CEO of Kenya-Based Securities Exchange Praises Ethiopia’s Macroeconomic Reform

Addis Ababa, October 19, 2024 (FBC) – The CEO of Nairobi Securities Exchange (NSE), a leading African exchange and based in Kenya, said Ethiopia’s ongoing macroeconomic reform is commendable.

Approached by ENA, the CEO Frank Mwiti underscored that the Ethiopian government is doing fantastically well in delivering its macroeconomic agenda through various policy reforms and opening up of sectors.

For the CEO, a properly functioning capital market is extremely pivotal for a market to develop and the core of the capital market is the securities exchange.

“So, I think the government of Ethiopia and the other regulators are doing absolutely the right thing to establish an exchange and to put all the efforts and resources to make it work,” he noted.

Highlighting that the securities exchange will enable the Ethiopian economy to access capital and grow, the CEO emphasized this is a very key move.

If the Ethiopian economy is to attract global capital, the normal way that is usually done is through securities exchange, he said, adding that global investors trust a well-regulated exchange.

Mwiti added that a well running securities exchange will also bring about new capital to Ethiopia.

Stating that an exchange enables Ethiopians to invest in their own companies, own businesses easily and in an affordable way as well, he underscored an exchange like this would enable them to actually participate in the country’s economic development.

In recent days, securities exchange has become crucial for attracting capital to economic development, enabling local investors to get credible opportunities to invest and driving economic development.

To this effect, Ethiopian ongoing macroeconomic reform is commendable, the CEO revealed.

“The Ethiopian government is doing fantastically well in delivering its macroeconomic agenda through the various policy reforms and opening up of various sectors.”

Noting that creating security exchanges is part and parcel of the macroeconomic reform and it is modernizing the capital market ecosystem, he added it is also giving the right signals to regional and global investors.

As the pioneer securities exchange, ESX aims to play a critical role in the development and growth of the Ethiopian capital market, it was learned.

Over the past five years, Ethiopia has undertaken significant economic reforms to open up the economy including liberalization of the telecom sector, opening up of the financial sector and the trade sector liberalization, among others for foreign investors.