Ethiopian Stock Exchange ESX is going to formally begin operations on Friday January 10. The bourse was initially due to be launched in November last year but technical issues delayed the launch.
The newest stock exchange in Africa is hoping to list around 50 companies. Business entities from Kenya, South Africa and Nigeria have shown interest to be listed on ESX. Ethiopian government is in dire need of foreign investment. In July this year, the government liberalized foreign exchange market and opened banking, real estate, import, export and other sectors of economy for foreign investors. The government made these decisions to comply with the instructions of the International Monetary Fund (IMF) and World Bank. IMF & World Bank signed financing agreements worth $20 billion with Ethiopia this year.
Ethiopia operated a stock exchange in 1960’s too but it stopped its operations in 1974. Ethiopian Prime Minister Abiy Ahmed is expected to attend the inauguration ceremony of the new stock exchange. The Prime Minister recently announced that Ethio Telecom and other profitable Ethiopian entities will be listed on the new stock market.
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