Brook Taye's (PhD) career in public service has been anything but ordinary. As the founding Director General of the Ethiopian Capital Market Authority (ECMA), he has played a leading role in shaping the future of Ethiopia’s nascent capital markets. Now, after laying the groundwork for a thriving regulatory framework, Brook is stepping into a new role as the head of Ethiopia's first sovereign wealth fund, a move he describes as "bittersweet and fulfilling."
At 45, Brook’s time in the civil service, which he claimed after returning from the United States a few years ago, has been marked by relentless dedication. He reflects on lessons learned from his time at the Ministry of Finance, where mentors like the Minister, Ahmed Shide, and his deputy, Eyob Tekalign (PhD), ingrained a deep sense of duty in him.
Brook recalled a principle they imparted that fueled his work ethic: a civil servant never knows their next assignment.
“I worked like there is no tomorrow,” he told Fortune last week after learning he was assigned to run the Ethiopian Investment Holdings (EIH).
Brook recalled the intensity with which he approached his responsibilities. During his tenure at ECMA, he oversaw the introduction of foundational directives and regulations expected to serve as the bedrock for future capital markets. His leadership saw the institution, created from scratch, establish multiple public consultations and training platforms to raise awareness about the capital market among the public.
These initiatives are expected to have a lasting impact, promoting a culture of investment and financial literacy in a country where such markets have been largely underdeveloped.
Before joining the economic reform efforts initiated by the Ministry of Finance, Brook's career spanned continents and industries. His academic journey took him across Europe, culminating in advanced degrees in law and economics, focusing on the impact of entrepreneurial firms on employment in Ethiopia. His professional experience includes roles in the U.S., where he worked for A&A Capital Inc. as an investment fund manager, a regulatory analyst, and economist at Windels Marx Lane & Mittendorf, LLP.
Brook believes this diverse background equipped him with a unique perspective, blending international experience with a deep understanding of Ethiopia’s economic reality.
The transition to the EIH represents a notable shift for Brook.
Chaired by the Prime Minister, it was incorporated in 2022 with a capital of 100 billion Br and oversees nearly 30 state-owned enterprises, including heavyweights like Ethiopian Airlines and Ethio Telecom. These enterprises collectively hold over 150 billion dollars in assets, with investments amounting to approximately 275 million Br in the Ethiopian Securities Exchange (ESX). Mamo Mihretu, now central bank governor, was the founding CEO, before he was replaced by Abdurehman Eid, appointed as a state minister.
According to Brook, leading such an institution is a challenge he embraces enthusiastically, though leaving ECMA, the agency he built from the ground up, is not without its emotional weight.
“It’s like leaving family,” he said, expressing pride in the foundational work he leaves behind.
He leaves ECMA with no regrets, confident that he has laid the groundwork for a vibrant and thriving capital markets. His successor, Hana Tehelku, is a legal expert who has served as the Authority’s Legal Director for the past four months.
Hana’s career is rooted in public service. She has a strong background in finance and tax laws, honed during her tenure at the Federal Attorney General and Ethiopian Customs & Revenues Authority. Her experience also includes roles in public prosecution, anti-corruption, and economic crime affairs. Armed with law degrees from Mekelle and Addis Abeba universities, Hana is poised to continue the work Brook began, focusing on investor protection, market discipline, and development.
“It’s time to see the results of efforts put into building a strong regulatory institution,” she told Fortune.
Hana’s approach is expected to build on Brook's foundation, with a focus on ensuring the integrity of the capital markets and safeguarding investor interests. Her priorities include strengthening the Authority’s regulatory role while serving as a valuable partner to market participants.
The Ethiopian Capital Market Authority, a federal agency accountable to Parliament, has a mandate to oversee the integrity of the capital market and supervise entities such as securities brokers, investment advisers, collective investment scheme operators, investment bankers, and securities dealers. The historical background traces its origins back to 1960 when the State Bank of Ethiopia initiated share trading. The current form of the Authority began taking shape in 2021 under Meles Minale, a senior macroeconomic advisor at the central bank, working for the IMF.
A team of 14 experts developed a 10-year implementation plan, laying out a roadmap that includes policy reviews, market infrastructure, and capacity development.
For Brook, the transition to leading EIH is the culmination of years of hard work and dedication to economic reform. His parting advice to Hana was simple yet profound: "keep communication lines open with stakeholders, as there is no monopoly over information." Hana, expressing gratitude for the strong foundation she inherited, stated her commitment to being both a regulator and a partner—a dual role crucial as the capital markets continue to develop.
PUBLISHED ON
Aug 11,2024 [ VOL
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