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Economy of Ethiopia

"The premier said the homegrown economic reform is focused on three major areas; reduction of debt burden, completion of mega projects, and increasing revenue. "

Ministry of Finance Ethiopia

Ministry of Finance is one of the key macro institutions with mandates focusing on fiscal policy, public finance and external economic. The Ministry of Finance, among others is given the following powers and duties

As per Article 16 of the Proclamation No.1097/2018 Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation, the Ministry of Finance is given the powers and duties (among others) to:

  • Formulate economic cooperation and fiscal policies that particularly serve as a basis for taxes, and duties; follow up the proper implementation of same; initiate reform recommendations.

  • Mobilize, negotiate and sign foreign development assistance and loans, and follow up the implementation of same.

  • Establish a favorable legislative framework to promote and facilitate the implementation of PPP financed infrastructure projects by enhancing transparency, fairness and long-term sustainability.

  • Prepare the Federal Government fiscal budget, make disbursements per the approved budget, and evaluate the utilization of the budget;

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Message of the Minister

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His Excellency Ahmed Shide Minister of Finance

   The Ministry of Finance has a long tradition of supporting economic growth in Ethiopia. 

However, despite the high economic growth that was realized over the past decade, Ethiopia’s economy has encountered several challenges that make it difficult for growth to sustain..... 

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Addis Ababa, December 8, 2022 (FBC) – The FDRE Prime Minister, Abiy Ahmed, met with James Cleverly, Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom

Prime Minister Abiy and James Cleverly held discussion in Hawassa this afternoon following the celebration of the 17th Ethiopian Nationalities Day.

Both the Premier and UK’s secretary of State discussed on the current state of affairs in Ethiopia.

Their discussions also focused on enhanced bilateral ties between the two countries, according to the Office of the Prime Minister-Ethiopia.

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Addis Ababa, December 5, 2022 (FBC) – Japanese companies stated that they are weighing in on Ethiopia as their investment destination, according to the Ethiopian Embassy in Japan.

The Embassy hosted investment seminar a couple of days ago.

During the seminar, the Ethiopian Ambassador to Japan, Tefera Derbew, briefed the attendees on Ethiopia’s investment opportunities, laws, incentives, priorities, and infrastructure.

Ambassador Tefera, during his remarks at the event, noted that Ethiopia and Japan enjoyed a long-established diplomatic relations between them.

He called on Japanese companies to invest in Ethiopia with variety of inviting opportunities.

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Addis Ababa, December 1, 2022 (FBC) – Ambassador Extraordinary and Plenipotentiary of Ethiopia to the U.S. Seleshi Bekele has shed light on benefits of doing business in Ethiopia in a promotion event held in Los Angeles.

According to the Ambassador, multiple opportunities exist for investors seeking to establish commercial relationships in Ethiopia, and the Ambassador vowed to assist financiers in making those critical connections.

Outlining investment prospects, the ambassador cited “the telecom sector, the energy sector and the agriculture sector are flourishing areas.” He also noted the potential in “the media sector and tourism sector” for African Americans desiring a presence in Ethiopia.

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Addis Ababa, November 29, 2022 (FBC) – The FDRE Ministers of Finance, Agriculture, and Mines and Petroleum have undertaken consultations to discuss and refine the 2nd phase of Home-Grown Economic Reforms.

The meetings of the respective Ministers have assessed the achievements and challenges from the implementation of the 1st phase of the Home-Grown Economic Reforms and chart priorities for the next phase of reforms, according to the Ministry of Finance.

In a meeting with Minister of Agriculture, Oumer Hussein, it was discussed how the past 3 years’ success in the production of irrigated wheat and the green legacy initiatives can be replicated in the production of strategic commodities to ensure food security, as well as diversify the export basket.

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Addis Ababa, November 26, 2022 (FBC) – The Ethiopian Investment Commission (EIC), the Ministry of Trade and Regional Integration (MoTRI) and the Ministry of Foreign Affairs (MFA Ethiopia) have agreed to jointly work and accelerate their shared responsibilities in trade and investment promotion.

The parties also agreed to reduce the impacts of African Growth and Opportuity Act (AGOA) privileges cancellation on the industrial sector and livelihoods of the vulnerable workers.

EIC confirmed via twitter that they have also discussed on the ways forward to expedite the reinstatement of Ethiopia’s AGOA privileges following the peace agreement.

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Addis Ababa, November 24, 2022 (FBC) – The FDRE Minister of Trade and Regional Integration, Gebremeskel Chala, held discussion with South Korean Ambassador to Ethiopia, Kang Seokhee.

In their discussion, they advised on the conditions to strengthen the trade ties between the two countries and to engage in investment in the future.

Ethiopia and South Korea are countries that have a long-established relationship. Though the trade relationship between the countries is growing, it has not reached the desired level, the officials said.

Minister Gebremeskel Chala recalled that Ethiopia and South Korea are countries with long-standing trade and economic ties.

