The Government Expenditure Administration and Control Standing Committee has urged the Ministry of Justice to launch a thorough investigation into former leaders of the Metals and Engineering Corporation (METEC), following revelations of significant financial mismanagement and operational failures. The call comes amid a reported budget deficit exceeding 4 billion birr at the Ethiopian Engineering Group, the institution that succeeded METEC four years ago and now operates under Ethiopian Investment Holding since December 2024.
An audit report presented to Parliament revealed a staggering revenue shortfall: between 2021 and 2023, the group earned only 1.267 billion birr from product sales, far below the expected 5.538 billion birr, leaving a deficit of over 4.27 billion birr. Production outputs were alarmingly low, with only 8-12% of planned transformers, fuses, and substations manufactured during this period.
Committee Chairperson Yeshiemebet Demissie condemned...
Ethiopia’s once-thriving leather industry is grappling with significant challenges stemming from restrictive and outdated regulations, prompting industry stakeholders to...
Taleb’s “black swan” describes rare, high-impact events that are only rationalized after the fact-financial crashes, pandemics, or geopolitical upheavals....
Ethiopia is undergoing a pivotal economic transformation as it implements bold macroeconomic reforms aimed at stabilizing the economy and fostering sustainable growth. Since July 2024, the government has embarked on a comprehensive agenda to liberalize the foreign exchange market, enhance monetary and fiscal policies, and encourage private sector-led development.
To gain deeper insights into these reforms and their implications, Capital sits down with Dr. Tewodros Makonnen, Senior Country Economist for Ethiopia at the International Growth Centre (IGC). With extensive experience advising Ethiopia’s National Bank and a strong background in economic policy research, Tewodros offers a nuanced perspective on the challenges and opportunities facing the country.
In this exclusive interview, Tewodros discusses the progress made so far, the hurdles that remain, and the outlook for Ethiopia’s economic future as it navigates a complex global and domestic environment.
Capital: The country is undergoing crucial economic reforms not seen in the past five decades. However, some scholars argue that these reforms align with a neoliberal agenda that could negatively impact the nation. How do you...
In March 2019, Ethiopian Airlines Flight ET-302 crashed shortly after takeoff, claiming the lives of 157 people from across the globe. In the aftermath of this tragedy, a dedicated team embarked on a mission to create a place of solace and remembrance. At the heart of this effort was architect Alebel Desta, whose vision shaped the ET-302 Memorial Park. More than just a monument, the memorial is a testament to resilience, healing, and the enduring power of memory. Alebel is also the architect behind ‘New beginnings’ urban art installation that was constructed for the Prime Minister’s inauguration ceremony on the 4th of October 2021 at Meskel square, which was installed by Ejig Design. Capital spoke with Alebel Desta about the project's profound journey, the challenges faced, and the story behind the recently published book, "Spaces of Remembrance," which documents the memorial's creation from concept to completion. Excerpts;
Capital: Can you describe the founding principles and mission of Alebel Desta Consulting Architects and Engineers?
Alebel Desta: At Alebel Desta Consulting Architects and...
Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer. In Ethiopia, Diageo has established a strong presence in consumption occasions with its diverse portfolio of globally renowned brands including Johnnie Walker and Gordon’s Gin.
Diageo is seeking a strategic business partner in Ethiopia to sell, distribute and undertake below-the-line marketing of its spirits portfolio. The partner will be responsible for expanding the presence of the portfolio into more consumer occasions, reaching consumers across touchpoints and driving sustainable growth in the Ethiopian market.
Scope of Work:
Importation, Warehousing and Logistics
Sales, Distribution and Execution
Customer/Trade Marketing
Requirements:
Experience in distribution management of premium Spirits or similar FMCG products
Proven track record of Sales Execution and Customer/Trade Marketing
Scalable distribution network with ability to expand market reach in Ethiopia
Demonstrated financial stability, and established corporate governance
Submission Guidelines:
Applications should provide a company profile, references from business associates, ID copy of a legal representative, copies of company registration documents, trading license, tax clearance certificate, list of directors and 6 months bank statement.
Applications should be submitted by 30 May 2025 and emailed to rfpethiopia@diageo.com. An RFP brief will be shared with shortlisted candidates.
Ethiopian Islamic affair supreme council
Addis Ababa, Ethiopia
Date: May, 2025
Project Name: KING NEJASHI ISLAMIC CENTER Project: Phase One
Project Procurement Reference No: EIASC/KNIC/08/2025.
Ethiopian Islamic affair supreme council (hereinafter called the "Employer"), invites eligible companies to indicate their interest to participate in the development of king nejashi Islamic Centre Project using Design - Construction Services and / or Works (DB) Delivery Approach.
The Employer has 30,000 m2 land located near to Africa Union whose Title Deeds, Topographic Map and Planning Consents are as included herein with (Annex 1: Title Deeds, Topographic Map and Planning Consents). The Employer is desirous to develop Islamic Center whose components are:
2B + 1 SB + G + 2 Mosque Building
Public Plazas
Medresa/school and associated facilities
The Employer acquired sufficient funds for construction for the proposed Islamic Center Phase One Project is attached in Annex 3 herewith.
Bidders shall provide Design- Construction Services & / or Works defined in detail in the Employer Requirement.
International Bidders with Local Counterparts may be given Three Points Preference Margin. Local bidders who meet all the requirements of the Request for Expression of Interest (EOI) are eligible to participate.
Interested companies must provide the requested information within 30 Calendar Days from the Date of Advertisement indicating that they...
On May 14, the Saint George Armenian Apostolic Church in Addis Ababa became a vibrant hub for cultural exchange as the Embassy of Armenia in Ethiopia and the Embassy of Hungary co-hosted a captivating concert of classical and spiritual music. The event showcased the talents of Armenian soprano Hasmik Harutyunyan and renowned Hungarian composer and organist Márton Levente Horváth,...
Legendary Ethiopian singer Qemer Yusuf has announced the release of his final album, "Galano," capping a remarkable 50-year musical journey. The celebrated artist will mark this milestone with a series of events, including a high-profile album launch and a grand concert, organizers revealed this week.
In a press statement, Qemer Yusuf confirmed that "Galano" will be his last album, describing...
As President Trump's sweeping "Liberation Day" tariffs send shockwaves through global markets, China is accelerating its diversification strategy to...
South Africa’s Minister of Mineral and Petroleum Resources, Mr Gwede Mantashe has committed to attend the four-day AOW energy event (https://AOWEnergy.com/) in Cape Town from 7 – 10 October.
AOW: Investing in African Energy brings together industry leaders to develop policy, share discoveries, secure investment, and shape Africa’s energy future. This year’s event will feature more than 1 600 senior delegates, 80 ministers and officials from 70+ countries and representatives of more than 760 companies.
Announcing Mantashe’s confirmed attendance, Chief Executive Officer of Sankofa Events, Paul Sinclair...
On the back of major investments from multilateral finance institution the African Development Bank, The Gambia is poised to increase its electrification rate to 70% – 50% in rural areas – by the end of the year. In the wake of the country’s burgeoning energy sector, The Gambia’s Minister of Petroleum and Energy Nani Juwara will participate as a speaker at this year’s African Energy Week (AEW): Invest in African Energy 2024 conference, which takes place in Cape Town from November 4-8.
The Gambia represents...