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Ethiopian Securities Exchange Unveils Inaugural Board Ahead of Launch

Oct 3 , 2023

In a seminal move poised to shift the terrain of Ethiopia's economic landscape, the Ethiopian Securities Exchange (ESX) has unveiled its inaugural board of directors, with capital raising process set to finalise within the ensuing three months.

At the helm, former Zemen Bank VP, Hilaway Tadesse, will steer the institution as a chairman, joined by an assemblage of eminent professionals,  including Eleni Gebremedhin (PhD), the progenitor of the Ethiopian Commodity Exchange (ECX), and Fikadu Petros, a distinguished legal expert. The announcement made by executives of Ethiopian Investment Holdings marks a step towards the inception of the ESX.

Four state-owned enterprises – Ethio telecom, Ethiopian Shipping & Logistics (ESL), Ethiopian Insurance Corporation (EIC), and Birhana Selam Printing Enterprise (ESPE) – have been slated as founding members of the ESX, which is to permit a generous 75pc ownership stake to the private sector, a manoeuvre seen as the federal government's commitment to forging robust private sector alliances.

The unveiling of the ESX Board, and the confluence of state enterprises and the substantive inclusion of private sector ownership, is expected to establish a paradigm in the investment arena, heralding opportunities in its nascent journey for mobilising capital.

Editors' Note: This article has been updated from its original form on October 5, 2023.

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