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Addis Ababa, November 23, 2022 (FBC) – The FDRE Deputy Prime Minister and Foreign Minister of Ethiopia, Demeke Mekonnen, said AU member states should redouble their efforts to industrialize and boost intra-African trade.

Speaking at the Extra-Ordinary Summit on Industrialization and Economic Diversification held in Niamey, Niger, today (November 23) DPM & FM Demeke said industrialization determines whether Africa can transform its natural endowments into tradable products or depend on imported products from outside.

DPM & FM Demeke, who underscored the importance of allocating necessary resources to kick-start industrialization in the continent and transform the economy, also called AU member states determinations to change the visions into implementable actions.

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Addis Ababa, December 7, 2022 (FBC) – Deputy Prime Minister and Minister of Foreign Affairs of Ethiopia, Demeke Mekonnen, received the Head of the Russian Federation delegation to the Ethio-Russia Joint Ministerial Commission, Evgeny Petrov, at his office on Wednesday.

The Deputy Prime Minister expressed his profound appreciation for the support the Russian Federation extended to Ethiopia at various multilateral fora. He also invited Russian investors to tap investment potentials in Ethiopia.

Evgeny Petrov, for his part, said Russia attaches a special significance to its relations with Ethiopia because of the strong and long-standing political, cultural and diplomatic ties between the two countries.

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Addis Ababa, December 2, 2022 (FBC) – Planning and Development Ministry announced that the second phase of the Ethiopian homegrown economic reform is under preparation with a view to tackle bottlenecks seen during the implementation of the first one.

Planning and Development and Finance Ministries deliberated on the progress of the groundwork for the second phase of the economic reform.

It is stated on the occasion that Ethiopia has registered remarkable growth in the agriculture, mining, tourism and finance sectors led by the first homegrown economic reform.

Inflation, Covid 19 pandemic, the conflict in the northern part of the country and the Russia-Ukraine war were cited as major bottlenecks in the country phased over ...

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Addis Ababa, December 1, 2022 (FBC) – United Nations Industrial Development Cooperation (UNIDO) has expressed to strengthen cooperation with Addis Ababa City Administration in some prioritized areas.

Deputy Mayor of Addis Ababa, Jantirar Abay received representatives of UNIDO at his office where they discussed ways of enhancing cooperation between the city administration and the agency.

The Deputy Mayor expressed commitment of the city administration to support any international partner with an objective to back the industrial development in the city.

UNIDO representatives, for their parts, vowed to cooperate with the city administration in areas including skin and hide production, apparel and textile manufacturing sectors.

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Addis Ababa, November 27, 2022 (FBC) – The Minister of Finance, Ahmed Shide, trained today the diplomats at the African Leadership Excellence Academy about “the 10-year Development Plan and the homegrown economic reform” of Ethiopia.

According to the Minister, the 10-Year Development Plan sets a long-term sight of making Ethiopia an “African Beacon of Prosperity.”

He said the plan will create a pragmatic market-based economic system, maintain macroeconomic stability, ensure structural economic transformation, and build strong and inclusive institutions, among others.

He also spoke in detail about the driving forces behind the homegrown economic reform and the objectives to be met in line with the ideals of the “synergy” (Medemer) concept expounded Prime Minister Abiy Ahmed.

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Addis Ababa, November 25, 2022 (FBC) – The Ethiopian government is committed to working closely with international partners in various fields, said Minister of State for Finance, Semerita Sewasew.

A discussion was held on the activities to be carried out in the next three months on economic, social and rehabilitation issues between the Ethiopian government and international development partners.

State Minister Semerita Sewasew, who chaired the discussion, expressed that the government is committed to working closely with international development partners on economic, social, rehabilitation and other development issues.

The leaders and representatives of the international development partner organizations attended the meeting.

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Addis Ababa, November 24, 2022 (FBC) – The Ethiopian government has facilitated the necessary conditions for the development of the public and private sectors in the country, said Fitsum Arega, Ambassador Extraordinary and Plenipotentiary of Ethiopia to Canada.

An international infrastructure development investment conference was held in Toronto, Canada, where Canadian companies that have invested in public and private sector joint infrastructure development and representatives of the public and private sectors of guest countries participated.

Ambassador Fitsum said that the Ethiopian government has facilitated the necessary conditions for the expansion of Public-Private Partnership (PPP) in Ethiopia.

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Addis Ababa, November 17, 2022 (FBC) – The Ethiopian Investment Commission (EIC) in collaboration with the Chinese Economic and Commercial Counsellor’s Office has organized an aftercare workshop where selected Chinese companies presented their specific investment project challenges and queries on government policies and laws.

Semerita Sewasew, State Minister of Ministry of Finance (MoF) and officials of Ethiopian Investment Commission (EIC) addressed investor’s questions and set directions in solving infrastructure, finance, security and service provision as well as legal and policy issues at all levels of government.

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