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There are many guides at the market keen to show you around but the market is quite small and their asking price very high. You are not required to engage a guide but if you don't engage one there appears to be a 50 birr entry fee charged. If the stress of arguing with the guides gets too much you can retire to the outdoor cafes beside the market and eat some fresh caught and cooked fish for 30 birr. Right beside the fish market is a small park (50 birr) which is well worth strolling around for an hour or two.
The tours seem popular with locals and foreign tourists alike. If you are lucky, you see many hippos, or you may just see their ears if they are resting. It's about 500 Birr for a boat (as of 2013), but you can fit several people to share the cost. Alternatively, if you have the time, sit on a quiet spot next to the lake, sometimes the hippos come over for food.