Bunna Bank has announced a remarkable milestone, with its total assets surpassing 54.53 billion birr, reflecting an increase of 8.14 billion birr in the current fiscal year. This achievement comes as the bank held its 15th Annual General Meeting of Shareholders, where it also reported a pre-tax profit of 930.1 million birr for the year.

Founded 15 years ago, Bunna Bank has grown to serve over 14,000 shareholders and employs more than 4,100 permanent staff across its 474 branches nationwide. The bank’s paid-up capital also saw a significant rise, growing by 549.2 million birr to reach a total of 4.83 billion birr.

During the meeting, Ambassador Alemayehu Sewagen, Chairperson of the Board of Directors, presented the bank’s annual report and highlighted the various challenges facing Ethiopia’s banking sector. High inflation rates, foreign exchange shortages, and overlapping regulatory guidelines have posed significant obstacles to financial institutions. Despite these issues affecting loan distribution and deposit collection, Bunna Bank has managed to maintain its profitability and competitive edge.

The bank mobilized a total of 43.87 billion birr in deposits during the fiscal year, marking a 20% increase from the previous year. The breakdown of deposits included 2.79 billion birr from savings accounts, 1.55 billion birr from demand deposits, and 2.62 billion birr from time deposits.

In terms of service expansion, Bunna Bank reported that it installed 200 cash payment machines at various locations including branches, hotels, and commercial service points during the fiscal year. The number of card banking users increased to 413,892, with transactions totaling 1.39 billion birr processed through these machines.

Ambassador Alemayehu emphasized the bank’s commitment to enhancing digital banking services and resource mobilization as part of its strategic focus moving forward. The bank provided loans amounting to 4.1 billion birr across various sectors of the economy, increasing its total lending volume by 11.8% to reach 38.87 billion birr.

However, Bunna Bank faced challenges in foreign exchange earnings due to a decline in exports and remittances from abroad, which totaled $167.6 million for the year ending June 30, 2024.

The bank’s leadership is also implementing a comprehensive risk management program in line with the National Bank of Ethiopia’s standards and has approved a five-year corporate strategic plan for 2023-2027 aimed at further strengthening its operations.

In a significant development for the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), Zahara Mohammed has been elected as the new president following the conclusion of the Chamber’s 18th regular general meeting. This marks a historic moment as Zahara becomes the second female president to lead the council since its establishment in 2018.

The election, held on January 17, 2025, saw Zahara Mohammed secure her position with an impressive 355 votes. She will serve a two-year term, succeeding Mesenbet Shenkute, who has held the presidency for six years. Mesenbet was first elected during the 14th General Assembly in October 2018 and was re-elected in subsequent years. However, at this latest assembly, she stepped down, paving the way for Zahara’s leadership.

Alongside Zahara, Abebe Gurmesa was elected as Vice President, further solidifying the leadership team for the next term. The newly elected board members include Sarah Solomon, Addisu Getaneh, Damte Dagne, Zahara Ahmed, Mesfin Gared, Girumnesh Yimer, Habtamu Hailu, and Aycheluhem Kebede.

This election is particularly noteworthy as it represents a shift towards greater inclusivity within the AACCSA. For the first time, the entire community participated in electing its leadership. Previously, board members were selected by a smaller group of insiders, leading to calls for reform and transparency within the organization. The recent changes come after months of discussions and an audit aimed at addressing internal issues within the Chamber.

Habiba Siraj, Head of the Trade Bureau of the Addis Ababa City Administration, highlighted that there are currently 483,000 licensed traders in Addis Ababa and emphasized the importance of strong organizations to support these traders. Buzena Siraj, Speaker of the House of the Addis Ababa City Administration Council, echoed this sentiment by stressing that a robust private sector is essential for sustaining economic growth.

The AACCSA’s leadership transition is seen as an opportunity for revitalization and reform within Ethiopia’s business community. As Zahara Mohammed takes on her new role, there is hope that her presidency will stimulate positive changes and foster a more dynamic environment for commerce and trade in Addis Ababa and beyond.

