In an effort to attract both domestic and foreign investors, Ethiopia’s first stock exchange, the Ethiopian Securities Exchange (ESX), was formally inaugurated by Prime Minister Abiy Ahmed on Friday. Abiy celebrated the launch of X as a historic turning point for his nation’s financial and economic landscape. The Ethiopian Securities Exchange, our nation’s first stock exchange, has formally opened after we rang the bell. He said, “Invest in Ethiopia—a rapidly expanding economy with enormous potential and a dynamic trajectory towards prosperity.” It is anticipated that the new stock exchange would be crucial to the growth of the capital market and economic development of the Horn of Africa.
This is Ethiopia’s first stock exchange since the overthrow of Haile Selassie’s dictatorship in 1974 . According to government authorities, Prime Minister Abiy Ahmed’s efforts to liberalise the nation’s dirigiste economy have reached a significant turning point with the introduction of ESX.
Three months ago, the state-owned telecom operator presented 100 million common shares for a 10% stake in Ethiopia’s first Initial Public Offering (IPO). Later in November, ECMA formally licensed ESX, and a week later, the IPO directive was accepted. As part of its short-term strategy, ESX has stated that it intends to list a minimum of fifty companies within the next five years.