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Ethiopia has taken a historic step in its economic transformation with the inauguration of its first stock exchange in nearly five decades, the Ethiopian Securities Exchange (ESX), on January 10, 2025.
Prime Minister Abiy Ahmed described the launch as a “historic milestone” in the nation’s financial evolution, positioning the ESX as a cornerstone of Ethiopia’s economic and financial reforms.
The exchange, established by Ethiopia Investment Holdings (EIH) in collaboration with the Ministry of Finance and supported by FSD Africa and FSD Ethiopia, aims to create a transparent and diverse securities trading market.
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Operating across three segments—stocks, fixed income, and money markets—the ESX seeks to mobilise savings, enhance access to long-term financing, and foster investment-driven growth.
Since the October 2024 rollout of its interbank trading platform, the exchange has facilitated trades exceeding ETB 135 billion (USD 1.1 billion), improving liquidity, credit flow, and accessibility to loans for businesses.
ESX CEO Tilahun Esmael Kassahun outlined the exchange’s goals: “The fixed income market will provide a platform to list and trade debt instruments, including treasury bills, corporate bonds, and Sukuk bonds, catering to diverse issuers and investors.”
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The ESX launch is part of a broader wave of economic reforms, including floating the Ethiopian Birr, opening the banking sector to foreign competition, and advancing capital market development.
Mark Napier, CEO of FSD Africa, lauded the initiative, stating, “Well-functioning capital markets catalyse economic growth. The ESX is a game-changer, fostering innovative financial instruments and accelerating Ethiopia’s development.”
