Will Ambitious Liberalisation Drown in a Sea of Bureaucratic Ineptitude, Corruption?
The Central Bank has tabled a draft banking proclamation to commercial bank executives, signalling the onset of reform its Governor, Mamo Mehiretu, has been promising since his appointment last year. Concurrently, the Ethiopian Investment Board has approved a directive allowing foreign nationals to engage in retail, export, import, and wholesale business activities. Prime Minister Abiy Ahmed (PhD) has also hinted that foreign ownership of immovable assets, such as property, might soon be permitted.
Policymakers anticipate that these measures will stimulate competition, attract foreign inves...