Category: Business

Addis Ababa: Executive Director of the Nile Basin Initiative (NBI) Secretariat, Florence Grace Adongo emphasized the need for stronger cooperation among the riparian states to ensure equitable utilization and sustainable management of the Nile water resources.

A national stakeholders meeting of the Nile Basin Initiative held in Addis Ababa today which aimed at raising visibility and awareness on the initiative and facilitating the tools for the implementation of its programs and projects.

Addressing the meeting, the executive director recalled that the NBI covers 10 percent of the African continent and is home to almost a quarter of the continents population.

The Nile Basin countries face key development challenges which are related to water security, energy security, food security and vulnerability to the environmental shocks that are rising from the negative impacts of climate change.

Stressing that no county can manage these challenges unilaterally, Adongo therefore, underlined that countries across th
e Nile Basin should come together to find a common solution for such common problems.

This move would have a paramount importance for equitable use of the Nile Basin’s shared water resources, according to her.

The executive director further stated that strengthening cooperation is essential to ensure equitable utilization, and sustainable management of the Nile River water resources.

Over 25 years, NBI served as the platform for dialogue, a catalyst for change, fostering regional integration, enhancing competitiveness and unlocking the Nile Basin’s immense potential for Africa and beyond, she pointed out.

Citing that Ethiopia has been at the forefront in supporting matters of cooperation, Adongo said we look forward for more cooperation and working together.

Recall Ethiopia is also one of the first countries that have endorsed the Cooperative Framework Agreement (CFA). She urged the remaining countries to ratify the agreement to transform the Nile Basin Initiative into a Nile Basin Commission.

Addressin
g the occasion, State Minister of Water and Energy Abraha Adugna also affirmed that the NBI has made significant achievements so far despite various challenges in the region.

NBI promoted basin-wide dialogue and stakeholder involvement on confidence building, providing strategic, technical and analytical framework, introducing best practice tools, and methodologies among others.

The state Minister reaffirmed the solid determination of the Ethiopian government to achieve NBI’s ambitions as Nile River is a transboundary water resource which crosses 11 riparian countries.

Nile Basin Initiative is a regional intergovernmental partnership launched by the Nile Basin countries on 22nd February, 1999 to manage and develop the shared Nile Basin water resources in a cooperative manner, share substantial socio-economic benefits and promote regional peace and security.

Source: Ethiopian News Agency

Addis Ababa: Bolstering collaboration among development partners and NGOs on water and energy accessibility is significant to prevent duplication of efforts in the sector, Minister of Water and Energy, Engineer Habtamu Itefa said.

A joint working group secretariat for the water and energy sector convened discussion today to assess the progress made and explore avenues for future cooperation.

Speaking at the occasion, Engineer Habtamu stated that we are here to share our experiences and discuss on how to enhance future actions strategically.

Over the past three years, we have achieved significant milestones in water supply, water resource management, and energy accessibility, he noted.

For this, the minister expressed gratitude to development partners for their support in this regard, acknowledging the efforts made towards modernization, ensuring water sustainability, and automation for effective planning.

According to him, the government is committed to further enhancing its collaboration with developmen
t partners and NGOs to ensure drinking water and energy needs of the citizens.

“I believe it’s time for strategic collaboration to prevent resource duplication and streamline activities. Today, our focus is to reflect on our collective experiences, assess progress, and chart a path forward,” he stated.

Achieving such goals requires a strategic approach and collaborative planning, he said, adding that ideally, regular evaluations on a quarterly or even more frequent basis, will allow us to identify both our shortcomings and our areas of efficiency.

Unless we strive to optimize our resources for specific purposes that address our needs, our efforts may yield minimal results or fail to meet our demands entirely, he said.

Water Aid Country Director, Yaekob Metena, emphasized the necessity of collaborative efforts between the government and development partners to improve Ethiopia’s utilization of resources in the water and energy sector.

He highlighted the importance of ongoing consultations among developmen
t partners engaged in the sector, enabling institutions to share experiences and foster a culture of information exchange.

Additionally, he noted that partner organizations will collaborate closely with the ministry to achieve the sector’s development objectives.

Country Director for IRC WASH, Lemessa Mekonta on his part stressed the importance of ensuring accessibility of clean water and energy to citizens through fostering collaboration among partner organizations.

