Ethiopia opening up to business now14 Dec 2024 12:42
Central bank Governor Mamo Mihretu told a gathering of African finance professionals that he expects Parliament to ratify a pivotal bill permitting foreign banks to enter the Ethiopian market in the coming week.
The announcement came during the Africa Financial Summit (AFIS 2024), which took place this week in Casablanca, Morocco. Pressed for a timeline for Ethiopiaβs impending banking liberalization, the Governor told summit attendees that legislative preparations would be finalized very soon.
βWe have been working on it for the past year, and next week it will be ratified,β said Mamo, emphasizing the significance of the upcoming legislation. βFor any bank that wants to explore the largest economy in East Africa, a country of 120 million people is open to business. This is the historic liberalization of the Ethiopian economy to foreign investment.β