President Sahlework Zewde in her address to the joint session of the Ethiopian House of People’s Representatives (HoPR) and the House of Federation (HoF), highlighted the nation’s journey toward reform. Even though, she noted, changes have been holistic and vast, they want to make even deeper reforms by following the philosophy of ‘Medemer’.
In her speech she went over reforms in the political, social and economic spheres and tangible ways the government want to benefit the people.
This year the government is working on three pillars, maintaining Ethiopian unity, ensuring the dignity of the Ethiopian people and helping Ethiopians to be more prosperous.
“There have been improvements in equitable redistribution of resources, democracy, the justice system, economic activity, and politics since Prime Minister Abiy took power. Shortcomings in these areas have not yet been fully addressed,” she said. Because some problems are systemic and institutional they will take more time, she added. 
Speaking about the current budget year, the president believes the importance of strengthening foundational work in peace and security, the democratization process, and modernizing the justice system.
Empowering the security institutions is another core area that the government plans to work on in order to prevent the potential conflicts from their sources by engaging the defense force, federal police and regional police forces in capacity building training and deepening the reform to reduce the number of internally displaced people.
“A strong, competent and professional security force is needed to ensure peace throughout Ethiopia,” she said.
According to the president, this will enable the country to conduct the upcoming election successfully and to maintain the rule of law. She called on the people, media, civic society institutions including political parties and elites to work responsibly.
The president also spoke about the justice system where a three year program will be launched starting this year to strengthen the justice system. Capacity training for judges and other stakeholders to work independently to serve the people in a transparent manner will be the core values.
For this year, the new penal code, trade laws and administrative law are expected to be enacted, in some cases for the first time in 50 years. Moreover the president revels the government plans to pass verdicts on 250,000 cases. They plan to engage in advocacy with the community and students to deliver justice in a short period of time. 
The recently announced a home grown economy is another core area. This is expected to rectify the macroeconomic imbalance by creating a conducive investment climate and boosting economic growth by increasing private sector involvement which will lead to more jobs.
Mobilizing resources from both local and international sources to alleviate the shortage of hard currency beside efforts to ease the countries burden of external debt is another action the government will take.
This year, two telecom companies will join the Ethiopian telecom market at 49 percent which will allow the state owned Ethio telecom to remain the major operator.
She also discussed modernizing the agricultural sector by deploying various incentives in addition to irrigation. This is expected to create over 12,000 jobs.
The irrigation scheme is also focused on the small scale to create more jobs and ensure productivity. Zaremay, arjo- dedesa, and megech dam which are under construction and a total of other 34 projects nationwide will be constructed as the nation is working to substitute wheat imports in the coming three years.
The president stressed that the government will continue to work on power generation to benefit 60 percent of the population who are living without electricity.
In this regard, the government has a keen interest to provide access to energy for one million customers in more than 405 rural areas in addition to the 10 power projects in the pipeline through the PPP scheme, besides improving tech based solutions.
The President also talked about education, ICT, diplomacy and tourism and stressed that we need unity to continue reforms. 
President stresses reform in speech to lawmakers
Zamzam hits record share sale
The first interest free bank in Ethiopia, Zamzam closed the share sales with a record amount on both paid and subscribed capital in the history of Ethiopia’s financial industry.
As of Friday October 11, the last date for selling shares, the bank sold 1.2 billion birr worth of shares and from this 600 plus million birr is paid.
The bank that commenced the share sales three month ago has surpassed the National Bank of Ethiopia (NBE), supervisory body, minimum paid up capital of half a billion birr by one fifth and stands at over 600 million birr.
Nassir Dino, IT specialist, one of the founders and chairman of the under-formation bank, told Capital that the time frame that they achieved regarding the share sales might be historical like the record collection of the subscription or paid up capital.
He remembered that when they initially tried to form the bank in 2011 the capital collection was a record for the sector but the move was cut by the government at the time.
On Friday June 21, the bank that was the first for interest free banking has offered one billion birr worth of share sales.
The bank had offered one billion birr worth of capital with half to be paid that would meet the requirement of the NBE, but the success is very far from the target.
During a meeting in the Islamic holy month of Ramadan on Wednesday May 22 between the organizing committee members of Zamzam and Central Bank officials, Yinager Dessie, Governor of NBE, allowed Zamzam to undertake the formation process.
The green light came on the same day that PM Abiy Ahmed, who attended the massive Grand Iftar evening organized by the Ethiopian Islamic Affairs Supreme Council, announced that the government would allow interest free banking in the country.
Following the government’s decision, the formation of Zamzam Bank, the under formation first full-fledged interest free banking institution, resurrected. The opening up of the business will be disclosed in the near future Nassir said
The minimum share an individual buys at Zamzam is 50 birr with 1,000 birr each share, while the maximum is limited by NBE that cannot not exceeded 5 percent of the total capital.
