Ethiopia’s Economy Projected to Grow by 7.9 Percent, According to MinistryBurkina Faso Parliament Initiates Inquiry into Real Estate Development Liabilities

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ADDIS ABABA — Ethiopia’s Planning and Development Ministry has announced that the country’s economy is projected to grow by 7.9 percent in the current fiscal year. This forecast is based on the positive performance across most macroeconomic indicators during the second quarter of the fiscal year.

According to Ethiopian News Agency, During a session led by Prime Minister Abiy Ahmed, the Council of Ministers initiated the second quarter performance review this Tuesday. The review featured detailed presentations on progress in governance, justice, social, and economic sectors.

Fitsum Assefa, the Planning and Development Minister, shared the economic performance report for the second quarter, highlighting that Ethiopia’s economy experienced a growth of 7.2 percent in 2023. The optimistic projection of a 7.9 percent growth rate for the 2023/2024 fiscal year, which began on July 8, is supported by the achievements of the past six months.

According to Assefa, significant progress has been made in key macroeconomic areas. For instance, the agriculture sector recorded a harvest of 496.9 million quintals over the last six months, marking an increase of 65 million quintals compared to the same period in the previous year. This achievement is a clear indicator of the anticipated economic growth.

Furthermore, the industrial sector witnessed a 10 percent growth. The export sector, in particular, has shown impressive results, with Ethiopia earning over 4.5 billion US dollars from service exports alone. The Foreign Direct Investment (FDI) sector has also seen noteworthy improvements.

In parallel, Education Minister Professor Birhanu Nega reported significant advancements in the social sector, including education, health, women and social affairs, as well as culture and sports. Notably, the education for the generation movement has contributed to the enhancement of more than 14,000 schools and the construction of additional educational facilities within a six-month period.

Justice Minister Gedion Timothewos highlighted major legislative achievements within the justice system. Among these, the preparation of the transitional justice policy document in a participatory manner stands out as a key accomplishment, expected to take effect from the date of approval.

OUAGADOUGOU – Burkina Faso’s Transitional Legislative Assembly (ALT) has taken a significant step towards addressing the complexities of real estate development within the nation. On Thursday, February 29, 2024, the ALT approved a resolution to form a parliamentary commission of inquiry tasked with scrutinizing the liabilities of real estate development.



According to Burkina Information Agency, this inquiry aims to comprehensively assess the current state of real estate development in Burkina Faso, following the enactment of the real estate development law in June 2023.



The commission is slated to operate over a two-month period, during which it will identify and categorize ongoing cases related to the implementation of the recent real estate law. The ALT highlighted the commission’s objectives, which include estimating due taxes, proposing solutions for historical issues, and delineating the responsibilities of various stakeholders, including government entities. This move comes in the aftermath of the Burkinabè government’s 2021 announcement of a restructuring plan for spontaneously developed areas, known locally as ‘non-lotis’.



In September 2021, the Ministry of Urban Planning and Housing unveiled a project targeting the development of fourteen sites across Burkina Faso, including the regional capitals and Pouytenga. The initiative aims to transform these areas into habitable spaces with improved access and living conditions, featuring infrastructure such as roads, and access to electricity and drinking water. Despite the passage of more than two years since the announcement, the project’s realization has been delayed, leaving residents in anticipation of the promised improvements.



The restructuring’s delay is attributed to challenges in securing the necessary funding, with an estimated budget of 882 billion 956 million 154 thousand 080 CFA francs. Efforts to raise these funds involve contributions from the private sector, technical and financial partners (PTF), and the state, with a financial model that seeks a 60% investment from the private sector and PTFs, and 40% from the state and residents.



The inquiry’s launch addresses growing concerns among the residents of ‘non-lotis’ areas, who have been hesitant to invest in permanent construction due to uncertainties about the project’s impact on their homes. By examining the real estate development’s liabilities, the parliamentary commission aims to provide clarity and reassurance to nearly 4.4 million inhabitants affected by the restructuring, which covers an area of 21,904 hectares.