In a remarkable showcase of Ethiopia’s coffee industry, a single kilogram of coffee was sold for an astonishing 102,000 birr (approximately $980.64) during this year’s Cup of Excellence competition, setting a new record for the nation.

The Cup of Excellence, now in its fourth year in Ethiopia, is an international coffee tasting competition designed to elevate the quality of coffee produced by local farmers. This year’s event, which took place over the past seven months, featured various programs aimed at promoting superior coffee quality and rewarding exceptional producers.

The competition culminated in a thrilling online auction, where 27 winning coffees were sold to specialty coffee buyers from around the globe. The auction attracted significant interest, with bidders vying for the top-quality selections that represent Ethiopia’s diverse coffee heritage.

The International Islamic Banking and Takaful Awards distribution ceremony was celebrated during the 5 th International Interest-Free Banking and Takaful Forum organized by AlHuda Centre of Islamic Banking & Economics (CIBE) at the Ethiopian Skylight Hotel in Addis Ababa, Ethiopia. The event aimed to encourage the Interest-Free Banking & Takaful industry and to recognize and celebrate the outstanding achievements and contributions of individuals and institutions within the sector.

“These awards represent the collective efforts and innovations of the pioneers in the Interest-Free Finance industry across Africa,” said Zubair Mughal, Chief Executive Officer of AlHuda CIBE. “We are honored to recognize those who have made significant strides in advancing the sector and are setting benchmarks for others to follow. We express our gratitude to all participants, judges, sponsors, and partners for their support and commitment to making the African Interest-Free Banking and Takaful Awards a resounding success.”

In a concerted effort to tackle the growing challenges of State-Owned Enterprise (SOE) debt in Africa, the United Nations Economic Commission for Africa (ECA) hosted a high-level workshop in Pretoria from 21 to 23 August 2024. The event brought together finance policymakers, industry experts, and international organizations to share best practices and develop strategic solutions for effective SOE debt management across the continent.

The workshop brought together officials from the Ministries of Finance of Cameroon, Ethiopia, Ghana, Nigeria, South Africa, and Zambia, along with representatives from UNDP, the African Forum and Network on Debt and Development, and major state-owned entities. The focus was on enhancing governance frameworks, improving financial oversight, and exploring privatization options.

Participants discussed the critical role of SOEs in driving national development, acknowledging that while these entities have the potential to bolster economic growth and address market deficiencies, they also pose significant risks to government finances. The workshop highlighted that poorly managed SOEs can lead to severe financial burdens, potentially destabilizing national budgets and contributing to the deterioration of sovereign credit ratings.