Initially Zamzam introduced its activity immediately after the Banking Business Proclamation authorizing the establishment of interest-free banking in 2008, and sealed the formation process by the general assembly held in April 2011 but failed to commence operation after the central bank issued a new directive that push the operation to conventional banks.
Due to that the board directors who meet with shareholders in June 2011 decided to refund the mobilized capital for shareholders based on the interest of the share buyers.
On its share sales the company was able to amass an actual collection of 330 million birr as subscription, which was higher compared with the initial plan to collect quarter of a billion birr. At the time about 6,800 people buy the share that was 20 shares on minimum requirement with 1,000 birr share value.
Djibouti loses central Port figure
The government of Djibouti announced the death of one of its highest public official, emblematic figure of the port community Saad Omar Guelleh General Manager of Port de Djibouti S.A (PDSA) and the younger brother of the President of the Republic of Djibouti, Ismael Omar Guelleh.
Saad passed away on October 7, 2019, while he was receiving medical treatment in Paris, France.
His passing away has provoked a strong collective emotion and an immense feeling of great sorrow.
The late Saad Omar Guelleh was well known among port professionals. “This great government official was essential in the conduct and management of one of our flagship development structures, the Port” reads a statement from the PDSA.
“It is with great sadness that we heard the passing of our staunch supporter, Saad Omar Guelleh, Director General of Port of Djibouti. We would like to convey our deepest and most sincere condolences to the family of Mr. Saad, to our partners of the Port community and to the people of Djibouti,” reads a statement from Ethiopian Shipping and Logistics Services Enterprise.
The late Saad Omar Guelleh was 69 years old. Many of his associates were inspired by him because of his professional dedication, his character and the vast skills he acquired during his long career.
“He never counted the sacrifices that he made to acquire all the knowledge essential to the mastery of work related to his field. He taught himself and was passionate about learning. He went to the North Sea to learn the skills and climbed the ladder of the management of Port to the position of General Manager,” further reads a message from his colleagues.
In a 2017 interview with Capital, Saad said “because our country is strategically located we have been able to rise to the challenge of making the port of Djibouti a regional hub for the Red Sea and Indian Ocean…”
He said that Djibouti will transform its ports into global competitive platforms for international trade and that its vision is to be a center of excellence and performance in regional maritime transport and logistics.
Coffee value increases 55% at ECX
During September’s 20 trading days, the Ethiopia Commodity Exchange (ECX) has traded 2.1 billion birr in commodities. Coffee’s trade value has increased 55 percent compared with the same period last year.
ECX, which has been expanding the types of commodities it trades, announced that 38,500 tons of products were traded on their floor.
ECX traded five types of commodities but the volume of coffee, the historical hard currency earner of Ethiopia, was at the top.
September in Ethiopia is considered to be the end of the harvest season and a transition time into the new harvest season. During September Coffee took the largest share of the market with 56 percent trade volume and 76 percent in trade value as 21,500 tons of coffee were harvested.
The trade volume and value of coffee increased by 47 percent and 55 percent respectively, compared with the same period last year. The average price of coffee has also increased by 2 percent during the month, export coffee trade dominated the market with 76 percent of the volume and the value followed by local and specialty coffees. There were 15,967 tons of unwashed export coffee transacted for 1.18 billion birr.
Soybeans, which are a new commodity at ECX, came in second in terms of volume. In the 20 trading days over 7 thousand tons of soybeans were traded. Green mung beans, which are also new to ECX, were third at 5 thousand tones. The value of soybeans traded in September, came 111.29 million birr, while the Gojjam type had the greatest share at 68 percent in trade volume and value respectively.
The green mung bean was traded at a value of 157.54 million birr during the month, according to ECX’s monthly statement. Compared with the trading in August, it has increased by 160 percent and 170 percent in terms of trade volume and value respectively.
Compared with a similar period last year, sesame, which brings in the second highest amount of hard currency of the commodities traded at EXC, increased in trade volume by 94 percent and in trade value by 141 percent and in price by 19 percent. Almost 4,000 tons of sesame were traded in September; a value of 223.25 million birr.
In the past budget year traders or exporters say illegal traders attempting to obtain hard currency purchase the seeds at a very low rate. They lose money on the international market in order to obtain foreign currency. They then turn around and use that to import other products. The Ministry of Trade has threatened that they will revoke the license of these unethical business people.
In September, 858 tons of white pea beans valued at 20.6 million birr were traded on the ECX floor. White pea beans are the second pulse product transacted there. white pea beans, which is the other pulse traded on the ECX floor
In September a total value of 2.1 billion birr was traded at ECX. October should see new products on the market as it is considered the start of the new harvest season.
