
Myrrh, a tree resin from the Horn of Africa, is a key ingredient in luxury perfumes and a source of income for many in Ethiopia. However, a historic drought in the Somali region of Ethiopia is severely threatening the Commiphora myrrha trees. The lack of water and grazing livestock are endangering the trees, which once formed dense forests. Researchers, supported by the American Herbal Products Association, visited the region to explore ways for harvesters to receive more direct profits, bypassing middlemen in the supply chain. While myrrh is hand-harvested and fetches high prices in global markets, local collectors earn as little as $3.50 to $10 per kilogram. Ethiopia does not collect taxes on myrrh, with most of it being purchased by traders from neighboring Somalia. The drought has led to adult trees producing less resin and fewer young trees surviving, with many seedlings uprooted by children grazing livestock. Local elders express deep concern about the declining myrrh tree population. Villagers are struggling to find water for themselves and their livestock, with some traveling up to 200 kilometers to Sanqotor village for a rare well. The poorest residents depend solely on myrrh harvesting for survival. Experts attribute the changing climate to the severity of the drought, which has seen annual rains fail for several years, interrupted by devastating flooding in 2023.
This summary was AI-generated from a story originally published by Tadias.

Wegagen Bank and the International Finance Corporation IFC, a member of the World Bank Group, have signed a strategic partnership for a trade finance guarantee facility. This agreement builds on IFC’s ongoing advisory services to Wegagen Bank, focusing on strengthening risk management, trade service functions, and treasury operations. Wegagen Bank’s CEO Aklilu Wubet PhD stated this partnership is a significant milestone, enhancing the bank’s ability to serve customers. IFC will provide a USD 10 Million trade finance guarantee facility, enabling Wegagen Bank to expand its trade finance operations for Ethiopian businesses involved in import and export. This makes Wegagen Bank a participant in IFC’s Global Trade Finance Program GTFP, which promotes trade in emerging markets by mitigating payment risks. Madalo Minofu, IFC’s Country Manager, noted that joining the GTFP will better position Wegagen Bank to help local firms access essential inputs, meet demand, and connect to regional and global markets. The collaboration also includes advisory support to strengthen the bank’s risk management and treasury functions. Wegagen Bank, celebrating its 29th anniversary in June, is the first private commercial bank listed on the Ethiopian Capital Market, operating 463 branches and expanding digital banking services.

Millions of Christians in Ethiopia observed Good Friday in Addis Ababa, with celebrations for Easter Sunday dampened by fuel scarcity and rising food prices attributed to the Iran war. Ethiopia's Orthodox Christians follow a different calendar, observing Easter later than many other Christians. Good Friday follows a 55-day fast, Abiy Tsom, involving communal prayers and traditional white attire. High prices have impacted travel and the communal ritual of slaughtering animals. Residents Samuel Teshome and Sirawdink Admaus noted significant price increases for sheep and roosters, which sellers attribute to higher transportation costs from rural areas. Ethiopia faces a fuel shortage, leading some businesspeople to the black market. Minibus taxi driver Tefera Aragaw stated that long waits at gas stations have disrupted his income, anticipating a subdued Easter. The government has implemented cost-saving measures, including work-from-home policies for public servants and prioritizing fuel for essential services.
Ethiopia presents a significant opportunity for carbon market development due to its government-owned land and potential for carbon sequestration. First calculations suggest that Ethiopia could store hundreds of millions of tons of CO2e, generating substantial revenue. However, existing carbon crediting systems need modification to succeed in this land ownership environment. Leveraging government engagement in protected areas to establish model carbon market contracts is identified as the most feasible initial pathway. Integrating sustainable land management practices and community engagement can enhance success. For carbon markets to thrive in Africa, establishing frameworks that address governance structures and national development priorities is vital. Policies connecting land administration, conservation, and economic development can empower African nations to build robust carbon markets aligned with sustainable development goals. Ethiopia’s climate mitigation actions focus on agriculture, forest protection, land-use change, forestry, and renewable energy. The country’s agricultural sector, which accounts for 50% of GDP and 80% of employment, offers many innovation opportunities for carbon markets. Ethiopia has a growing number of projects in energy, forestry, biodiversity, and sustainable land management, including the Humbo Community-Based Natural Regeneration Project, which was Africa’s first large-scale afforestation/reforestation project registered under the UNFCCC.
Must ReadEthiopia's payment gateway sector is rapidly expanding, with the National Bank of Ethiopia licensing over 20 operators, including established platforms like EthSwitch and Premier Switch, and newer entrants such as Chapa, SantimPay, AddisPay, and YagoutPay. While this growth appears promising, concerns exist regarding accessibility and visibility. Abenezer Zewedu, Founder of RVTTechnologie, noted that some licensed operators lack a clear online presence, questioning if the growth translates to accessible infrastructure. The evolving financial services landscape, with banks opening APIs and Telebirr supporting direct integrations, raises questions about the long-term role of third-party payment gateways. Integration remains a barrier, as bank APIs are complex and Telebirr integration is time-consuming. Payment gateways aim to simplify this, but access is often restricted; for example, developers need a business license and office. This limitation hinders innovation, according to Abenezer. Despite challenges, alternative models show promise. Simon Pepper, Chief Product Officer at Tola Mobile, shared their Direct Settlement model, which integrates with Mobile Money suppliers like TeleBirr and Safaricom mPesa. This model allows merchants to retain control of funds while Tola handles connectivity, reducing operational burdens. The article concludes that future success in Ethiopia's payment ecosystem will depend on simplifying integration, removing barriers, and supporting emerging