Foreign Exchange, Wage Adjustments, and Military Service Proclamation

Ethiopia’s Foreign Exchange System Under Review during Investment Forum

Ethiopian Reporter: An investment forum in Ethiopia discussed the country’s ongoing review of currency policies and regulations, aimed at ensuring foreign exchange stability and attracting foreign direct investment.

The governor of the National Bank of Ethiopia, Mamo Mehretu, announced that sectors like banking services have opened for foreign investors, with further legal frameworks in development.

Additionally, Kenya’s Safaricom may receive a license for its mobile money application, MPesa, within two weeks.

The forum, attended by over 600 participants from 22 countries, highlighted Ethiopia’s vast investment opportunities and efforts to improve its macroeconomic situation.

Ethiopian Trade Unions Demand Wage Adjustments

Ethiopian Reporter: The Confederation of Ethiopian Trade Unions (CETU) plans to hold a peaceful demonstration urging the government to address workers’ concerns over the high cost of living and improve the minimum wage.

CETU’s president, Kasahun Folo, emphasized the urgency of resolving these issues, as well as ending the violation of workers’ rights to organize.

Esemaco will also address the 20/80 policy on income distribution and push for reduced employment tax and fairer taxes on transportation fees and allowances.

The May Day demonstration will take place in various cities, with panel discussions in Bahir Dar and Kombolcha.

Ethiopia Approves National Military Service Proclamation

Addis Admas: The Ethiopian House of Representatives approved a new decree mandating military training and two years of service for students aged 18 and above who have completed high school.

The amended defense force draft aims to ensure a politically unbiased National Defense Force.

The decree also addresses the retirement age of army members and conditions for employing excluded members when the country faces serious threats.

Students who voluntarily join the Regular Defense Force or National Reserve Force will have their rights and benefits protected.