Ethiopia hosts its first-ever capital market summit
ADDIS ABABA – Ethiopia’s first-ever capital market summit aimed at accelerating the development of Country’s capital market and boosting investment opportunities in the Horn of Africa region opened here.
Opening the summit yesterday, Ethiopian Capital Market Authority (ECMA) Director General, Hana Tehelku stated that the summit is a vital platform to foster collaboration, attract investment and promote sustainable economic growth in the region.
It also marked a significant milestone in Ethiopia’s financial landscape, as the nation embarks on a journey to establish its first capital market, she added.
Ethiopia’s first ever capital market summit, launched yesterday under the theme “Paving the Way for Sustainable Future,” is a cornerstone for sustainable economic growth and development in the region, she remarked.
As the summit progresses, Hana expressed that the government will explore opportunities in emerging sectors, including green and sustainable finance and how these opportunities help to meet Ethiopia’s housing needs and narrow infrastructure gaps.
“We aim to strengthen market liquidity, boost investors’ confidence, and envision the capital market dynamically supporting Ethiopia’s economic ambitions and serving as a catalyst for sustainable growth. We also focus on fostering a culture of transparency and public understanding,” she said.
Finance State Minister Eyob Tekalign (PhD) said that the operation of a strong capital market closely aligns with the fundamentals of well-established markets to provide alternative financing for agribusiness and other sectors.
The establishment of capital markets brings transformative potential for young entrepreneurs, small and medium enterprises, which is vital for economic growth and job creation in Ethiopia, he stated.
This closely aligns with the goal of realizing an inclusive economy where people from all backgrounds have the right to access finance, innovate and rehabilitate, he said, adding that his government is aspiring to create a united political and economic society.
Among the major economic reforms taken by the government in the last six years include liberalizing the capital market and public enterprises, which have resulted not only in improving efficiency but also in enhancing public sector participation, as clearly exhibited in the sale of 10% of Ethio telecom’s stake, Eyob added.
The National Bank of Ethiopia Governor, Mamo Mihretu also stressed the need to ensure market access to all to raise capital market to achieve their daily tasks.
Strong capital market give sovereign business access to more diversified and offer African investors, he mentioned.
The summit organized by ECMA in partnership with the African Development Bank and international finance cooperation will be wrapped up on 15 November 2024.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD THURSDAY 14 NOVEMBER 2024
