Ethiopia’s economic reforms have garnered recognition from international institutions, including the International Monetary Fund (IMF) and the World Bank. To sustain and accelerate economic development, Ethiopia’s banking system must advance.
The finance sector needs to broaden its client base and geographical reach, leading the nation’s digital transformation and promoting financial inclusivity to enhance and sustain growth. It should expand its size and scope within the economy by aggressively transforming into a customer-centered ecosystem that raises service standards. As “Digital Ethiopia” becomes a reality in various sectors, the finance industry should enhance its digital finance systems.
Moreover, the financial sector must address the private sector’s financial constraints by improving its efficiency and inclusivity.
President Taye Atske-Selassie made these remarks at the opening of the Ethiopia Finance Forum 2025 at the Science Museum.
– Intra-Regional Security Ownership Key to Ensuring Peace in East Africa: DPM Temesgen
East African nations must take full ownership of their security and strengthen regional cooperation. The challenges in our region are ours to solve, and our solutions should be crafted by those who understand the terrain, not from afar.
Intelligence and security services must communicate in real time, act in coordination, and build trust that transcends protocol. By enhancing national and regional intelligence capacities, the East African region can effectively manage and resolve its security issues.
Modern threats necessitate modern tools. Security is not merely the absence of war; it encompasses the presence of justice and the protection of dignity. It is the foundation upon which we build jobs, educate our children, and aspire to thrive beyond mere survival.
Deputy Prime Minister Temesgen Tiruneh stated this at the opening of the East Africa Regional Meeting of the Committee of Intelligence and Security Services of Africa (CISSA) underway in Addis Ababa.
-Ethiopia’s Financial System Achieves Lower Inflation: NBE Governor
Ethiopia’s financial system has achieved a significantly lower inflation rate and demonstrated robust stability over the past five years. It has successfully navigated challenges such as high inflation, foreign currency shortages, and operational inefficiencies to reach a stable and favorable state.
This progress is attributed to macroeconomic reforms implemented over the past five years, which have sharply reduced inflation and strengthened the sector’s foundation. These reforms have fostered a competitive, market-oriented environment that prioritizes the private sector, attracts foreign investment, and embraces technological innovation.
New financial channels, business models, and technologies have been introduced, addressing previously underserved areas of the sector. The sustained reduction in inflation and ongoing advancements signal a promising future for Ethiopia’s financial system.
Mamo Mihretu, Governor of the National Bank of Ethiopia (NBE), made these comments at the Ethiopia Finance Forum 2025.
-Systemic Corruption and Criminal Networks Disturb Tigray Politics: Getachew Reda
Systemic corruption by senior party leaders and military commanders is exploiting Tigray’s resources and political system for personal and group gains. Tigray and its people are effectively hostages of this criminal network.
A handful of political leaders and military commanders are institutionalizing theft, becoming conflict entrepreneurs at the expense of the people of Tigray to preserve their personal and group interests. This systemic and institutional corruption must end; the people of Tigray deserve better service, development, and peace.
Senior leaders of the Tigray People’s Liberation Front (TPLF) and high-ranking military officials are engaged in widespread corruption, particularly through illegal gold mining. The extent of the theft is staggering, with evidence of individuals embezzling hundreds of millions of Birr. Furthermore, military officials are implicated in humanitarian crimes and human trafficking.
Getachew Reda, Minister Advisor for East African Affairs and former Chief Administrator of Tigray’s Interim Regional Administration, addressed these issues with FMC.
-Ethiopia Achieves Robust Growth Across Sectors in Nine Months: GCS
Ethiopia has made significant progress in agriculture, mining, tourism, manufacturing, and the digital economy over the past nine months of the current fiscal year, thanks to the government’s reform initiatives. Notably, the comprehensive macroeconomic reforms implemented at the beginning of the budget year have yielded impressive results across multiple sectors.
Agriculture has seen remarkable achievements, with over 4.2 million hectares developed for wheat irrigation, producing 66 million quintals of crops. The manufacturing sector’s production capacity increased to 61.2% from 46% during the same period last year. The “Made in Ethiopia” campaign has substituted 10.3 billion USD in products over three years, including 3.1 billion USD this year, thereby boosting local industries.
Tesfahun Gobezay, State Minister of the Government Communications Service (GCS), reported these developments.
THE ETHIOPIAN HERALD SATURDAY 17 MAY 2025
