Global Bank Ethiopia has announced a pre-tax profit of 1.03 billion birr for the last fiscal year, marking a significant achievement in the bank’s growth trajectory. The bank reported impressive revenue exceeding 4 billion birr, reflecting a robust increase of 37% compared to the previous year.

Despite facing challenging economic conditions both locally and globally, Global Bank’s CEO, Tesfaye Boru, highlighted the bank’s ability to save over 1 billion birr before taxes and other deductions during the current fiscal year. “This remarkable performance demonstrates our resilience and commitment to navigating the complexities of the financial landscape,” he stated.

According to the bank’s report, its paid-up capital reached 2.48 billion birr, representing a 22% increase from the previous year. Additionally, deposits surged to 18.22 billion birr, showcasing strong customer confidence in the bank’s services.

The net profit for the year was recorded at 757.5 million birr, with a notable dividend yield of 33.2%. The bank issued loans totaling 15.7 billion birr during the fiscal year, maintaining a low default rate of just 2%.

In a move to bolster its operational capabilities, Global Bank announced that it has acquired over 5,550 square meters of land from the Addis Ababa City Administration in the Mexico area for the construction of its new headquarters. This strategic investment is expected to enhance the bank’s infrastructure and service delivery.

Global Bank Ethiopia’s strong financial performance and strategic initiatives underscore its commitment to growth and customer satisfaction in an evolving economic environment. As it continues to expand its operations and enhance its service offerings, the bank remains poised to play a pivotal role in Ethiopia’s financial sector.

The Ethiopian government is taking significant steps toward promoting electric vehicle (EV) use by granting permission to more than ten investors interested in establishing electric vehicle charging stations across the country. This initiative comes in response to the government’s recent ban on the import of petrol-powered vehicles, signaling a commitment to sustainable transportation solutions.

According to the Addis Ababa City Transport Bureau, discussions are underway regarding the development of these charging stations, and a decision on the investors’ applications is expected soon. The government aims to create a climate-resilient transportation system that is both accessible and efficient.

Yabebal Addis, Head of the City Transport Bureau, announced that 100 electric vehicles will be imported into Addis Ababa shortly, which he believes will significantly modernize the city’s transport system. “There are more than 10 investors who have applied to engage in this project, and we anticipate a large EV charging station in the city,” he stated.

The Petroleum and Energy Authority at the federal level, along with the Ethiopian Electric Utility (EEU), is collaborating with city administration officials to select suitable locations for these charging stations. Yabebal emphasized the importance of developing a master plan for EV charging stations in Addis Ababa, noting that as global technology advances, Ethiopia must keep pace with these developments.

This initiative was highlighted during discussions on improving traffic control and parking management systems in Addis Ababa. The integration of electric vehicles into the transportation network is seen as a critical step toward achieving environmental sustainability.

To facilitate seamless transactions related to electric vehicle purchases and charging services, Utopia Technology has entered into a digital payment partnership with the Commercial Bank of Ethiopia and Tele Birr. This collaboration aims to streamline payment processes for customers, enhancing their overall experience.

Kebew Mideksa, Chief Director of Addis Ababa Traffic Management Authority, remarked that the new technology not only reduces costs associated with traditional traffic control but also alleviates the burden on citizens by simplifying regulatory processes.

The introduction of electric vehicle infrastructure is expected to create numerous job opportunities within the sector. With a technology team composed of experienced professionals, Utopia Technology aims to contribute significantly to Ethiopia’s digital economy while promoting sustainable practices.

As Ethiopia embarks on this transformative journey toward electric mobility, it is essential for all stakeholders—government officials, businesses, and consumers—to collaborate effectively. By fostering an environment conducive to innovation and sustainability, Ethiopia can pave the way for a cleaner and more efficient transportation system.

In a significant move towards enhancing collaboration between the public and private sectors, Ethiopia has officially launched an electronic Public-Private Dialogue (E-PPD) platform. This innovative initiative aims to facilitate constructive dialogue and address policy challenges that hinder economic growth and development in the country.

The Memorandum of Understanding (MoU) was signed between the Minister of Trade and Regional Integration (MoTRI) and the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA). This agreement marks a historic first for the nation, establishing a digital platform designed to strengthen trust and cooperation between government entities and private businesses.

The E-PPD platform is expected to tackle critical regulatory and operational challenges faced by businesses, thereby increasing transparency and fostering a collaborative environment. By promoting a more business-friendly climate, the platform aims to stimulate private sector growth and job creation, which are essential for Ethiopia’s economic development.

The launch of the E-PPD platform reflects Ethiopia’s commitment to embracing digital transformation as a means to improve governance and enhance stakeholder engagement. This initiative is part of a broader effort to modernize the country’s governance structures and promote effective communication between the government and private sector stakeholders.

Developed under the Business and Investment Climate, including e-government (BEIC) project, the E-PPD platform is funded by the European Union and implemented by GIZ. The platform is designed to address key policy and business environment issues through structured, data-driven, and inclusive dialogue mechanisms that align with global best practices.

Ethiopia is experiencing a significant increase in coffee prices, a staple commodity that has traditionally been used for domestic consumption. Recent economic reforms have contributed to this dramatic rise, with prices now exceeding 300 birr per kilogram in the market.

According to reports, the price of coffee has nearly doubled, rising from 57 birr to approximately 120 birr per kilogram. This increase is attributed to various factors, including changes in export dynamics and the profitability of coffee production for exporters. Previously, many exporters hesitated to sell coffee domestically due to the higher profits available from international markets.

Cheru Koru, Head of Market Intelligence and Security at the Ethiopian Coffee and Tea Authority, explained that there are different quality levels of coffee, ranging from one to five. He noted that coffee previously sold as a by-product within the country is now being prepared for export at higher quality levels, further impacting local availability.

As one of the largest exporters of coffee in Africa, Ethiopia’s export increases have led to a shortage of coffee available for domestic consumption. Koru emphasized that when exports rise, it often results in reduced supply for local markets, driving up prices for consumers.

The government is actively working to enhance coffee production and expand market access for Ethiopian coffee globally. This year alone, Ethiopia’s exports of specialty coffee have increased from 20% to 45%, reflecting a growing demand for its high-quality products on the international stage.

The sharp rise in coffee prices has raised concerns among consumers and local businesses alike. Many are worried about the impact on their daily lives as coffee is an integral part of Ethiopian culture and social gatherings.

In response to these challenges, the Ethiopian government is exploring strategies to stabilize prices and ensure that local consumers have access to affordable coffee. This includes potential measures to regulate exports while promoting domestic consumption.