The International Monetary Fund (IMF) Executive Board has completed the second review of Ethiopia’s Extended Credit Facility (ECF), enabling the country to access approximately $248 million to support its balance of payments needs. This decision marks a significant milestone in Ethiopia’s economic reform journey, following the ECF’s approval in July 2024 as part of a broader $10.7 billion support package from development partners and creditors.

The ECF arrangement, totaling SDR 2.556 billion (about $3.4 billion), aims to bolster Ethiopia’s Homegrown Economic Reform Agenda (HGER) by addressing macroeconomic imbalances and laying the groundwork for private sector-led growth. With this latest disbursement, total funds released under the ECF now amount to approximately $1.611 billion.

Ethiopian authorities have demonstrated a strong commitment to achieving the objectives of the Fund-supported program, with all quantitative performance criteria met during this review period. However, the government’s contributions to targeted social safety nets were lower than anticipated due to necessary preparations for expanding these programs amid an increased budgetary envelope.

The IMF noted improvements in the functioning of the foreign exchange market, attributing this progress to significant policy actions taken by Ethiopian authorities to enhance market efficiency. The National Bank of Ethiopia (NBE) has maintained tight monetary conditions while advancing modernization efforts within its monetary policy framework.

Despite these advancements, challenges remain. The government is working diligently to restore debt sustainability and secure a comprehensive debt treatment under the G20 Common Framework. The ongoing negotiations with official creditors are seen as crucial for achieving long-term fiscal stability.

Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director of the IMF, commended Ethiopia’s progress in implementing its Fund-supported program and addressing macroeconomic challenges. He highlighted that the transition to a flexible exchange rate has advanced significantly, contributing to a stabilization of the parallel market premium.

Clarke emphasized that maintaining prudent macroeconomic policies, including tight monetary policy and avoiding monetary financing of government deficits, is essential for reducing imbalances and ensuring overall economic stability. He also urged the Ethiopian authorities to expedite efforts to expand targeted social safety nets to protect vulnerable households.

The organization Voice for Prisoners is intensifying efforts to combat drug trafficking from Ethiopia, focusing on protecting individuals who are coerced or deceived into smuggling drugs to Hong Kong. Founded in 2018, the organization aims to prevent the criminal exploitation of vulnerable individuals who face severe penalties, including lengthy prison sentences, for drug-related offenses.

In response to the growing issue, Voice for Prisoners has launched the “No More Moles” campaign, designed to raise awareness about the dangers of hiring drug mules and to educate potential victims about the risks associated with drug trafficking. Father John Wotherspoon, the founder of Voice for Prisoners, emphasized that many individuals caught in this web are not criminals but rather innocent victims manipulated by drug syndicates.

During a recent trip to Africa, Father Wotherspoon and Miss Jane Chow from the Sound Prisoners Association engaged with former prisoners, families of those currently incarcerated in Hong Kong, journalists, and officials. Their mission was to spread awareness about the serious consequences of drug trafficking and to highlight the harsh penalties imposed in Hong Kong and other Asian countries. “Individuals coerced into trafficking drugs can face sentences of up to 20 years,” he warned.

Statistics reveal a troubling trend: a significant percentage of prisoners worldwide are incarcerated for drug-related crimes, with figures reaching as high as 70% in Singapore and 65% in Hong Kong. The increasing prevalence of drug trafficking through Addis Ababa’s Bole International Airport has made it a key transit point for smugglers, further complicating efforts to curb this illicit trade.

The United Nations Office on Drugs and Crime has noted that West African syndicates are increasingly involved in smuggling operations, often targeting vulnerable individuals. Many of these traffickers exploit desperate situations by promising easy money to those in need. Father Wotherspoon highlighted that women are particularly at risk of being coerced into becoming drug mules.

To address these challenges, Voice for Prisoners is advocating for enhanced security measures at Bole International Airport. The organization calls on Ethiopian authorities to implement advanced screening technologies and stricter oversight to prevent drug smuggling operations from exploiting the airport’s vulnerabilities.