Ethiopia to Set Up Regulator for First Stock Exchange This Year (Bloomberg)

A pedestrian looks out over commercial and residential buildings on the city skyline in Addis Ababa. (Bloomberg)

Bloomberg

By Samuel Gebre

Ethiopia has drafted a bill to create a stock market authority that will come into effect before the end of the year, according to the Ministry of Finance.

Ethiopia is among the biggest five economies in sub-Saharan Africa and the second-largest by population, but doesn’t have a stock market. Since Prime Minister Abiy Ahmed came to power in 2018, the country has pursued economic reforms, including opening up formerly closed-off sectors such as telecommunications.

“As we are at a stage where a vibrant private sector is starting to emerge, we have companies that are ready to be listed in the stock exchange,” Eyob Tekalign, the state minister for finance, said in an emailed response to questions. “We are on a good track to commence the implementation.”

The ministry is working on building the infrastructure and human skills needed to introduce a stock market, he said.

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