Ethio Telecom Becomes First Firm to List on Ethiopia’s New Stock Exchange

In a significant development for Ethiopia’s economy, Ethio Telecom is set to become the first company to list on the country’s newly established stock market next week. The government plans to sell a 10% stake in the state-owned telecom giant, marking a pivotal step in Ethiopia’s broader efforts to privatize key public enterprises and open its economy to private investment. This historic moment was confirmed by Brook Taye, CEO of Ethiopia Investment Holdings, in an interview with Reuters.

The establishment of the stock market and the privatization of state-owned enterprises are central components of Prime Minister Abiy Ahmed’s ambitious economic reforms. His administration has been working to create a more open and competitive economic environment by inviting greater private sector participation.

Reuters further reported that Brook Taye said that the government is open to the possibility of relaunching the tendering process for a second private telecoms licence.

Ethio Telecom’s listing is expected to set the stage for additional state enterprises to follow, signaling a shift in the government’s approach toward economic liberalization.