If former Minister of Finance Sufian Ahmed had said the foreign exchange shortage is structural and will remain with Ethiopia for decades to come, that is precisely what Eyob Tekaleign (PhD), state minister for Finance, would want to see changed. The foreign exchange crunch should stop defining the Ethiopian economy, Eyob declared early on last week, standing before members of the international community, briefing them on the new economic reform agenda conveniently characterised as “homegrown”. The audience was receptive to the "ambitious" reform the administration of Prime Minister Abiy Ahmed (PhD) rolled out and agreed it is "doable".
"The Reform Agenda is our pro-job, pro-growth, and pro-inclusivity pathway to prosperity," said the Prime Minister. "Join us on this path." In the making for over one and a half years, the tabled reform agenda sees a major departure from the previous dogmatic approach in its aim to rebalance macroeconomic fundamentals and sustain growth. A team of experts from the Ministry of Finance, the macroeconomic team of the Prime Minister, and the National Bank of Ethiopia (NBE) designed the plan to be implemented in the next three years. In his address to the international community, the Prime Minister praised members of this group as "Ethiopia's finest minds."
Climatescope 2019 profiles 104 emerging markets worldwide and evaluates their ability to attract capital for low-carbon energy sources while building a greener economy. For the first time since BloombergNEF began the Climatescope survey, India tops the rankings. The Asian nation is followed in the top five by Chile, Brazil, China and Kenya. The detailed report described what drove each of the top five markets to the top of the ranking.
The same report ranked Ethiopia 55 globally with a score of 1.83. The report provided highlights for the Power Market, Clean Energy Policy, Clean Energy Investment, Price environment, Doing Business and the Barriers in the sector.
Key highlights the report touches upon the power sector in Ethiopian are
Contributing to improving Ethiopia’s energy infrastructure
German corporate collaborates with smaller company to implement a viable solution in Africa
Creating jobs, providing training and developing local value chains
In April 2019 Siemens signed a Memorandum of Understanding (MoU) with the Investment Commission of Ethiopia, to address the country’s energy and infrastructure sector challenges, to assist the government, stabilize and expand the existing grid infrastructure and explore island solutions for industrial hubs/parks and micro grid solutions for remote villages. The Ethiopian Governments Growth and Transformational plan II has a goal to achieve universal electricity by 2025. Currently 56% of the Ethiopian population does not have access to electricity.
At the G20 summit, Siemens committed to supporting and contributing to Ethiopia’s Growth and Transformation Plan II and its objective of electrifying Ethiopia. Siemens will install a solar-hybrid plant in Sodo supplying reliable, sustainable and affordable electricity to the FruitBox farm as well as to the surrounding communities. The G20 investment Summit-Compact with Africa brings together delegates in the public and private sectors to promote German-African business relations under the compact with Africa.
“The Fruitbox Farm project is a key Siemens lighthouse project aim