Abiy Ahmed, the Ethiopian Prime Minister, has officially inaugurated the country's first stock exchange in over 50 years, describing it as a "historic milestone" for the national economy.
The new stock exchange, named the Ethiopian Securities Exchange (ESX), is seen as a major step toward creating "a dynamic capital market ecosystem" in the East African nation, aligning with the Ethiopian government's recent efforts to liberalize the country's economy and financial sector.
"In a historic milestone for our economic and financial landscape, we have officially rung the bell to launch the Ethiopian Securities Exchange," said the Prime Minister after ringing the bell to mark the opening of the exchange, as reported by the Ethiopian News Agency.
According to Abiy Ahmed, the launch of the ESX will enhance the country’s financial system and contribute to the development of an inclusive economy. He added that the government has invested significant time and conducted extensive research to ensure the efficiency of the new exchange.
The ESX, operating across various market segments and offering a range of financial products and services tailored to businesses, government entities, and institutions, will provide a platform for Ethiopian and foreign investors to easily trade equity and debt instruments.
Furthermore, it aims to deliver "a modern, reliable, and efficient environment for securities trading by adapting modern exchange operations, skills, technology, and trust."
Abiy Ahmed also noted that the establishment of Ethiopia's stock exchange will significantly boost the country's economic development while building "a sustainable institution that meets the needs of Ethiopian and regional issuers and investors."