Substantial resources are needed to translate efforts in the water and energy sector into tangible outcomes, he said, adding, to this effect, concerted efforts from the government or development partners are also sought.

Source: Ethiopian News Agency

Addis Ababa: Ethiopia has reiterated commitment to BRICS vision and to discharge its responsibilities for promoting meaningful and productive partnership for inclusive and sustainable development.

State Minister of Foreign Affairs, Mesganu Arga is participating in the 2nd BRICS Sherpas/ Sous -Sherpas meeting on partner country model in Moscow.

Mesganu posted on X: ‘I reiterated Ethiopia’s commitment to BRICS vision and discharge our responsibilities to promote meaningful and productive partnership for inclusive and sustainable development.’

Source: Ethiopian News Agency

Addis Ababa: China’s Grand World Investment Holding Group has expressed desire to engage in the manufacturing sector of Ethiopia.

According to the Embassy of Ethiopia in Beijing, the Deputy Head of the Ethiopian Mission to China, Ambassador Dawano Kedir held discussion with President of Grand World Investment Holding Group, Wenguang Liu.

Accordingly, Ambassador Dawano briefed the president about Ethiopia’s potential investment areas that would help the investment holding group engage particularly, in the manufacturing sector, it was indicated

Grand World Investment Holding Group was established in Beijing in 2013 and it is an investment group focusing on key sectors such as finance, real estate, cultural media, ecological agriculture, medical health, rural revitalization, and technology industries.

Source: Ethiopian News Agency

Kayoyi Limited, a leading e-commerce company, has begun operations in the country with the goal to fulfill the long awaited desire of the ordinary Ghanaian consumers looking for quality products at their doorsteps.

All products listed on Kayoyi Ghana’s page are of top-notch quality with trusted brands and supplies to maximise customer satisfaction and build brand loyalty.

It is the only platform that has all Muslim products such as quality Abaya, Jalabs, Tasbaha, Islamic books amongst others.

Mr Senna Bortsi, Chief Executive Officer, Kayoyi Ghana, who briefed the Ghana News Agency about the operations of the company in the country, said, ‘The company, as an effective standards unit, ensures that all products listed on its page for sale are verified from trusted sources and manufacturers.’

Mr Bortsi said the company had the best rapid delivery system deployed across the country adding, ‘The delivery unit ensures customers get their products within a 24-hour mark period. It is revealing that this is one of
the hallmarks of Kayoyi everywhere it operates, and the company is making efforts to improve this even further.’

He said the company had several promotional campaigns all-year-round adding, ‘The current Eid Promo, which seeks to give customers the opportunity to buy any product on our webpage at a reduced price, is nothing but the brightest campaign so far in the e-commerce sector in Ghana.’

He said: ‘With its added advantage of comfort and convenience, bespoke orders, flexible payment plan, on time delivery and many more is nothing less than mouth-watering packages for the Ghanaian consumer. These and many more campaigns will follow in the coming years.’

He touched on the company’s infrastructure, saying it had deployed an advanced state-of-the-art infrastructure to ensure access, convenience, responsive, user-friendly interface, and safe e-commerce transactions in the country.

Mr Bortsi spoke about corporate social responsibility and indicated, ‘The company empowers its customers, suppliers, staff, and
the public in ways that have an overall impact on the operational environment. Regular educational programmes will be organised for customers on best customer service, fashion trends and wardrobe malfunction remedies.’

Kayoyi Ghana has an exceptional customer relations culture with its well-trained customer centric staff, after sales inquiry and above all continuous communication pattern to assist the customers satisfy their desires in products purchase and enquiry,’ he said.

Source: Ghana News Agency

Zenith Bank Ghana capped off a stellar year in 2023, with total assets surging by nearly 44 per cent to reach GHS13.86 billion as profit before tax moved to GHS1.02 billion.

This represented a 284.35 per cent reversal from the GHS554.6 million loss recorded in 2022 as a result of the Domestic Debt Exchange Programme (DDEP).

A driving force behind the performance was high customer confidence in the Bank as deposits grew by GHS3.32 billion, to reach GHS11.7 billion for the period.

Similarly, the Bank expanded its loan book to GHS2.25 billion, GHS390.7 million higher than in the previous year.

