
Residents forcibly displaced from Addis Ababa’s Kazanchis neighborhood have raised concerns about insufficient services in their new neighborhoods, particularly inadequate electricity & education.
MPs grilled the Minister of Urban & Infrastructure Development (MUID) over a recent Amnesty International report highlighting human rights abuses occurring due to the Road Corridor Development Project (RCDP).
A controversial decision to clear a large tract of land in the Olympia area of Addis Ababa for the expansion of the Oromia Regional State Presidential Office has been abruptly reversed.
A draft Ministry of Justice (MOJ) directive aims to enforce a 2021 law requiring private lawyers to provide free legal aid to up to 3 destitute clients every year.
Parliament ratified a draft Animal Health & Safety bill on April 29 despite concerns from MPs.
The Addis Ababa Revenue Bureau has reportedly imposed an annual tax on butcheries that surpasses their revenue, evoking outrage from butchers. In other news, the Bureau has mandated Level 1 & 2 taxpayers to present a payment voucher in order to receive services.
The Amhara Region Judges’ Association expressed “deep concern” over the delay in implementing salary & benefit adjustments for judges & parliamentary representatives in the region in an April 27 statement.
Humanitarian Needs
UNHCR Ethiopia is planning to significantly reduce its workforce due to funding shortages & escalating insecurity in parts of the country.
The Ministry of Peace (MOP) reported that it has returned 380,000 of the 2 million IDPs over the last 9 months & emphasized its plan to facilitate the return of all IDPs this year while presenting its 9-month report to Parliament on April 28.
The National Rehabilitation Commission (NRC) inaugurated a 3rd rehabilitation center near Adwa, Tigray to facilitate the ongoing DDR process.
Migration has spiked significantly since the macroeconomic reform as disillusioned Ethiopian youth increasingly embark on dangerous journeys to seek economic improvement. Learn more about the challenges here.
Ethiopia is grappling with a worsening malnutrition crisis amidst a convergence of conflict, climate shocks, disease outbreaks & economic instability.
The population of the endangered Walia Ibex has declined by nearly 65% since 2023 due to the ongoing war in the Amhara region, coupled with insufficient security in the Simien Mountains National Park, & exacerbated by locals’ widespread use of its horns & hooves in traditional medicine.
Politics
The TPLF faction led by Chairman Debretsion G/Michael reiterated that it won’t re-register with the National Election Board of Ethiopia (NEBE) in an April 26 statement, warning of serious repercussions if the NEBE doesn’t restore TPLF’s pre-war status.
The TPLF faction led by former TIA President Getachew Reda is in the process of forming a new opposition party named the Tigray Liberal Democratic Party (TLDP).
Opposition party Salsay Weyane accused TIA President Lt. Gen. Tadesse Werede of purging opposition members from the TIA cabinet and perpetuating a one-party system, echoing calls for an inclusive cabinet from opposition parties and others.
The Global Society of Tigray Scholars & Professionals (GSTS) accused a faction of the TPLF of “partisan institutional capture” of the Tigray Development Association (TDA) in an April 29 statement.
Conflict & Security
South Sudanese militants conducted a series of cross-border attacks starting April 30, briefly controlling an area called Bilkun in the Lare woreda, Gambella region & injuring the local administrator before being repelled.
Gunmen in the Arsi zone, Oromia region abducted over 50 passengers travelling from Sire woreda to Adama city on April 29, just 2 days after a similar attack elsewhere in the zone.
The US Embassy in Ethiopia issued an April 25 security alert warning US citizens of potential spontaneous demonstrations & advising them to avoid large gatherings due to safety concerns.
Oromia regional authorities have resumed forced military recruitment, with local officials reportedly given quotas for the number of people to be rounded up for mandatory military training.
Oromia regional authorities are considering plans to provide a 40-day military & political training for woreda and kebele officials at an ENDF military camp.
Geopolitics
Egypt & Djibouti signed an MOU for the construction of solar & wind projects in return for a port corridor for Cairo during an April 23 meeting. The 2 countries also reiterated that the countries bordering the Red Sea & the Gulf of Aden bear the “sole responsibility” for the “administration & security” of these areas.
Eritrea has rejected Ethiopian claims for Red Sea access, describing the calls as a “red line”. Learn more about Ethio-Eritrean tensions here & here.
Somalia’s President has called for greater regional cooperation to safeguard the Red Sea & the Gulf of Aden, warning that terrorist threats in these vital maritime zones pose a danger to global security. Learn more in this analysis.
Egypt and Sudan held an April 28 discussion on “jointly safeguarding water security” in relation to the Nile River and the GERD.
AUSSOM is requesting an additional 8,000 troops despite chronic funding shortages. Troop-contributing countries (TCCs) met in Uganda this week to discuss the deteriorating security situation.
Ethiopian citizens residing in Djibouti reported increasing threats & harassment at the hands of plain-clothes officers as the Djiboutian government cracks down on undocumented migrants.
Ethiopia & Kenya agreed to limit the number of business licenses to conduct cross-border trade to 100, limiting traders’ monthly transactional value to $1000.
Ethiopia & Thailand agreed to deepen bilateral cooperation during the BRICS Foreign Ministers’ Meeting, highlighting medical tourism as a promising new frontier. Meanwhile, South Africa is working to enhance tourism ties with Ethiopia.