Ethiopia's move to open key economic sectors to spur fast development

Dahabshiil CEO Abdirashid Duale. He has said that Ethiopia's move to open key economic sectors will spur fast development. PHOTO | FILE | NATION MEDIA GROUP

What you need to know:

  • A shortage of foreign currency has threatened Ethiopia’s economic growth, which dropped to 8.5 per cent this year from 10.9 per cent in 2017, according to IMF.
  • Another serious problem that drives remittances and affects Ethiopia’s ability to attract more foreign currency is the serious limitations faced by remittance companies that use Ethiopian banks.
  • The remittance companies can only withdraw funds from these banks in local currency and cannot get their foreign currencies back.

The move by the Ethiopian government to open key economic sectors, among them Ethiopian Airlines, to foreign investment is likely to spur fast development of the country.

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