Djibouti has strongly criticized the World Bank’s recent assessment of its port performance, which saw a steep drop in global rankings. The latest Container Port Performance Index (CPPI), co-produced with S&P Global Market Intelligence, ranked Djibouti’s ports 379th out of 405, a significant fall from 26th last year. The report highlights systemic issues, including outdated equipment, poor maintenance, frequent crane malfunctions, and a lack of specialized training for port workers. It cites these problems as reasons for extended delays and inefficiencies, impacting Djibouti’s status as a strategic maritime hub. The report also notes the absence of advanced digitalization and modern management systems as key factors. Djibouti Ports & Free Zones Authority (DPFZA) expressed strong indignation, claiming the report misrepresents the port facilities and services. The government argues that the decline in ranking does not reflect reality, pointing to a productivity rate of 120 movements per hour and a 30% growth in port activity between 2022 and 2023. Djibouti’s ports play a crucial role as the main entry point for goods to Ethiopia. The government disputes the report’s data and methodology, arguing that other high-traffic ports were also unfairly downgraded. The sudden regional reclassification of Djibouti from sub-Saharan Africa to West, Central, and South Asia in the rankings was also questioned. Berbera Port of Somaliland was ranked 106th, Mogadishu 166th, and Djibouti 379th in the latest CPPI.
NBE Raises Reserve Ratios to 10 Percent,Transitions to Market-Driven Interest Rate
The National Bank of Ethiopia has ordered commercial banks to hold a larger share of their deposits as reserves, responding to what it described as...
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