Mr Henry C. Onwuzurigbo, Managing Director/Chief Executive Officer of Zenith Bank Ghana, said, ‘We are glad to see the trust our customers have placed in the bank’s stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele.’

‘Again, the upswing in lending activity is a positive indicator for Ghana’s e
conomy. It indicates growing confidence in businesses and a potential increase in economic productivity,’ he added.

Consequently, interest income – a vital indicator of a bank’s lending and investment activities – surged by GHS317 million to GHS1.38 billion, highlighting the success of its strategies in loan origination and managing investment portfolios.

Additionally, fee and commission income grew by GHS49 million.

But the real highlight of the year was the exceptional performance in trading. Net trading income more than doubled from GHS156.7 million to GHS332.6 million, potentially fueled by favourable market conditions or strategic trading decisions by the Bank.

The Bank had to steer through some challenges which impacted its net profit in 2023 such as the GHS109 million impairment loss on financial assets, which impacted the bottom line.

This, however, was a tenth of the GHS1.19 billion recognised in 2022.

Operating income appreciated by GHS546 million to GHS1.6 billion, highlighting the underlying
strength of the bank’s core business activities in generating healthy and consistent revenue.

The bank’s shareholders’ funds also improved significantly by 68 per cent from GHS982million post-DDEP to GHS1.66 billion due to its exceptional performance in 2023.

Market watchers believe that by tackling the impairment losses and implementing cost optimisation strategies, growing its risk assets as well as investment portfolio, Zenith Bank Ghana is well-positioned to translate its impressive revenue growth into long-term financial success, especially as the bank’s focus on customer satisfaction and strategic revenue generation sets a strong foundation for a prosperous future.

The Bank’s 2023 performance positions it for continued success in the years to come.

Source: Ghana News Agency

Addis Ababa: Ethiopia’s industrial parks have produced more than 200 million USD worth of goods that replace imports, Industrial Parks Development Cooperation (IPDC) announced.

The parks have also earned over 90 million USD in revenue during the stated period by exporting various products to the international market.

Industrial Parks Development Cooperation CEO, Aklilu Taddese said the Industry Parks operating in various parts of Ethiopia have been playing key role in import substitution, foreign currency earnings and job creation.

According to him, the parks in their efforts to strengthen import substitution have managed to produce goods worth of more than 200 million USD over the past nine months.

The successful efforts being exerted to substitute industrial products such as pharmaceutical and other vital goods that were forcing the nation to spend a lot of foreign currency are driving the country to realize the multifaceted prosperity, he added.

The parks have also earned over 90 million USD by export
ing various products to the international market noting that industrial parks in the country have been competing in the global market by producing quality products.

Source: Ethiopian News Agency

Addis Ababa: Ethiopia’s commitment to improving its agricultural sector and ensuring food security using technologies is a good example to be emulated by other countries in Africa, Innovation and Technology Minister Belete Molla remarked.

The Minister made the remark at the opening of the two-day Sixth African Science, Technology and Innovation (STI) Forum underway at UNECA headquarter in Addis Ababa under the theme, ‘Effective delivery of innovative science and technology solutions to reinforce the 2030 Agenda for Sustainable Development and Agenda 2063 and eradicate poverty in Africa.’

The forum is a pre-event being held ahead of the Tenth African Regional Forum on Sustainable Development.

Speaking during the opening, Innovation and Technology Minister Belete Molla said the forum is critical platform to explore how science, technology, and innovation can be harnessed to achieve the goals of Agenda 2063 and the 2030 Agenda for Sustainable Development, with a specific focus on eradicating poverty in Africa
.

Africa is at a crossroads, the minister said, adding that despite significant progress, ‘we are still off track on achieving Sustainable Development Goal 1: No Poverty.’

The number of people living in extreme poverty in Africa continues to rise, threatening to undermine peace, security, and sustainable development across the continent.

Science, technology, and innovation are not silver bullets, but they are powerful tools that can help us overcome these challenges, he stressed.

‘By fostering innovation in key sectors like agriculture, clean energy, and healthcare, we can create jobs, improve livelihoods, and lift millions out of poverty.’

However, strong foundation is needed for science, technology, and innovation to truly flourish in Africa.

Robust investment and effective collaboration in science, technology, and innovation are key to eradicating poverty and building sustainable development in Africa, Belete said.

