Published On  April 01,  2012






Follow us on Twitter


 News Feed

 Column Feed


Follow us on Twitter  Twitter
Bookmark and Share




























Prime Minister Meles Zenawi has become increasingly bold and assertive in his vilification of what he describes as “a bankrupt ideology” that “has impoverished our thinking and hindered our progress.” In his address to ministers of finance and economic planning, who met early last week at the newly inaugurated conference hall of the African Union Commission (AUC), he urged fellow Africans to “liberate our minds from the neoliberal ideological shackles.”

Meles has been a lone voice in the African club of leaders in his outspoken denunciation of a neoliberal paradigm he argues wants to keep African states no more than “a night watchman.” Ever since he authored his doctoral dissertation in the mid 2000s, titled African Development: Dead Ends & New Beginnings, he has been bashing what he cites as an ideology imposed from the West that weakens the role states in Africa ought to play.

“We need an effective state that intervenes effectively but selectively wherever there is a market failure that hinders or slows down our growth,” Meles told close to 600 delegates attending a meeting jointly organised by the AU and UNECA, on Monday, March 26, 2012. “The ideology [neoliberalism], however, insists that infrastructure has to be built by the private sector and the state should limit itself to making these investments lucrative and largely risk free for the private sector.”

Interestingly, one of the delegates last week was Ngozi Okonjo-Iweala, 58, (pictured above), now minister of Finance of Nigeria. Prior to her move back to Nigeria, she had served the World Bank as a managing director for four years, beginning 2007, while she is one of the three candidates hopeful to preside over the World Bank Group. Alongside the IMF, the World Bank is a multilateral lending agency, largely known for its keenness in promoting the liberal economic policy prescription Meles described last week as “bedtime stories.”


UN Iran Sanction Delays Ethiopia’s Electric Export


An international sanction imposed by the United Nations (UN) Security Council on Iran has caused an expensive delay in Ethiopia’s bid to export electricity to Sudan.


Read More

Derba Cement to Slash Price by Further 10pc

The management of Derba Midroc S.C., under Haile Assegidie, will announce yet another round of price cut on its wholesale offer of cement, thus intensifying the price war cement manufacturers are locked into since its arrival in the market, Fortune learnt.


Read More


ERCA Cuts Capital Requirement for Tracking Device Supply to 5mln Br

The Ethiopian Revenues & Customs Authority (ERCA) has reduced the 20 million Br capital requirement for IT companies interested to import and supply electronic cargo tracking devices to five million Br.


Read More

Andreas, Obasanjo to Host International Conference in Bahir Dar

Andreas Eshete, former Addis Abeba University president and advisor to Prime Minister Meles Zenawi, and former Nigerian president Olusegun Obasanjo, are organizing an international security forum to be held at Kuriftu Hotel, in Bahir Dar, between April 14 and 15, 2012.


Read More

Metropolitan Chamber Aspires to Build Own HQs

The board of directors at the Addis Abeba Chamber of Commerce & Sectoral Association (AACCSA) is to request land from the Addis Abeba City Administration for constructing its headquarters, Fortune learnt.


Read More

Supreme Court Reverses Arrest Orders on East Africa Bottling Executives

The Federal Supreme Court’s Cassation Bench reversed an order of Addis Abeba City Government Labour Relations Board for the arrest of senior executives of the East Africa Bottling (EABSC), the domestic bottler of beverages such as Coca Cola and Fanta.


Read More


Oromia Insurance Co Locked in Row with Founding CEO

Almost a year after the dismissal of Mitiku Abdissa from Oromia Insurance Company (OIC), a lower federal court heard, last week, testimonies from witnesses called both in favour of and against the plaintiff.


Read More


Chinese to Help Map Mining Potential of Ethiopia

The Ministry of Mines (MoM), in collaboration with the Mines Bureau of Chongqing State, China, is to prepare various maps for mining investment covering 120sqkm of land in southern and south-western Ethiopia.


Read More


CBE’s Multimillion Dollar Bid Sees Fierce Competition

Three international technology vendors are hopefuls to bag a multimillion dollars contract to supply the state owned Commercial Bank of Ethiopia (CBE) with hundreds of automated teller machines (ATMs), while two domestic firms have made to the last stage to win the supply contract for point of sales (POS) machines, officials at the CBE disclosed to Fortune.


Read More


Atkilt Terra Coming to Saris

Nearly five dozen Atkilt Terra traders are moving to Nefas Silk Lafto District, with their own market, near Kadisco Paint Factory on Debre Zeit Road, expected to open doors as of Monday, April 2, 2012.


Read More


Abyssinia Bank Returns Headquarters Design to Universal for Redesign

Universal Consultants Plc, which won the contract for the design and consultancy of the construction of the headquarters of Bank of Abyssinia (BoA), has been instructed to change the design it initially submitted.


Read More


Longing for Road Brings Tirunesh Back to Game


Ethiopian distance running star Tirunesh Dibaba has endured three years of stops and starts in her running career after multiple injuries since returning from her honeymoon early in 2009. But the 26 year-old is now back to full health and hungry for more titles and world records. Her big return starts this weekend in Carlsbad, California, where she will attempt a world record over five kilometres. Elshadai Negash goes behind-the-scenes to assess the financial aspects of the world record attempt.


Read More



Ethiopia’s Ancient Grain Not Immune to Recent Food Inflation


As inflation rages in Ethiopia, the country’s staple grain, teff, has succumbed to frequent price increases. This is affecting homes and small businesses, writes Elleni Araya, Fortune Staff Writer, with some varieties of the grain reaching 1,600 Br a quintal.


Read More






       Home Page / Fortune News / News In Brief / Agenda / Editor's Note / Opinion / Commentary / View Point

 Cartoons / Comic Strips / Gossip

   Terms & Conditions / Privacy
© 2010