Fortune News | Nov 23,2019
Hanna Arayaselassie, a noted public servant and former CEO of Ethiopost, has been appointed as the new Ethiopian Investment Commission (EIC) commissioner effective January 17, 2024. She succeeds Lelise Neme, who led the Commission for the past three years, following Abebe Abebayehu's tenure.
Hanna is recognised for her leadership at Ethiopost, where she implemented reforms and rebranded the 129-year-old organisation from the Ethiopian Postal Service Enterprise. Under her watch, Ethiopost achieved a financial turnaround, tripling its revenues. It was a result acknowledged internationally in 2023 when the Universal Postal Union awarded Ethiopost the Postal Excellence Award for the Africa Region.
Her departure from Ethiopost is tinged with a sense of attachment.
"I'm very attached to the company," she told Fortune, expressing sentimental regret over leaving the organisation she revived. "I find it difficult to say goodbye."
Hanna, a mother of one and a spouse of Gedion Timothoes, the minister of Justice, believes she leaves behind a legacy of a vibrant team and a reshaped corporate culture.
Her appointment is seen as a move by Prime Minister Abiy Ahmed's administration to recharge the investment environment in an economy starved of foreign currency. Her predecessor, Lelise, witnessed an average inflow of 3.3 billion dollars in foreign direct investment annually starting in 2017. Hanna's tenure at Ethiopost and her previous role as the deputy commissioner of the EIC, where she was instrumental in reshaping investment policies, make her a critical figure in the push to attract more inward investments.
Ethiopia's investment landscape has been dominated by domestic projects lately, which accounted for 96.2pc of the total investment capital in the last quarter of 2022/2023. Foreign investments constituted a minor 3.8pc. Despite a decline in foreign direct investment by 14.4pc during the same period, Ethiopia's balance of payments recorded a surplus of 63.6 million dollars during the same period, a significant recovery from a deficit of 307.2 million dollars in the previous year. This financial rebound is partly attributed to a net foreign asset buildup of 120.8 million dollars by commercial banks.
Hanna's colleagues praise her intelligence, commitment, and impact on public service.
Says Abebe: "She is exceptionally intelligent. Her commitment and dedication to public service knows no bounds."
Hanna's educational background is equally impressive. An alumna of a university in New York, she was a gold medalist at Addis Abeba University, graduating top of her class. Her career also includes a tenure as a lecturer at Addis Abeba University School of Law and a role as a senior policy researcher at the Prime Minister's Office.
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