‘We need a strong foundation. We must increase investment in research institutions an
d universities to develop homegrown solutions to Africa’s challenges. We need to Empower women and youth by recognizing that Women and young people are crucial drivers of innovation. We must create an environment that empowers them to participate fully in science, technology, and entrepreneurship. STI cannot be flourishing without strong institutions.’

Effective and accountable institutions are also essential for setting the right policies and fostering a culture of innovation.

‘We cannot achieve these goals alone. Collaboration is key. We need to work together -governments, businesses, academia, civil society, and the international community – to share knowledge, resources, and expertise,’ Belete said.

According to him, fostering innovation in key sectors like agriculture, clean energy, and healthcare, can create jobs, improve livelihoods, and lift millions out of poverty in Africa.

Ethiopia’s commitment to improving its agricultural sector and ensuring food security is a good example to be emulated by o
ther countries in Africa, he pointed out.

‘Ethiopia has developed a food system transformation roadmap and launched several initiatives focused on boosting agricultural productivity, achieving self-sufficiency, and combating climate change. These initiatives include improving access to fertilizers, seeds, and technologies for farmers.’

Ethiopia has not only created a roadmap for food system transformation, but actively implemented numerous initiatives. These initiatives prioritize boosting agricultural resilience, achieving food self-sufficiency, and combating climate change, he added.

The country recently amended its Science and Technology policy, placing a strong emphasis on fostering innovation and harnessing the potential of emerging technologies and enacted a national Digital Transformation strategy named Digital Ethiopia 2025.

‘We’ve recently evaluated the strategy’s impact, and while we’re encouraged by the progress, it’s also identified areas for improvement.

These insights will be instrumental i
n shaping our future endeavors. Building a robust innovation ecosystem is paramount to our success. We’ve implemented several initiatives to empower startups and strengthen research and development, including in the field of Artificial Intelligence.”

The Ethiopian Artificial Intelligence Institute plays a central role in harnessing AI for national development and fostering research and development in this critical field.

Furthermore, Ethiopia is eager to collaborate with fellow African nations on a shared vision for scientific and technological advancement, he stated.

‘By working together, we can leverage innovation to unlock Africa’s full potential and build a brighter future, one powered by both digital transformation and green energy solutions,’ Belete added.

UNECA Program Support Deputy Executive Secretary, Antonio Pedro on his part said Africa must invest in human capital development, research and development, and in learning how to produce, sell and use emerging technologies such as Artificial Intel
ligence and genomics that are transforming every aspect of life.

‘Technology should advance the wellbeing of the millions of households, farmers, fishermen, and many others that still use basic tools to lift themselves out of extreme poverty,’ Pedro said.

Science and technology can play crucial role in increasing the efficiency of service delivery to the poor, monitoring living conditions, predicting impending crises in crowded or remote areas and informing decision-making during crises, he pointed out.

This forum is specifically designed to foster collaboration, the diffusion of technology and innovation, and the scaling up of policy and operational efforts to accelerate the contribution of science, technology and innovation to the implementation of the 2030 Agenda, according to him.

The STI forum has over the years, grown to become a premier platform for addressing the opportunities and challenges that science, technology and innovation offer for fostering strategic partnerships and implementation of sc
alable and innovative solutions.

He noted that in 2022, the Forum launched the Alliance of Entrepreneurial Universities in Africa.

The Alliance has since stimulated Universities and their 19 million students in Africa to nurture start-ups aimed at creating 100 million jobs and generate 200 billion USD in revenue in ten years (that is by 2033).

‘Africa must invest in human capital development, research and development, in learning how to produce, sell and use emerging technologies.’

Similarly, in 2023, the continental problem-solving and innovation platform called Origin was launched in Niamey, Niger, as the first Origin Research and Innovation Hub for East Africa at Dedan Kimathi University of Technology in Kenya. It has registered hundreds of problem solvers, has its own physical space, staff and partners from the private and public sectors.

‘The ECA’s coding camps for girls and women are an example of how we can empower young women to become the next tech entrepreneurs and innovators. We have trained t
wo thousand young girls and women so far. However, to trigger transformational change, we must replicate these examples again and again across the continent,’ Pedro said.

Source: Ethiopian News Agency